Exam 11: Contracts and Sales: Introduction and Formation

Walt's Pool World's fax to Pat's Pumps: "I'll take 10 4 hp pool pumps @ $175 each." Pat's Pumps' return fax: "Ok.Will deliver tomorrow AM." Pat and Walt:

Suppose that Bethany and Alan are both in the business of buying and selling used iPhones.Which of the following is correct?​

Leases of consumer goods are not subject to disclosure requirements.

Predatory lending involves high interest rates and title loans.

Jane: "I'll pay you $50 if you will clean my windows." Al: "I'll do it for $75."?Jane: "$65 and it's a deal." Al: "No way." Jane: "Too late.We have a contract." Which of the following statements is true?

Jerry Montray is negotiating with Pamela Barnes for the purchase of her mountain bike.The following conversation has taken place:? Jerry: "I will buy your mountain bike for $375.00." Pamela: "I will sell it to you." Jerry: "Good.The tire pump is included." Which of the following statements is true?

The Equal Credit Opportunity Act prohibits which of the following?

A spouse cannot apply for credit without the signature of his/her spouse.

Asking a couple's plans for having children is a violation of the ECOA.

A contract for termite extermination at a home would be governed by the UCC.

A contract to solicit subscribers through pop-up Internet ads is considered a good under the UCC because it is a list of names.

The subprime lending market uses title loans.

Under the UCC,a contract for the sale of a car for $700 need not have a record of the contract to be enforceable.

Evaluate the following facts and then answer the following questions: Day 1 $\quad$ $\quad$ S sends a letter to B with the following: “I will sell you my Play Station 3 for $150.” Day 2 $\quad$ $\quad$ B receives the letter and responds, “I will take the Play Station for $150, but include 3 games.” -S has made a valid offer to B.

Stamps.com offers at-home postage and mailing for a monthly fee.Customers are able to carry a balance on their accounts that allows them to mail packages and letters as long as there is a balance in their account.Stamps.com has a button on its program that carries this logo,"To purchase postage,click here." Following that click,another window pops up that reads,"You are about to purchase postage.Once you click 'Okay' below,you cannot change this transaction." Why does Stamps.com have the second pop-up button?

"Would you be interested in selling your Prius for $21,000?",is not an offer.

List the types of contracts required to be in writing.

Which of the following contracts would not be governed by the UCC?

Day 1: A wires an offer to B Day 2: B receives the offer Day 3: B phones an acceptance A states,"Too late.I changed my mind." Which of the following statements is true?

Evaluate the following facts and then answer the following questions: Day 1 $\quad$$\quad$ S sends a letter to B with the following: "I will sell you my Play Station 3 for $150 when I get my new Play Station." Day 2 $\quad$$\quad$ B receives the letter and responds,"I will take the Play Station for $150." -S has made a valid offer to B.