Question 1

E-Sign is a federal law that requires written signatures for electronic contracts to be valid.

Accepted Answer

A) True 
 B)False  False

Question 2

Explain the differences between the new UCC and the old UCC.

Accepted Answer

The answer of Explain the differences between the new UCC...

Question 3

Trevor Jones accepted a summer internship with Hailey & Thomas, a management consulting firm. The negotiations and offer were all oral. Hailey & Thomas' managing partner did send a letter with the following language: 
Welcome to Hailey & Thomas. We are looking forward to working with you. When you arrive in New York, please call me so that we may help you locate lodging for the summer. 
Discuss whether Trevor has a contract and if he has sufficient proof of its existence. Also discuss whether the agreement needed to be in writing.

Accepted Answer

The agreement did not need to be in writing since it was a contract for less than one year. Even if the contract did need to be in writing, Trevor probably has sufficient evidence with the letter from the managing partner.

Question 4

A unilateral contract requires a promise from only one party; the other party simply performs in order to form the contract.

Accepted Answer

A) True 
 B)False

Question 5

Predatory lending involves high interest rates and title loans.

Accepted Answer

A) True 
 B)False

Question 6

Some states treat a usurious contract as void.

Accepted Answer

A) True 
 B)False

Question 7

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

Accepted Answer

A) A contract for the sale of an easement for $250. 
B) A contract for the sale of a bike for $175. 
C) A six-month marketing consulting contract. 
D) All of the above must be in writing to be enforceable. 
A) A contract for the sale of an easement for $250. 
B) A contract for the sale of a bike for $175. 
C) A six-month marketing consulting contract. 
D) All of the above must be in writing to be enforceable.

Question 8

Julia Pitt runs a boutique that specializes in luggage and travel items. Julia contacts Tumi Luggage about carrying its line of messenger satchels. The Tumi representative tells Julia that Tumi would be happy to sell her 100 Tumi Black Messenger bags for $318 each. Julia is happy with the price and asks Tumi to send the bags. The Tumi representative then faxes a confirmation of the shipment of the 100 bags at $318 each. Julia receives the fax. When the bags arrive, Julia contacts Tumi and says there is a business downturn and that she does not want the bags and that there was no contract anyway.

Accepted Answer

A) Julia is correct; the contract requires some type of authentication from Julia to be enforceable. 
B) Julia is correct; the contract required more than a fax to have a sufficient record. 
C) Julia is incorrect; she and Tumi have a valid and enforceable contract. 
D) Both a and b 
A) Julia is correct; the contract requires some type of authentication from Julia to be enforceable. 
B) Julia is correct; the contract required more than a fax to have a sufficient record. 
C) Julia is incorrect; she and Tumi have a valid and enforceable contract. 
D) Both a and b

Question 9

The new UCC rule for additional terms in acceptance is "terms later".

Accepted Answer

A) True 
 B)False

Question 10

The subprime lending market is also called the predatory lending market.

Accepted Answer

A) True 
 B)False

Question 11

Cindy Nanson had a contract with Bob Greenly for Bob to repay Cindy $2000 plus interest by July 2010. It is now August 2014 and Cindy has not received any payment. Cindy wishes to file suit to collect the $2000. Bob reminds her that the statute of limitations for contract suits is four years. Cindy's contract with Bob is:

Accepted Answer

A) unenforceable. 
B) void. 
C) voidable. 
D) All of the above 
A) unenforceable. 
B) void. 
C) voidable. 
D) All of the above

Question 12

Marc offers to sell his car to LaTonya for $15,000. LaTonya is the offeree.

Accepted Answer

A) True 
 B)False

Question 13

Contracts for the sale of real property are governed by the Uniform Commercial Code.

Accepted Answer

A) True 
 B)False

Question 14

Contracts for the sale of land must be in writing to be enforceable.

Accepted Answer

A) True 
 B)False

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

Abe and Gabriel entered into a contract for Abe to furnish landscaping services for Gabriel's office complex. The contract provides the fee will be $75 per month. At the time Gabriel signs the agreement, the two discuss the fact that the services required in the winter will be less and the fee will be reduced to $50 per month. Abe adds as Gabriel is signing, "I just forgot to put that sliding scale in this contract. Don't worry - I'll take care of it because we understand each other." Gabriel:

Accepted Answer

A) will be permitted to introduce evidence about the winter fee reduction. 
B) will only need to pay $50 during the winter months. 
C) will pay $75 per month every month because of parol evidence. 
D) None of the above 
A) will be permitted to introduce evidence about the winter fee reduction. 
B) will only need to pay $50 during the winter months. 
C) will pay $75 per month every month because of parol evidence. 
D) None of the above

Question 17

What is the difference between a void and a voidable contract?

Accepted Answer

A) A voidable contract violates a statute whereas a void contract is enforceable. 
B) A void contract cannot be enforced by either party and under voidable contracts, one party has a choice about enforcement. 
C) A void contract applies to minors' contracts and voidable applies to all others' contracts. 
D) A void contract is one that should have been in writing, but is not. 
A) A voidable contract violates a statute whereas a void contract is enforceable. 
B) A void contract cannot be enforced by either party and under voidable contracts, one party has a choice about enforcement. 
C) A void contract applies to minors' contracts and voidable applies to all others' contracts. 
D) A void contract is one that should have been in writing, but is not.

Question 18

When an issue of the parties' intent is in question, courts will use an objective standard as the test.

Accepted Answer

A) True 
 B)False

Question 19

Revocation can be valid any time prior to acceptance.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following contract subject matters must be evidenced by a writing to be enforceable under the statute of frauds?

Accepted Answer

A) a contract for the sale of an easement for $75 
B) a contract for the sale of a computer monitor for $220 
C) a contract for consulting for 6 months @ $10,000 per month plus expenses 
D) All of the above must be in writing. 
A) a contract for the sale of an easement for $75 
B) a contract for the sale of a computer monitor for $220 
C) a contract for consulting for 6 months @ $10,000 per month plus expenses 
D) All of the above must be in writing.

E-Sign is a federal law that requires written signatures for electronic contracts to be valid.

Explain the differences between the new UCC and the old UCC.

A unilateral contract requires a promise from only one party; the other party simply performs in order to form the contract.

Predatory lending involves high interest rates and title loans.

Some states treat a usurious contract as void.

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

The new UCC rule for additional terms in acceptance is "terms later".

The subprime lending market is also called the predatory lending market.

Marc offers to sell his car to LaTonya for $15,000. LaTonya is the offeree.

Contracts for the sale of real property are governed by the Uniform Commercial Code.

Contracts for the sale of land must be in writing to be enforceable.

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

What is the difference between a void and a voidable contract?

When an issue of the parties' intent is in question, courts will use an objective standard as the test.

Revocation can be valid any time prior to acceptance.

Which of the following contract subject matters must be evidenced by a writing to be enforceable under the statute of frauds?

Introduction to Law

Business Ethics and Social Responsibility

The Court System and Dispute Resolution

Business and the Constitution

Administrative Law

International Law

Business Crime

Business Torts

Environmental Regulation and Sustainability

Contracts and Sales: Performance, Remedies, and Rights

Business Marketing and Products: Ads and Product Safety

Business Competition: Antitrust Law

Business and Intellectual Property Law

Agency Law

Governance and Structure: the Law of Business Associations

Governance and Regulation: Securities Law

Business and Employees: Employment Regulation

Business and Employees: Employment Discrimination

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Exam 10: Contracts and Sales: Introduction and Formation

E-Sign is a federal law that requires written signatures for electronic contracts to be valid.

Explain the differences between the new UCC and the old UCC.

A unilateral contract requires a promise from only one party; the other party simply performs in order to form the contract.

Predatory lending involves high interest rates and title loans.

Some states treat a usurious contract as void.

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

The new UCC rule for additional terms in acceptance is "terms later".

The subprime lending market is also called the predatory lending market.

Marc offers to sell his car to LaTonya for $15,000. LaTonya is the offeree.

Contracts for the sale of real property are governed by the Uniform Commercial Code.

Contracts for the sale of land must be in writing to be enforceable.

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

What is the difference between a void and a voidable contract?

When an issue of the parties' intent is in question, courts will use an objective standard as the test.

Revocation can be valid any time prior to acceptance.

Which of the following contract subject matters must be evidenced by a writing to be enforceable under the statute of frauds?

Introduction to Law

Business Ethics and Social Responsibility

The Court System and Dispute Resolution

Business and the Constitution

Administrative Law

International Law

Business Crime

Business Torts

Environmental Regulation and Sustainability

Contracts and Sales: Performance, Remedies, and Rights

Business Marketing and Products: Ads and Product Safety

Business Competition: Antitrust Law

Business and Intellectual Property Law

Agency Law

Governance and Structure: the Law of Business Associations

Governance and Regulation: Securities Law

Business and Employees: Employment Regulation

Business and Employees: Employment Discrimination

Filters