BUL 5810 EXAM 3 QUESTIONS WITH COMPLETE SOLUTIONS
Course of dealing refers to: - Answer-a sequence of previous conduct between the parties establishing a common basis for interpreting their agreement.
Usage of trade is: - Answer-a practice or method of dealing regularly observed and followed in...
Course of dealing refers to: - Answer-a sequence of previous conduct between the
parties establishing a common basis for interpreting their agreement.
Usage of trade is: - Answer-a practice or method of dealing regularly observed and
followed in a place, vocation, or trade.
The Code establishes separate rules that apply to transactions between merchants or
involving a merchant; a merchant is defined as: - Answer-A dealer in goods or a person
who by his occupation holds himself out as having knowledge or skill peculiar to the
goods or practice involved or who employs an agent or broker whom he holds out as
having such knowledge or skill.
T or F: Most provisions of the Code may be varied by agreement. - Answer-True
The Code reduces formal requisites to the bare minimum and attempts to preserve
agreements whenever: - Answer-The parties manifest an intention to enter into a
contract.
T or F: The Code provides that a sales or lease contract does not fail for indefiniteness
even though one or more terms may have been omitted; the Code provides standards
by which missing essential terms may be supplied for sales of goods. - Answer-True
What are the two types of irrevocable offers? - Answer-Options (a contract to hold an
offer open) and Firm Offers (signed pieces of writing by a merchant to hold open an
offer for the purchase or sale of goods for a maximum of three months).
The inclusion of different or additional terms in an acceptance is addressed by focusing
on: - Answer-the intent of the parties.
An acceptance can be made in any and is
effective upon dispatch - Answer-reasonable manner
Auction sales are generally with , permitting the auctioneer to
withdraw the goods at any time prior to sale. - Answer-reserve
The Code provides that a contract for the sale or lease of goods may be modified
without new consideration if: - Answer-the modification is made with good faith.
Firm Offers are not for lack of consideration. - Answer-revocable
T or F: Sale of goods costing $500 or more (or lease of goods for $1,000 or more) need
NOT be evidenced by a signed writing to be enforceable. - Answer-False; must be
T or F: The Code requires some writing(s) or record sufficient to indicate that a contract
, has been made between the parties, signed by the party against whom enforcement is
sought or by her authorized agent or broker, and including a term specifying the quantity
of goods. - Answer-True
Alternative methods of compliance include: - Answer-written confirmation between
merchants, admission, specially manufactured goods, and delivery or payment and
acceptance.
Contractual terms that are set forth in a writing intended by the parties as a final
expression of their agreement may not be contradicted by evidence of any prior
agreement or of a contemporaneous oral agreement, but such terms may be: - Answer-
explained or supplemented by course of dealing, usage of trade, course of
performance, or consistent additional evidence. (Parol Evidence)
Elements of fraud include: - Answer-false representation; of a present or past fact;
made by defendant; action in reliance thereon by plaintiff; and damage resulting to
plaintiff from such misrepresentation.
The UETA (uniform electronic transactions act): - Answer-applies only to transactions
between parties each of which has agreed to conduct transactions by electronic means;
gives full effect to electronic contracts, encouraging their widespread use, and develops
a uniform legal framework for their implementation; protects electronic signatures and
contracts from being denied enforcement because of the statute of frauds.
What is the most important element of a sales contract? - Answer-Intent
What is the general rule for communication of acceptance? - Answer-Acceptance
effective upon dispatch unless the offer specifically provides otherwise or the offeree
uses an unauthorized means of communication.
The communication of acceptance must conform to the
in the offer - Answer-specification
The Restatement and the Code provide that unless the offer provides otherwise,
acceptance is authorized to be in: - Answer-any reasonable manner
Unauthorized Means acceptance is effective when received, provided that: - Answer-it
is received within the time within which the authorized means would have arrived.
T or F: The first communication received by the offeror is effective. - Answer-True
Defective Acceptance does not create a contract but serves as a: - Answer-new offer
Duress is defined as: - Answer-wrongful or unlawful act or threat that overcomes the
free will of a party.
What is physical compulsion? - Answer-Coercion involving physical force renders the
agreement void.
Improper threats or acts, including economic and social coercion, render the contract
. - Answer-voidable
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