Question 1

A contract where the terms are written or stated clearly and agreed to by both parties is called:

Accepted Answer

A) implied-in-fact. 
B) implied-in-law. 
C) express. 
D) quasi. 
A) implied-in-fact. 
B) implied-in-law. 
C) express. 
D) quasi.

Question 2

Under common law, a counteroffer is also a rejection.

Accepted Answer

A) True 
 B)False

Question 3

Many states have imposed additional steps for making loans in the subprime lending market.

Accepted Answer

A) True 
 B)False

Question 4

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 formed a contract when she responded the first time because additional terms in acceptance under the UCC do not result in a counteroffer.

Accepted Answer

A) True 
 B)False

Question 5

An acceptance by a merchant in response to an offer by a merchant cannot contain any additional terms or it will be treated as a counteroffer under the UCC.

Accepted Answer

A) True 
 B)False

A contract where the terms are written or stated clearly and agreed to by both parties is called:

Under common law, a counteroffer is also a rejection.

Many states have imposed additional steps for making loans in the subprime lending market.

An acceptance by a merchant in response to an offer by a merchant cannot contain any additional terms or it will be treated as a counteroffer under the UCC.

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

Exam 10: Contracts and Sales: Introduction and Formation

A contract where the terms are written or stated clearly and agreed to by both parties is called:

Under common law, a counteroffer is also a rejection.

Many states have imposed additional steps for making loans in the subprime lending market.

An acceptance by a merchant in response to an offer by a merchant cannot contain any additional terms or it will be treated as a counteroffer under the UCC.

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