Question 1

Which of the following best describes acceptance with additional terms under the new UCC?

Accepted Answer

A) Between merchants, the additional terms are part of the contract. 
B) Between merchants, the additional terms are not part of the contract. 
C) Between merchants, the terms are determined later. 
D) None of the above 
A) Between merchants, the additional terms are part of the contract. 
B) Between merchants, the additional terms are not part of the contract. 
C) Between merchants, the terms are determined later. 
D) None of the above

Question 2

"This offer is limited to these terms," means that between merchants only immaterial terms added in the acceptance will be part of the contract.

Accepted Answer

A) True 
 B)False

Question 3

Review the following language exchanged in e-mails:​ 
​ 
John:  "I will buy your Apple phone for $200." 
Amanda:  "I can sell it, but I don't have the box." 
John:  "I will still take it without the box." 
Amanda:  "Okay." 
​ 
Answer the following questions based on the exchange. 
​Amanda and John do not have a contract.

Accepted Answer

A) True 
 B)False

Question 4

Parol evidence:

Accepted Answer

A) is not recognized in the UCC. 
B) is never allowed. 
C) is limited to protect the integrity of written contracts. 
D) prevents the showing of fraud in a contract formation. 
A) is not recognized in the UCC. 
B) is never allowed. 
C) is limited to protect the integrity of written contracts. 
D) prevents the showing of fraud in a contract formation.

Question 5

A contract for the sale of a $12.2 million Lear jet would be governed by common law because a document of title is involved.

Accepted Answer

A) True 
 B)False

Question 6

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 
​ 
Is there a contract?

Accepted Answer

Yes, under the UCC, the shipme

Question 7

Void and voidable contracts are one and the same.

Accepted Answer

A) True 
 B)False

Question 8

An acceptance of a stipulated means offer by a different means is effective upon receipt.

Accepted Answer

A) True 
 B)False

Question 9

The solicitation of credit card customers is not regulated by the federal government.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following contract subject matters would 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

Wade and Jessi have an oral contract to buy and sell Wade's car for $15,000. After Jessi has paid the money and received possession and title to the car, she is having second thoughts about buying the car.

Accepted Answer

A) The statute of frauds will give Jessi a defense. 
B) The statute of frauds will not give Jessi a defense. 
C) The UCC's statute of frauds will give Jessi a defense. 
D) There is sufficient writing here; the statute of frauds does not apply. 
A) The statute of frauds will give Jessi a defense. 
B) The statute of frauds will not give Jessi a defense. 
C) The UCC's statute of frauds will give Jessi a defense. 
D) There is sufficient writing here; the statute of frauds does not apply.

Question 12

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?

Accepted Answer

A) Jane is correct, there is a contract. 
B) There is no contract. 
C) There is a contract to clean the windows for $65. 
D) There is a contract to clean the windows for $75. 
A) Jane is correct, there is a contract. 
B) There is no contract. 
C) There is a contract to clean the windows for $65. 
D) There is a contract to clean the windows for $75.

Question 13

A bilateral contract is one in which one side promises to perform in exchange for the other side's actions.

Accepted Answer

A) True 
 B)False

Question 14

Ann Frazer has just purchased a new Maserati. Ann will be borrowing the money from her bank. Ann signed the contract at 8:00 PM at the dealership and her bank will not be open until 10:00 AM the following day. Ann:

Accepted Answer

A) has a contract regardless of whether her bank approves her loan. 
B) has made a conditional acceptance and has no contract. 
C) will be excused from her contract if the bank does not approve her loan. 
D) None of the above 
A) has a contract regardless of whether her bank approves her loan. 
B) has made a conditional acceptance and has no contract. 
C) will be excused from her contract if the bank does not approve her loan. 
D) None of the above

Question 15

A contract for the sale of a car for $700, under the old UCC, must be in writing to be enforceable.

Accepted Answer

A) True 
 B)False

Question 16

For nonmerchants, additional terms in the counteroffer:

Accepted Answer

A) do not result in a rejection. 
B) result in a rejection. 
C) result in a "suroffer". 
D) is governed by the "battle of the forms" rules. 
A) do not result in a rejection. 
B) result in a rejection. 
C) result in a "suroffer". 
D) is governed by the "battle of the forms" rules.

Question 17

Day 1 - School teacher sends superintendent letter of resignation. Day 4 - Superintendent mails letter accepting resignation.
Day 5 - School teacher hand delivers letter withdrawing resignation.
Day 6 - Teacher receives superintendent's letter.

Accepted Answer

A) The above negotiations are governed by the UCC. 
B) The resignation was accepted and the withdrawal is too late. 
C) Both a and b 
D) The resignation offer was revoked. 
A) The above negotiations are governed by the UCC. 
B) The resignation was accepted and the withdrawal is too late. 
C) Both a and b 
D) The resignation offer was revoked.

Question 18

Review the following language exchanged in e-mails:​ 
​ 
John:  "I will buy your Apple phone for $200." 
Amanda:  "I can sell it, but I don't have the box." 
John:  "I will still take it without the box." 
Amanda:  "Okay." 
​ 
Answer the following questions based on the exchange. 
​Amanda made a counteroffer when she responded the first time.

Accepted Answer

A) True 
 B)False

Question 19

Name the statutes that affect contract formation in cyberspace.

Accepted Answer

E-sign - The Electronic Signat

Question 20

E-Sign requires that there be faxes or written verification of electronic contracts.

Accepted Answer

A) True 
 B)False

Which of the following best describes acceptance with additional terms under the new UCC?

"This offer is limited to these terms," means that between merchants only immaterial terms added in the acceptance will be part of the contract.

Parol evidence:

A contract for the sale of a $12.2 million Lear jet would be governed by common law because a document of title is involved.

Void and voidable contracts are one and the same.

An acceptance of a stipulated means offer by a different means is effective upon receipt.

The solicitation of credit card customers is not regulated by the federal government.

Which of the following contract subject matters would not be covered under the UCC?

Wade and Jessi have an oral contract to buy and sell Wade's car for $15,000. After Jessi has paid the money and received possession and title to the car, she is having second thoughts about buying the car.

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?

A bilateral contract is one in which one side promises to perform in exchange for the other side's actions.

Ann Frazer has just purchased a new Maserati. Ann will be borrowing the money from her bank. Ann signed the contract at 8:00 PM at the dealership and her bank will not be open until 10:00 AM the following day. Ann:

A contract for the sale of a car for $700, under the old UCC, must be in writing to be enforceable.

For nonmerchants, additional terms in the counteroffer:

Day 1 - School teacher sends superintendent letter of resignation. Day 4 - Superintendent mails letter accepting resignation. Day 5 - School teacher hand delivers letter withdrawing resignation. Day 6 - Teacher receives superintendent's letter.

Name the statutes that affect contract formation in cyberspace.

E-Sign requires that there be faxes or written verification of electronic contracts.

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

Which of the following best describes acceptance with additional terms under the new UCC?

"This offer is limited to these terms," means that between merchants only immaterial terms added in the acceptance will be part of the contract.

Parol evidence:

A contract for the sale of a $12.2 million Lear jet would be governed by common law because a document of title is involved.

Void and voidable contracts are one and the same.

An acceptance of a stipulated means offer by a different means is effective upon receipt.

The solicitation of credit card customers is not regulated by the federal government.

Which of the following contract subject matters would not be covered under the UCC?

Wade and Jessi have an oral contract to buy and sell Wade's car for $15,000. After Jessi has paid the money and received possession and title to the car, she is having second thoughts about buying the car.

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?

A bilateral contract is one in which one side promises to perform in exchange for the other side's actions.

Ann Frazer has just purchased a new Maserati. Ann will be borrowing the money from her bank. Ann signed the contract at 8:00 PM at the dealership and her bank will not be open until 10:00 AM the following day. Ann:

A contract for the sale of a car for $700, under the old UCC, must be in writing to be enforceable.

For nonmerchants, additional terms in the counteroffer:

Day 1 - School teacher sends superintendent letter of resignation. Day 4 - Superintendent mails letter accepting resignation. Day 5 - School teacher hand delivers letter withdrawing resignation. Day 6 - Teacher receives superintendent's letter.

Name the statutes that affect contract formation in cyberspace.

E-Sign requires that there be faxes or written verification of electronic contracts.

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