Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

Common law does not dictate amounts required for consideration.

Accepted Answer

A) True 
 B)False

Question 3

Options require consideration to be valid.

Accepted Answer

A) True 
 B)False

Question 4

Void and voidable contracts are one and the same.

Accepted Answer

A) True 
 B)False

Question 5

The Restatement of Contracts is another name for the UCC.

Accepted Answer

A) True 
 B)False

Question 6

The subprime lending market is also called the predatory lending market.

Accepted Answer

A) True 
 B)False

Question 7

The Uniform Electronic Transaction Act (UETA):

Accepted Answer

A)  has been adopted in all 50 states. 
B)  has been declared unconstitutional. 
C)  is the same as E-sign. 
D)  none of the above 
A)  has been adopted in all 50 states. 
B)  has been declared unconstitutional. 
C)  is the same as E-sign. 
D)  none of the above

Question 8

The Equal Credit Opportunity Act prohibits which of the following?

Accepted Answer

A)  Basing the credit decision on the receipt of public assistance income. 
B)  Basing the credit decision on a bankruptcy of five years ago. 
C)  Basing the credit decision on the fact that the applicant was in prison for a felony three years ago. 
D)  Basing the credit decision on unemployment. 
A)  Basing the credit decision on the receipt of public assistance income. 
B)  Basing the credit decision on a bankruptcy of five years ago. 
C)  Basing the credit decision on the fact that the applicant was in prison for a felony three years ago. 
D)  Basing the credit decision on unemployment.

Question 9

Under ESIGN, clicking on a tab that reads "I accept" is a valid acceptance to an offer.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following is not required to be disclosed in the solicitation of a credit card customer?

Accepted Answer

A)  fees for issuing the card 
B)  what your credit limit will be 
C)  APR for the card 
D)  All of the above must be disclosed. 
A)  fees for issuing the card 
B)  what your credit limit will be 
C)  APR for the card 
D)  All of the above must be disclosed.

Question 11

UETA does not apply when there is an applicable statute of frauds.

Accepted Answer

A) True 
 B)False

Question 12

Under CARD, credit terms must last for at least two years.

Accepted Answer

A) True 
 B)False

Question 13

Discuss whether a contract to solicit names of potential subscribers using pop-up Internet ads for a newspaper is considered goods or services under the UCC.

Accepted Answer

According to Wall Street Network, Ltd. v

Question 14

Leases of consumer goods are not subject to disclosure requirements.

Accepted Answer

A) True 
 B)False

Question 15

With respect to the fact pattern in #80:

Accepted Answer

A)  Friendly's has breached a contract and owes damages to Joan. 
B)  There is no breach of contract. 
C)  Joan has no rights of recovery because the contract was required to be in writing. 
D)  There was no contract, but Joan can recover on the basis of quasi contract. 
E)  none of the above 
A)  Friendly's has breached a contract and owes damages to Joan. 
B)  There is no breach of contract. 
C)  Joan has no rights of recovery because the contract was required to be in writing. 
D)  There was no contract, but Joan can recover on the basis of quasi contract. 
E)  none of the above

Question 16

S has made a valid offer to B.

Accepted Answer

A) True 
 B)False

Question 17

Revocation can be valid any time prior to acceptance.

Accepted Answer

A) True 
 B)False

Question 18

A contract to solicit subscribers through pop-up Internet ads is considered a good under the UCC because it is a list of names.

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

S has made a valid revocation to B.

Accepted Answer

A) True 
 B)False

Exam 12: Contracts and Sales: Introduction and Formation

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

Common law does not dictate amounts required for consideration.

Options require consideration to be valid.

Void and voidable contracts are one and the same.

The Restatement of Contracts is another name for the UCC.

The subprime lending market is also called the predatory lending market.

The Uniform Electronic Transaction Act (UETA):

The Equal Credit Opportunity Act prohibits which of the following?

Under ESIGN, clicking on a tab that reads "I accept" is a valid acceptance to an offer.

Which of the following is not required to be disclosed in the solicitation of a credit card customer?

UETA does not apply when there is an applicable statute of frauds.

Under CARD, credit terms must last for at least two years.

Discuss whether a contract to solicit names of potential subscribers using pop-up Internet ads for a newspaper is considered goods or services under the UCC.

Leases of consumer goods are not subject to disclosure requirements.

With respect to the fact pattern in #80:

S has made a valid offer to B.

Revocation can be valid any time prior to acceptance.

A contract to solicit subscribers through pop-up Internet ads is considered a good under the UCC because it is a list of names.

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

S has made a valid revocation to B.

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