Exam 13: Sales Contracts: Agreement, Consideration, and the Statute of Frauds

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ABC Technologies sells to Devon a television with a fair market value of $1000.00. According to the UCC must this contract be in writing to be enforceable?

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Question 1

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The UCC allows all of the following to be an enforceable contract except

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Question 2

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Compare the requirements of consideration under the UCC Article 2 to its requirements according to common law.

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Question 3

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Common law requires that consideration be a bargained for exchange of two things of legal value. Additionally, if a contract is to be modified under common law, additional consideration is required to support the modification. Under the UCC, while a contract does require consideration, or an exchange of things of legal value, a modification of the terms of the contract do not require new or additional consideration. The theory behind the differences is that the UCC recognizes that markets and commercial transactions change and vary and therefore it is reasonable to allow contracts to be able to be modified more freely as well.

As long as a contract satisfies the writing requirement of the UCC, any other terms not included in the writing

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Question 4

Rachel received a shipment of facial cleaner from Posh Skincare, Inc. In the shipment there was a preprinted document with blanks filled in that stated the items delivered, the price per item and the total price from the seller. This document is a(n)

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Question 5

A preprinted form with some blanks in the form to be filled out for specific negotiated terms unique to the transaction is called a

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Question 6

Paris offers to buy "all the mulch" Market Basket has and they agree. This contract is called a(n)

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Question 7

Japheth offers to purchase a wedding care from Edible Dreams Bakery for $400.00. He states they have two days to accept the offer. This is an example of which type of offer?

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Question 8

Abon purchases 500 books with a total value of $2000.00 from the Narnes and Boble Online bookstore. Abon uses an "electronic" signature feature on the website to acknowledge acceptance of the terms of the agreement. When the books are delivered to Abon, he refuses to accept delivery stating that no enforceable contract existed according to the statute of frauds of the UCC. Which statement below is correct about the transaction according to the UCC statute of frauds?

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Question 9

Again Motors offers to sell Shelby a 1977 Shelby Mustang Cobra for $10,000 on July 1, 2018. Shelby decides that she must think about it and one year later, on July 1, 2019 Shelby calls up Again Motors and tells them that she accepts their offer and will be to the store that day with the $10,000 for the car. Again Motors refuses to honor the offer even though they still have the exact car setting on the lot. Shelby sues Again Motors to enforce the agreement. Most likely, according to the UCC, what will be the outcome of the case?

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Question 10

A rule under the UCC where conflicting clauses cancel each other out and neither clause will become part of the contract but rather will be determined by UCC gap-filler rules is called

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Question 11

Jen is in charge of her child's school picnic and calls Uptown Bakery only to get their answering machine. She leaves the following message, "Hi, this it Jen and I am in kind of a difficult situation. A parent backed out for baking 200 zebra cupcakes for our school picnic tomorrow. I know this is last minute, but would you be able to help out?" The next day, Uptown Bakery shows up to the school with 200 zebra cupcakes. According to the UCC would this be an agreement?

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Question 12

When a contract for the sale of goods is missing provisions such as delivery, quantity and payment terms, which of the following statement under the UCC is correct?

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Question 13

Joiner Industries agrees to sell to Browning 500 bolts for $1.00 each. After the first 250 bolts are produced, Joiner realizes that they severely under-priced the bolts and that if they continued to make and to sell the additional 250 bolts at the agreed upon price, they would lose a lot of money and most likely go out of business. They approached Browning with their dilemma and requested that they increase the price per bolt to $1.50 each for the entire contract. Browning agreed. According to the UCC which statement below is correct about the modification of the terms of the contract?

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Question 14

The UCC allows contracts for the sale of goods to be modified without any new consideration.

(True/False)

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Question 15

According to the rationale behind the statute of frauds of the UCC, all of the following statements are correct, except

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Question 16

Under the UCC, a writing sufficient according to the statute of frauds, must contain all of the following except,

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Question 17

Renee purchases online from Bio-Chem Cleaning Supplies, 15 boxes of laundry detergent at $25.00 a box. When the shipment arrives she notices that Bio-Chem inserted an invoice which added an additional $50.00 for shipping and handling and a $10.00 convenience fee for online orders. The website did not mention these additional fees. According to the UCC will Renee be required to pay the additional fees and expenses included on the invoice?

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Question 18

When a contract is missing key provisions of the contract it is called a(n)

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Question 19

Article 2 of the UCC requires that a contract demonstrate agreement

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Question 20

Showing 1 - 20 of 26

Exam 13: Sales Contracts: Agreement, Consideration, and the Statute of Frauds

ABC Technologies sells to Devon a television with a fair market value of $1000.00. According to the UCC must this contract be in writing to be enforceable?

The UCC allows all of the following to be an enforceable contract except

Compare the requirements of consideration under the UCC Article 2 to its requirements according to common law.

As long as a contract satisfies the writing requirement of the UCC, any other terms not included in the writing

Rachel received a shipment of facial cleaner from Posh Skincare, Inc. In the shipment there was a preprinted document with blanks filled in that stated the items delivered, the price per item and the total price from the seller. This document is a(n)

A preprinted form with some blanks in the form to be filled out for specific negotiated terms unique to the transaction is called a

Paris offers to buy "all the mulch" Market Basket has and they agree. This contract is called a(n)

Japheth offers to purchase a wedding care from Edible Dreams Bakery for $400.00. He states they have two days to accept the offer. This is an example of which type of offer?

A rule under the UCC where conflicting clauses cancel each other out and neither clause will become part of the contract but rather will be determined by UCC gap-filler rules is called

When a contract for the sale of goods is missing provisions such as delivery, quantity and payment terms, which of the following statement under the UCC is correct?

The UCC allows contracts for the sale of goods to be modified without any new consideration.

According to the rationale behind the statute of frauds of the UCC, all of the following statements are correct, except

Under the UCC, a writing sufficient according to the statute of frauds, must contain all of the following except,

When a contract is missing key provisions of the contract it is called a(n)

Article 2 of the UCC requires that a contract demonstrate agreement

Legal Foundations and Thinking Strategically

Business, Societal, and Ethical Contexts of Law

Business and the Constitution

The American Judicial System, Jurisdiction, and Venue

Resolving Disputes: Litigation and Alternative Dispute Resolution

Contracts: Overview, Definition, Categories, and Source of Law

Mutual Assent: Agreement and Consideration

Capacity and Legality

Enforceability

Performance

Breach and Remedies

Contracts for the Sale of Goods: Overview of Article 2

Title, Allocation of Risk, and Insurable Interest

Performance and Cure in Sales Contracts

Breach and Remedies in a Sales Transaction

UCC Article 2A: Lease Contracts

Sales Warranties

Definition, Creation, and Categories of Negotiable Instruments

Negotiation, Endorsements, and Holder in Due Course

Liability, Defenses, and Discharge

Checks, Deposits, and Financial Institutions

Secured Transactions

Creditors Rights

Alternatives for Insolvent Borrowers

Bankruptcy

Choice of Business Entity and Sole Proprietorships

Partnerships

Limited Liability Partnerships and Limited Liability Companies

Corporations: Formation and Organization

Corporate Transactions: Acquisitions and Mergers

Overview of the Securities Market: Definition, Categories, and Regulation

Regulation of Issuance: The Securities Act of 1933

Regulation of Trading: The Securities Exchange Act of 1934

Regulation of Corporate Governance

Regulation of Financial Markets

Agency Formation, Categories, and Authority

Duties and Liabilities of Principals and Agents

Employment at Will

Employment Regulation and Labor Law

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Administrative Law

Consumer Protection

Criminal Law and Procedure

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Personal Property, Real Property, and Land Use Law

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