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BUS-L201 Module 3 Exam - Contract Law Questions &Exam (elaborations) answers 100% satisfaction guarantee
BUS-L201 Module 3 Exam - Contract Law Questions &Exam (elaborations) answers 100% satisfaction guarantee
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BUS-L201 Module 3 Exam - Contract Law"parol evidence" - ✔✔The term __________ means written or spoken statements that are not
contained in the written contract
1/3 - ✔✔As leasing became a more common way of executing and financing transactions in goods,
a separate UCC article, Article 2A, was developed to govern the lease of goods. Roughly
__________ of the states have adopted Article 2A.
2 or more parties, landlord ad tenant, business entities - ✔✔Contracts are typically between:
3 months - ✔✔The outer limit on a firm offer's irrevocability is:
A bilateral contract - ✔✔Aaron promises to sell his boat to Matt, and Matt promises to buy it from
Aaron. What type of contract is this?
A bulk sale of inventory - ✔✔Which of the following would be covered by the UCC?
A contract for a $175 hair cut and hair color. - ✔✔Which is not a contract that falls under the writing
requirement under the statute of frauds?
A contract was formed unless Foster objects to the memorandum within 10 days of receiving it. -
✔✔King, a circuit board manufacturer, called Foster, a computer storeowner, and offered to sell him
500 circuit boards for $20,000. Foster accepted the offer over the telephone that same day. King
immediately sent Foster a signed memorandum confirming the deal they made orally. Which of the
following statements concerning the contract is correct under the statute of frauds?
a court had already adjudicated one or more of the parties mentally incompetent. - ✔✔A bargain is
considered to be void if, at the time of formation of the bargain, _______
A gratuitous assignment will not be revoked upon the assignor's death or incapacity. - ✔✔Which of
the following statements about gratuitous assignments is false?
a novation. - ✔✔Mike has a three-year lease on the apartment he occupies. He has lived there one
year. He now wants to leave and go to Aspen, Colorado to be a ski instructor. However, Mike's
landlord will not release him from the lease, and threatens to sue him if he breaks his lease. Mike
finds Paul to take over the last two years of the lease, but Mike is worried that Paul might cause
damage or in other ways inflict loss and that he, Mike, might be held financially responsible. In order
to assure Mike that he will be completely discharged from all obligations under his lease, Mike should
attempt to bring about:
,accord and satisfaction. - ✔✔Jamie has borrowed money and made advances to Julie's Tacos for
over 5 years. Jamie would like to collect on the money owed but is unsure of the exact amount. Jamie
and Julie decide on $10,000 in full and final settlement of any monies owed. The settlement of an
unliquidated debt is called a(n):
Actual economic injury - ✔✔Apart from the elements of rescission, what must a person who seeks to
recover damages for deceit establish?
After a "reasonable time" - ✔✔Ian, a lawyer, sent an offer to Raymond on October 1 offering to sell
Ian's car for $5,000. The offer did not contain a provision stating when it would terminate. Under these
circumstances, when will that offer terminate?
after the minor reaches the age of majority. - ✔✔Ratification of a contract entered into by a minor
can only be done _______
Agreement to settle an unliquidated debt - ✔✔Which of the following is adequate consideration?
allowed to recover what she has parted with. - ✔✔A party not equally in the wrong of an illegal
agreement will generally be _______
an assignment of rights and a delegation of duties by Neptune. - ✔✔On August 1, Neptune Fisheries
contracted in writing with West Markets to deliver to West 3,000 pounds of lobsters at $4 a pound.
Delivery of the lobsters was due October 1 with payment due November 1. On August 4, Neptune
entered into a contract with Deep Sea Lobster Farms which provided as follows: "Neptune Fisheries
assigns all the rights under the contract with West Markets dated August 1 to Deep Sea Lobster
Farms." The best interpretation of the August 4 contract would be that it was:
An enforceable contract - ✔✔Mr. Blue and Mr. Green are in negotiations for a regular delivery of
newspapers to Mr. Blue's business. Mr. Blue did not formally announce his acceptance to the offer.
But when Mr. Green sent a shipment of newspapers as they agreed, Mr. Blue accepted the shipment
and paid for them. According to the UCC, what do Mr. Blue and Mr. Green have?
An offer and acceptance - ✔✔What must a contract contain to be enforceable?
An offer for a unilateral contract - ✔✔Ms. White lost her puppy. She advertises a reward of $50 for
the return of her puppy. What is the contractual nature of Ms. White's advertisement?
An offer in definite terms - ✔✔Which of the following is the first critically important step in the contract
formation process?
, An offeree's silence is considered acceptance when he/she indicates so. - ✔✔Which of the following
is true regarding silence as acceptance?
An offeror's right to determine the manner of acceptance - ✔✔Which of the following describes a
stipulation?
Any place on the memorandum - ✔✔If it is not indicated in the memorandum, where should the
parties sign to make the document enforceable?
are for one year or more. - ✔✔Most states' statutes of frauds do not require land leases to be in
writing unless they:
are valid for a reasonable time. - ✔✔Offers that fail to provide a specific time for acceptance:
assignee - ✔✔Mr. Blue is in a contract with Mr. Brown for the repair of Mr. Blue's roof for $9,000. Mr.
Brown has already performed the work, but contacts Mr. Blue that he should pay his cousin Joe Jr.
the amount owed. Joe Jr.'s status under the contract is called what?
assignment. - ✔✔The transfer of a right under a contract is called a(n):
Assignor/delegator - ✔✔In an assignment/delegation, which party remains secondarily liable on the
obligation that has been delegated?
Battle of the Forms. - ✔✔The Uniform Commercial Code's modified version of the mirror image rule
is called the:
Because buyers tend to place more reliance on merchants - ✔✔Why does Article 2 hold merchants
to a higher standard than nonmerchants?
c) Sale of cocaine where buyer does not pay and retains the goods - ✔✔What type of contract is not
legally enforceable?
a) Sale of home with all the fixtures inside the home
b) Supported by adequate consideration that is not money
c) Sale of cocaine where buyer does not pay and retains the goods
d) All of the choices are correct.
Charitable subscription - ✔✔Which of the following is an exception to a consideration requirement?
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