Question 1

E-Sign:

Accepted Answer

A) applies only to interstate transactions. 
B) must still be adopted by the states to be effective. 
C) does not apply to contracts for the sale of goods. 
D) applies in all 50 states. 
E) None of the above 
A) applies only to interstate transactions. 
B) must still be adopted by the states to be effective. 
C) does not apply to contracts for the sale of goods. 
D) applies in all 50 states. 
E) None of the above

Question 2

Parol evidence is always admissible for challenging contract terms.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following is/are governed by the UCC?

Accepted Answer

A) A contract for the sale of water 
B) A contract for the sale of extracted oil 
C) A contract for the sale of barges 
D) All of the above are governed by the UCC. 
A) A contract for the sale of water 
B) A contract for the sale of extracted oil 
C) A contract for the sale of barges 
D) All of the above are governed by the UCC.

Question 4

A three-year warranty on an oven need be evidenced by a record to be enforceable.

Accepted Answer

A) True 
 B)False

Question 5

The following series of events occurred between Bull's Meat Market and The Butcher: May 1 - The Butcher faxes Bull's and offers to buy 200 lbs. of T-bone steak at $3.29 per lb.
May 2 - Bull's faxes back: "Price is okay. Payment prior to delivery."
Bull's and The Butcher:

Accepted Answer

A) have a contract on May 2 with the payment term. 
B) have a contract on May 2 without the payment term. 
C) do not have a contract. 
D) None of the above 
A) have a contract on May 2 with the payment term. 
B) have a contract on May 2 without the payment term. 
C) do not have a contract. 
D) None of the above

Question 6

Andy: "This is to confirm our telephone conversation of earlier today. 200 lbs. of T-bone at $2.89 per pound." Barb: "Yes, but that's 100 pounds at $2.99."
Andy: "Too late, we already reached agreement by phone."
Barb: "Too bad, it wasn't in writing."
Which of the following statements is true?

Accepted Answer

A) Barb is incorrect. The phone conversation was a contract. 
B) Barb is correct. The agreement must be in writing to be enforceable. 
C) Andy can enforce the agreement with the parol evidence rule. 
D) None of the above 
A) Barb is incorrect. The phone conversation was a contract. 
B) Barb is correct. The agreement must be in writing to be enforceable. 
C) Andy can enforce the agreement with the parol evidence rule. 
D) None of the above

Question 7

Under the UCC, an acceptance followed by additional terms is a counteroffer and a rejection.

Accepted Answer

A) True 
 B)False

Question 8

The requirements for a valid offer are most stringent in the:

Accepted Answer

A) UCC. 
B) new UCC. 
C) common law. 
D) None of these 
A) UCC. 
B) new UCC. 
C) common law. 
D) None of these

Question 9

"Voidable" and "unenforceable" mean essentially the same thing.

Accepted Answer

A) True 
 B)False

Question 10

Why do courts generally use an objective standard in analyzing contractual situations instead of a subjective standard?

Accepted Answer

When a court is examining a contract, th

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

Barnes & Noble faxes to Woodchip Publishing Company on May 1, 2002 the following: 
​ 
Please ship immediately six copies of NOBODY FIXES REAL CARROT STICKS ANYMORE. 
​ 
Price: $6.00 Shipping: $2/book 
​ 
Woodchip ships six books with an invoice as follows: 
​ 
Six NOBODY FIXES REAL CARROT STICKS ANYMORE @ $6.00 = $36.00 
​ 
Shipping and Handling = $6.00 
​ 
Suppose that the fax from Barnes & Noble read: 
​ 
Please ship immediately via priority mail - 10 Copies of NOBODY FIXES REAL CARROT STICKS ANYMORE. 
​ 
Price: $6.00 per book Shipping: $3.95 total 
​ 
Woodchip ships the books at the $6 price but ships them via two-day UPS at a price of $5.95. Is there a contract?

Accepted Answer

You have two merchants and Woodchip acce

Question 13

The statute of frauds:

Accepted Answer

A) began in a Congressional act in the early 1900s. 
B) began in the UCC over 100 years ago and only exists in the UCC. 
C) began over 325 years ago in England. 
D) began over 100 years ago in the New England states. 
A) began in a Congressional act in the early 1900s. 
B) began in the UCC over 100 years ago and only exists in the UCC. 
C) began over 325 years ago in England. 
D) began over 100 years ago in the New England states.

Question 14

The Truth-in-Lending Act applies to all credit transactions.

Accepted Answer

A) True 
 B)False

Question 15

An executory contract is one that is fully performed.

Accepted Answer

A) True 
 B)False

Question 16

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?

Accepted Answer

A) Jerry and Pamela have a contract for the bike at $375.00. 
B) Jerry and Pamela do not have a contract for the bike at $375.00. 
C) Jerry and Pamela have a contract for the bike at $375.00 with the tire pump. 
D) None of the above 
A) Jerry and Pamela have a contract for the bike at $375.00. 
B) Jerry and Pamela do not have a contract for the bike at $375.00. 
C) Jerry and Pamela have a contract for the bike at $375.00 with the tire pump. 
D) None of the above

Question 17

The Uniform Commercial Code was written by:

Accepted Answer

A) lawyers from Louisiana. 
B) The National Conference of Commissioners on Uniform State Law. 
C) The American Law Institute. 
D) Both b and c 
A) lawyers from Louisiana. 
B) The National Conference of Commissioners on Uniform State Law. 
C) The American Law Institute. 
D) Both b and c

Question 18

"I'm thinking of selling my CD player," is an example of offer language.

Accepted Answer

A) True 
 B)False

Question 19

The new UCC's sale of goods provisions are called Article 2A.

Accepted Answer

A) True 
 B)False

Question 20

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.

E-Sign:

Parol evidence is always admissible for challenging contract terms.

Which of the following is/are governed by the UCC?

A three-year warranty on an oven need be evidenced by a record to be enforceable.

The following series of events occurred between Bull's Meat Market and The Butcher: May 1 - The Butcher faxes Bull's and offers to buy 200 lbs. of T-bone steak at $3.29 per lb. May 2 - Bull's faxes back: "Price is okay. Payment prior to delivery." Bull's and The Butcher:

Andy: "This is to confirm our telephone conversation of earlier today. 200 lbs. of T-bone at $2.89 per pound." Barb: "Yes, but that's 100 pounds at $2.99." Andy: "Too late, we already reached agreement by phone." Barb: "Too bad, it wasn't in writing." Which of the following statements is true?

Under the UCC, an acceptance followed by additional terms is a counteroffer and a rejection.

The requirements for a valid offer are most stringent in the:

"Voidable" and "unenforceable" mean essentially the same thing.

Why do courts generally use an objective standard in analyzing contractual situations instead of a subjective standard?

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

The statute of frauds:

The Truth-in-Lending Act applies to all credit transactions.

An executory contract is one that is fully performed.

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 Uniform Commercial Code was written by:

"I'm thinking of selling my CD player," is an example of offer language.

The new UCC's sale of goods provisions are called Article 2A.

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

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:

Parol evidence is always admissible for challenging contract terms.

Which of the following is/are governed by the UCC?

A three-year warranty on an oven need be evidenced by a record to be enforceable.

The following series of events occurred between Bull's Meat Market and The Butcher: May 1 - The Butcher faxes Bull's and offers to buy 200 lbs. of T-bone steak at $3.29 per lb. May 2 - Bull's faxes back: "Price is okay. Payment prior to delivery." Bull's and The Butcher:

Andy: "This is to confirm our telephone conversation of earlier today. 200 lbs. of T-bone at $2.89 per pound." Barb: "Yes, but that's 100 pounds at $2.99." Andy: "Too late, we already reached agreement by phone." Barb: "Too bad, it wasn't in writing." Which of the following statements is true?

Under the UCC, an acceptance followed by additional terms is a counteroffer and a rejection.

The requirements for a valid offer are most stringent in the:

"Voidable" and "unenforceable" mean essentially the same thing.

Why do courts generally use an objective standard in analyzing contractual situations instead of a subjective standard?

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

The statute of frauds:

The Truth-in-Lending Act applies to all credit transactions.

An executory contract is one that is fully performed.

The Uniform Commercial Code was written by:

"I'm thinking of selling my CD player," is an example of offer language.

The new UCC's sale of goods provisions are called Article 2A.

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

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