Question 1

The language "I offer to sell you my 1974 White Ford Torino" is:

Accepted Answer

A)  a valid offer. 
B)  not a valid offer because it lacks a definite price. 
C)  not a valid offer because there are no terms for payment. 
D)  not a valid offer because it is oral. 
A)  a valid offer. 
B)  not a valid offer because it lacks a definite price. 
C)  not a valid offer because there are no terms for payment. 
D)  not a valid offer because it is oral.

Question 2

Which of the following contracts would not be governed by the UCC?

Accepted Answer

A)  a contract for dentures 
B)  a contract for the purchase of an Arabian horse 
C)  a contract for the purchase of an oil painting for $550 
D)  a contract for the purchase of an ATR jet 
E)  All of the above are governed by the UCC. 
A)  a contract for dentures 
B)  a contract for the purchase of an Arabian horse 
C)  a contract for the purchase of an oil painting for $550 
D)  a contract for the purchase of an ATR jet 
E)  All of the above are governed by the UCC.

Question 3

Name the statutes that affect contract formation in cyberspace.

Accepted Answer

E-sign - The Electronic Signat

Question 4

John Freeden is negotiating with Bill Murray to buy Bill's mountain bicycle. The following conversation has taken place: John: "I will buy your mountain bike for $325.00." Bill: "I couldn't sell it for less than $375.00."
John: "I'll take it for $375.00."
Which of the following statements is true?

Accepted Answer

A)  Bill and John have a contract for the sale of the bike at $375.00. 
B)  Bill and John have a contract for the sale of the bike at $325.00. 
C)  Bill and John do not have a contract. 
D)  none of the above 
A)  Bill and John have a contract for the sale of the bike at $375.00. 
B)  Bill and John have a contract for the sale of the bike at $325.00. 
C)  Bill and John do not have a contract. 
D)  none of the above

Question 5

Asking that all sources of income be revealed on a credit application is prohibited by the ECOA.

Accepted Answer

A) True 
 B)False

Question 6

List the types of contracts required to be in writing.

Accepted Answer

UCC - goods $500 or more; real

Question 7

The Fair Credit and Charge Card Disclosure Act prohibits issuing credit cards without the consumer's consent.

Accepted Answer

A) True 
 B)False

Question 8

The Equal Credit Opportunity Act applies only to consumer transactions.

Accepted Answer

A) True 
 B)False

Question 9

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 10

Which of the following is not a violation of the ECOA?

Accepted Answer

A)  requiring a husband's signature when his wife applies for a credit card 
B)  requiring disclosure of pregnancy 
C)  requiring disclosure of length of time at current job 
D)  requiring disclosure of marital status 
E)  All of the above are violations of the ECOA. 
A)  requiring a husband's signature when his wife applies for a credit card 
B)  requiring disclosure of pregnancy 
C)  requiring disclosure of length of time at current job 
D)  requiring disclosure of marital status 
E)  All of the above are violations of the ECOA.

Question 11

Using what you have learned about consumer credit, develop a credit application that would comply with all federal statutes and regulations.

Accepted Answer

Cannot ask for extra sources of income u

Question 12

An executory contract is one that is fully performed.

Accepted Answer

A) True 
 B)False

The language "I offer to sell you my 1974 White Ford Torino" is:

Which of the following contracts would not be governed by the UCC?

Name the statutes that affect contract formation in cyberspace.

John Freeden is negotiating with Bill Murray to buy Bill's mountain bicycle. The following conversation has taken place: John: "I will buy your mountain bike for $325.00." Bill: "I couldn't sell it for less than $375.00." John: "I'll take it for $375.00." Which of the following statements is true?

Asking that all sources of income be revealed on a credit application is prohibited by the ECOA.

List the types of contracts required to be in writing.

The Fair Credit and Charge Card Disclosure Act prohibits issuing credit cards without the consumer's consent.

The Equal Credit Opportunity Act applies only to consumer transactions.

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

Which of the following is not a violation of the ECOA?

Using what you have learned about consumer credit, develop a credit application that would comply with all federal statutes and regulations.

An executory contract is one that is fully performed.

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

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Exam 12: Contracts and Sales: Introduction and Formation

The language "I offer to sell you my 1974 White Ford Torino" is:

Which of the following contracts would not be governed by the UCC?

Name the statutes that affect contract formation in cyberspace.

John Freeden is negotiating with Bill Murray to buy Bill's mountain bicycle. The following conversation has taken place: John: "I will buy your mountain bike for $325.00." Bill: "I couldn't sell it for less than $375.00." John: "I'll take it for $375.00." Which of the following statements is true?

Asking that all sources of income be revealed on a credit application is prohibited by the ECOA.

List the types of contracts required to be in writing.

The Fair Credit and Charge Card Disclosure Act prohibits issuing credit cards without the consumer's consent.

The Equal Credit Opportunity Act applies only to consumer transactions.

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

Which of the following is not a violation of the ECOA?

Using what you have learned about consumer credit, develop a credit application that would comply with all federal statutes and regulations.

An executory contract is one that is fully performed.

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