Question 1

A UCC offer is valid with the subject matter stated even though no price is given.

Accepted Answer

A) True 
 B)False

Question 2

"Point and click" refers to:

Accepted Answer

A) the right of the FBI to search web sites. 
B) the formation of contracts via the Internet. 
C) the registration of domain names under ICANN. 
D) pornographic web sites. 
E) none of the above 
A) the right of the FBI to search web sites. 
B) the formation of contracts via the Internet. 
C) the registration of domain names under ICANN. 
D) pornographic web sites. 
E) none of the above

Question 3

The Equal Credit Opportunity Act was passed to ensure equal credit opportunity regardless of past credit history.

Accepted Answer

A) True 
 B)False

Question 4

John Freeden is negotiating with Bill Murray to buy Bill's mountain bicycle.The following conversation has taken place:
John: "I will buy your mountain bike for $325.00."
Bill: "I couldn't sell it for less than $375.00."
John: "I'll take it for $375.00."
Which of the following statements is true?

Accepted Answer

A) Bill and John have a contract for the sale of the bike at $375.00. 
B) Bill and John have a contract for the sale of the bike at $325.00. 
C) Bill and John do not have a contract. 
D) none of the above 
A) Bill and John have a contract for the sale of the bike at $375.00. 
B) Bill and John have a contract for the sale of the bike at $325.00. 
C) Bill and John do not have a contract. 
D) none of the above

Question 5

On Monday,Sam's Computer Company wires Bob's Computer Mart,"I have two IBM XT's for sale for $1700 each.You pay cost of shipping." Bob received the offer on Monday afternoon and wired back,"You have a deal.30 days same as cash." On Tuesday morning Sam called to revoke the offer.On Tuesday afternoon Sam received the wire.Sam says there is no contract and Bob says there is.Who is correct?

Accepted Answer

Mailbox rule applies.There was

Question 6

Which of the following contracts must be in writing to be enforceable?​

Accepted Answer

A) ​a contract for $550 for binding books 
B) ​a contract for the sale of an easement for $375 
C) a contract for services from April 1, 2015 through December 15, 2016 
D) a contract for the sale of a horse for $425 
A) ​a contract for $550 for binding books 
B) ​a contract for the sale of an easement for $375 
C) a contract for services from April 1, 2015 through December 15, 2016 
D) a contract for the sale of a horse for $425

Question 7

An executory contract is one that is fully performed.

Accepted Answer

A) True 
 B)False

Question 8

A negative credit decision cannot be based on an applicant's plans for having children.

Accepted Answer

A) True 
 B)False

Question 9

The mailbox rule applies to:

Accepted Answer

A) all acceptances. 
B) acceptances communicated through the offer's stipulated means. 
C) acceptances under UCC only. 
D) revocations and acceptances. 
E) none of the above 
A) all acceptances. 
B) acceptances communicated through the offer's stipulated means. 
C) acceptances under UCC only. 
D) revocations and acceptances. 
E) none of the above

Question 10

Which of the following contract subject matters would $\underline{\text{not}}$ be covered under the UCC?

Accepted Answer

A) a contract for the sale of a mobile home from the manufacturer 
B) a contract for the sale of a mobile home from a previous owner 
C) a contract for the sale of a mobile home plus its lot 
D) All of the above are under the UCC. 
A) a contract for the sale of a mobile home from the manufacturer 
B) a contract for the sale of a mobile home from a previous owner 
C) a contract for the sale of a mobile home plus its lot 
D) All of the above are under the UCC.

Question 11

An ad in a newspaper reads: "AVAILABLE TODAY ONLY.FRIENDLY'S APPLIANCES.CLEARANCE SALE FOR ALL FLOOR ITEMS.75% OFF RETAIL PRICES." Joan Ludwig arrived at Friendly's about one hour after it opened and there were no appliances left.​
-The newspaper ad:

Accepted Answer

A) is an offer. 
B) is not an offer. 
C) is a merchant's firm offer. 
D) cannot be revoked. 
E) none of the above 
A) is an offer. 
B) is not an offer. 
C) is a merchant's firm offer. 
D) cannot be revoked. 
E) none of the above

Question 12

To be valid,a UCC merchant's firm offer:

Accepted Answer

A) must be supported by consideration. 
B) must be evidenced by a record. 
C) must be signed by both parties. 
D) all of the above 
A) must be supported by consideration. 
B) must be evidenced by a record. 
C) must be signed by both parties. 
D) all of the above

Question 13

The language "I offer to sell you my 1974 White Ford Torino" is:

Accepted Answer

A) a valid offer. 
B) not a valid offer because it lacks a definite price. 
C) not a valid offer because there are no terms for payment. 
D) not a valid offer because it is oral. 
A) a valid offer. 
B) not a valid offer because it lacks a definite price. 
C) not a valid offer because there are no terms for payment. 
D) not a valid offer because it is oral.

Question 14

Discuss what colleges and universities must do under CARD for their students.

Accepted Answer

CARD requires the schools to limit the l

Question 15

​ On June 13,2016,Brock Adams wrote to Julie Beckham:
​"I offer to sell you my home (legal description appeared here)for $425,000.Sale to close by September 15,2016.Offer must be accepted by fax no later than 4:00 PM on June 15,2016."
​Julie sent a fax accepting the offer at 3:36 PM on June 15,2016.Because Brock's fax machine was not working,the fax did not come through until 8:00 PM on June 15,2016,after Brock had the fax repaired.
​Which of the following statements is true?

Accepted Answer

A) ​There is no contract because the acceptance was too late. 
B) ​There is no contract because you cannot accept an offer for real estate via fax. 
C) There is a valid contract that has been formed. 
D) The mailbox rule does not apply when the acceptance is specified. 
A) ​There is no contract because the acceptance was too late. 
B) ​There is no contract because you cannot accept an offer for real estate via fax. 
C) There is a valid contract that has been formed. 
D) The mailbox rule does not apply when the acceptance is specified.

Question 16

UETA does not apply when there is an applicable statute of frauds.

Accepted Answer

A) True 
 B)False

Question 17

Under the CISG,acceptance is effective only upon receipt.

Accepted Answer

A) True 
 B)False

A UCC offer is valid with the subject matter stated even though no price is given.

"Point and click" refers to:

The Equal Credit Opportunity Act was passed to ensure equal credit opportunity regardless of past credit history.

John Freeden is negotiating with Bill Murray to buy Bill's mountain bicycle.The following conversation has taken place: John: "I will buy your mountain bike for $325.00." Bill: "I couldn't sell it for less than $375.00." John: "I'll take it for $375.00." Which of the following statements is true?

Which of the following contracts must be in writing to be enforceable?

An executory contract is one that is fully performed.

A negative credit decision cannot be based on an applicant's plans for having children.

The mailbox rule applies to:

Which of the following contract subject matters would $\underline{\text{not}}$ be covered under the UCC?

An ad in a newspaper reads: "AVAILABLE TODAY ONLY.FRIENDLY'S APPLIANCES.CLEARANCE SALE FOR ALL FLOOR ITEMS.75% OFF RETAIL PRICES." Joan Ludwig arrived at Friendly's about one hour after it opened and there were no appliances left. -The newspaper ad:

To be valid,a UCC merchant's firm offer:

The language "I offer to sell you my 1974 White Ford Torino" is:

Discuss what colleges and universities must do under CARD for their students.

UETA does not apply when there is an applicable statute of frauds.

Under the CISG,acceptance is effective only upon receipt.

Introduction to Law

Business Ethics and Social Responsibility

The Judicial System

Managing Disputes: Alternative Dispute Resolution and Litigation Strategies

Business and the Constitution

Administrative Law

International Law

Business Crime

Business Torts

Environmental Regulation and Sustainability

Contracts and Sales: Performance,Remedies,and Collection

Product Advertising and Liability

Business Competition: Antitrust

Business and Intellectual Property Law

Management of Employee Conduct: Agency

Governance and Structure: Forms of Doing Business

Governance and Regulation: Securities Law

Management of Employee Welfare

Management: Employment Discrimination

Filters

Exam 11: Contracts and Sales: Introduction and Formation

A UCC offer is valid with the subject matter stated even though no price is given.

"Point and click" refers to:

The Equal Credit Opportunity Act was passed to ensure equal credit opportunity regardless of past credit history.

John Freeden is negotiating with Bill Murray to buy Bill's mountain bicycle.The following conversation has taken place: John: "I will buy your mountain bike for $325.00." Bill: "I couldn't sell it for less than $375.00." John: "I'll take it for $375.00." Which of the following statements is true?

Which of the following contracts must be in writing to be enforceable?​

An executory contract is one that is fully performed.

A negative credit decision cannot be based on an applicant's plans for having children.

The mailbox rule applies to:

Which of the following contract subject matters would not‾\underline{\text{not}}not​ be covered under the UCC?

An ad in a newspaper reads: "AVAILABLE TODAY ONLY.FRIENDLY'S APPLIANCES.CLEARANCE SALE FOR ALL FLOOR ITEMS.75% OFF RETAIL PRICES." Joan Ludwig arrived at Friendly's about one hour after it opened and there were no appliances left.​ -The newspaper ad:

To be valid,a UCC merchant's firm offer:

The language "I offer to sell you my 1974 White Ford Torino" is:

Discuss what colleges and universities must do under CARD for their students.

UETA does not apply when there is an applicable statute of frauds.

Under the CISG,acceptance is effective only upon receipt.

Introduction to Law

Business Ethics and Social Responsibility

The Judicial System

Managing Disputes: Alternative Dispute Resolution and Litigation Strategies

Business and the Constitution

Administrative Law

International Law

Business Crime

Business Torts

Environmental Regulation and Sustainability

Contracts and Sales: Performance,Remedies,and Collection

Product Advertising and Liability

Business Competition: Antitrust

Business and Intellectual Property Law

Management of Employee Conduct: Agency

Governance and Structure: Forms of Doing Business

Governance and Regulation: Securities Law

Management of Employee Welfare

Management: Employment Discrimination

Filters

Which of the following contracts must be in writing to be enforceable?

Which of the following contract subject matters would $\underline{\text{not}}$ be covered under the UCC?

An ad in a newspaper reads: "AVAILABLE TODAY ONLY.FRIENDLY'S APPLIANCES.CLEARANCE SALE FOR ALL FLOOR ITEMS.75% OFF RETAIL PRICES." Joan Ludwig arrived at Friendly's about one hour after it opened and there were no appliances left. -The newspaper ad: