Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

The UCC Battle of the Forms provision allows additional terms in an acceptance without invalidating the acceptance.

Accepted Answer

A) True 
 B)False

Question 3

The CISG follows the mirror image rule in formation.

Accepted Answer

A) True 
 B)False

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

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 6

On Monday, Sam's Computer Company wires Bob's Computer Mart, "I have two IBM XT's for sale for $1700 each. You pay cost of shipping." Bob received the offer on Monday afternoon and wired back, "You have a deal.
30 days same as cash." On Tuesday morning Sam called to revoke the offer. On Tuesday afternoon Sam received the wire. Sam says there is no contract and Bob says there is. Who is correct?

Accepted Answer

Mailbox rule applies. There wa

Question 7

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 8

List the federal laws regulating credit contracts and give a brief description of each.

Accepted Answer

ECOA - prohibits race, color, sex, and n

Question 9

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 10

Under CARD, colleges and universities must:

Accepted Answer

A)  disclose financial relationships with the credit card companies. 
B)  provide debt counseling for students. 
C)  limit locations for student solicitation for credit cards. 
D)  do all of these. 
A)  disclose financial relationships with the credit card companies. 
B)  provide debt counseling for students. 
C)  limit locations for student solicitation for credit cards. 
D)  do all of these.

Question 11

B has made a valid acceptance.

Accepted Answer

A) True 
 B)False

Question 12

Which of these is an example of a bank's commitment to pay?

Accepted Answer

A)  Bill of lading 
B)  Fee arbitration agreement 
C)  Letter of credit 
D)  A warrant 
A)  Bill of lading 
B)  Fee arbitration agreement 
C)  Letter of credit 
D)  A warrant

Question 13

An ad in a newspaper reads: "AVAILABLE TODAY ONLY. FRIENDLY'S APPLIANCES. CLEARANCE SALE FOR ALL FLOOR ITEMS. 75% OFF RETAIL PRICES." Joan Ludwig arrived at Friendly's about one hour after it opened and there were no appliances left. The issues in the situation are governed by:

Accepted Answer

A)  The Uniform Commercial Code 
B)  UETA 
C)  common law 
D)  restatement of contracts 
E)  none of the above 
A)  The Uniform Commercial Code 
B)  UETA 
C)  common law 
D)  restatement of contracts 
E)  none of the above

Question 14

The communication between S and B must be evidenced by a record if any rights related to the exchange can be enforced.

Accepted Answer

A) True 
 B)False

Question 15

Janet Kennedy has received a letter in the mail from BISA International, a credit card firm. The letter describes the card as follows: "This card is yours for only a small annual fee that is billed to your account. There is an annual percentage rate finance charge of 16.5%. There may be other charges for some transactions. There are no late fees, but there will be a charge for going over your credit limit."
Which of the following statements is true?

Accepted Answer

A)  The letter includes all the necessary disclosures for credit card solicitation under Regulation Z. 
B)  The finance charge is usurious. 
C)  The letter is missing several items of disclosure required under Regulation Z for credit card solicitation. 
D)  none of the above 
A)  The letter includes all the necessary disclosures for credit card solicitation under Regulation Z. 
B)  The finance charge is usurious. 
C)  The letter is missing several items of disclosure required under Regulation Z for credit card solicitation. 
D)  none of the above

Question 16

The UCC rules on additional terms in acceptance are the same for merchants and nonmerchants.

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

"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 19

Which of the following is effective upon mailing or dispatch?

Accepted Answer

A)  offers 
B)  rejections 
C)  counteroffers 
D)  revocation 
E)  none of the above 
A)  offers 
B)  rejections 
C)  counteroffers 
D)  revocation 
E)  none of the above

Question 20

Under the 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

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

The UCC Battle of the Forms provision allows additional terms in an acceptance without invalidating the acceptance.

The CISG follows the mirror image rule in formation.

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

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?

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:

List the federal laws regulating credit contracts and give a brief description of each.

Under CARD, colleges and universities must:

B has made a valid acceptance.

Which of these is an example of a bank's commitment to pay?

An ad in a newspaper reads: "AVAILABLE TODAY ONLY. FRIENDLY'S APPLIANCES. CLEARANCE SALE FOR ALL FLOOR ITEMS. 75% OFF RETAIL PRICES." Joan Ludwig arrived at Friendly's about one hour after it opened and there were no appliances left. The issues in the situation are governed by:

The communication between S and B must be evidenced by a record if any rights related to the exchange can be enforced.

The UCC rules on additional terms in acceptance are the same for merchants and nonmerchants.

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

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

Which of the following is effective upon mailing or dispatch?

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

Introduction to Law

Business Ethics and Social Responsibility

The Judicial System

Managing Disputes: Alternative Dispute Resolution and Litigation Strategies

Business and the Constitution

Administrative Law

International Law

Business Crime

Business Torts

Cyberlaw, Social Media, and Privacy

Environmental Regulation and Sustainability

Contracts: Performance, Remedies, and Rights

Sales: Product Advertising and Liability

Products: Business Intellectual Property

Business Competition: Antitrust

Management of Employee Conduct: Agency

Governance and Structure: Forms of Doing Business

Governance and Regulation: Securities Law

Management: Employee Welfare

Management: Employment Discrimination

Filters

Exam 12: Contracts and Sales: Introduction and Formation

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

The UCC Battle of the Forms provision allows additional terms in an acceptance without invalidating the acceptance.

The CISG follows the mirror image rule in formation.

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

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:

List the federal laws regulating credit contracts and give a brief description of each.

Under CARD, colleges and universities must:

B has made a valid acceptance.

Which of these is an example of a bank's commitment to pay?

An ad in a newspaper reads: "AVAILABLE TODAY ONLY. FRIENDLY'S APPLIANCES. CLEARANCE SALE FOR ALL FLOOR ITEMS. 75% OFF RETAIL PRICES." Joan Ludwig arrived at Friendly's about one hour after it opened and there were no appliances left. The issues in the situation are governed by:

The communication between S and B must be evidenced by a record if any rights related to the exchange can be enforced.

The UCC rules on additional terms in acceptance are the same for merchants and nonmerchants.

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

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

Which of the following is effective upon mailing or dispatch?

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

Introduction to Law

Business Ethics and Social Responsibility

The Judicial System

Managing Disputes: Alternative Dispute Resolution and Litigation Strategies

Business and the Constitution

Administrative Law

International Law

Business Crime

Business Torts

Cyberlaw, Social Media, and Privacy

Environmental Regulation and Sustainability

Contracts: Performance, Remedies, and Rights

Sales: Product Advertising and Liability

Products: Business Intellectual Property

Business Competition: Antitrust

Management of Employee Conduct: Agency

Governance and Structure: Forms of Doing Business

Governance and Regulation: Securities Law

Management: Employee Welfare

Management: Employment Discrimination

Filters