BA 200 chapter 12 Test 3

Which of the following contracts would not have to be in writing under the old UCC?

A contract for consulting services for $10,000 over the next 90 days

Which of the following contract subject matters would not be covered under the UCC?

A contract for the sale of a mobile home plus its lot

Which of the following contracts must be in writing to be enforceable?

A contract for the sale of an easement for $250

Which of the following contract subject matters must be evidenced by a writing to be enforceable under the statute of frauds?

A contract for the sale of an easement for $75

Which of the following is/ are governed by the UCC?

All of the above

Which of these can be a valid contract agreement under ESIGN?

All of the above

Under the old UCC and between merchants, additional terms in acceptance:

Are part of the contract unless they are material

John Freeden is negotiating with Bill Murray to buy Bill's mountain bicycle. The following conversations has taken place: John "I will buy your mountain bike for $325.00" Bill "I couldn't sell it for less that $375.00" John I'll take it for $375.00"

Bill and John do not have a contract

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

Contract for Dentures

Walt's Pool World's fax to Pat's pumps: "i'll take 10 4hp pool pumps @ $175 each." Pat's pumps return fax "ok will deliver tomorrow AM."

Had a contract when pat sent the fax

Day 1: Mike sends Tina a letter offer to sell his fish tank to her for $125. Day 2: Tina faxes Mike an acceptance. Day 2:Mike receives Tina's fax. Day 3: Mike calls Tina to revoke his offer. Mike and Tina:

Have a contract as of when the fax was sent

The following series of events occurred between bull's men market and the butcher: May 1- The Butcher faxes Bull's and offers to buy 200lbs. of T-bone steak at $3.29 per lb. May 2- Bull'sfaxes back price is okay parent prior to delivery bull's and the butcher:

Have a contract on May 2 with the payment term

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."

Jerry and Pamela have a contract for the bike at $375.00

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

Letter of credit

The Uniform Electronic Transaction act (UETA)

None of the above

Which of the following is effective upon mailing or dispatch?

None of the above

Which of the following is not a risk associated with international contracting

None of the above

Which of the following is not required for a valid UCC offer?

Payment terms

Jane: "i'll pay you $50 if you will clean my windows." Al: "I'll do it for $75." Jane: "$65 and it's a deal." Al:"No way." Jane "Too late. we have a contract"

There is no contract

Jane Lindon is negotiating with James Paul to buy his 1987 Toyota MR5. The following excerpts from the letters have occurred so far: Jane:"I would be interested in purchasing your MR5" James"I am thinking of selling my MR5" Jane "I am considering selling my Diamond tennis bracelet to buy your MR5" Which of the following is true

They do not have a contract to sell the MR5

The language "i offer to sell you m 1974 White Ford Torino" is:

a valid offer

The mailbox rule applies to

acceptances communicated through the offer's stipulated means

Which of the following eliminates the effect of the mailbox rule?

an offer that includes, "Acceptance is effective upon receipt only."

E-sign

applies in all 50 states

"drive my car to albuquerque, and i'll pay you $500" is not a valid offer

false

"i'll take it, but you must deliver." is a valid acceptance

false

"i'll take the bike for $75, but first i have to sell my fish tank" is an example of valid acceptance

false

"i'm thinking of selling my CD player" is an example of offer language

false

"point-and-click" is not sufficient for acceptance under UETA

false

"the offer is limited to these terms" means that b/w merchants only immaterial terms added in the acceptance will be part of the contract

false

E-sign requires that there be faxes of written verification of electronic contracts

false

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

false

a contract for rebinding 500 books at a cost of $1.50/book is governed by the UCC

false

a contract for termite extermination at a home would be governed by the UCC

false

a contract for the sale of a $12.2 million Lear jet would be governed by common law b/c a document of title is involved

false

a contract for the sale of potatoes is not governed by the UCC

false

a contract must be in a formal writing to satisfy the statute of frauds

false

a contract to solicit subsribers through pop-up Internet is considered a good under the UCC b/c it is a list of names

false

a merchant's firm offer requires consideration to be valid

false

a three-year warranty on an over need be evidenced by a record to be enforeable

false

an acceptance by a merchant in response to an offer by a merchant cannot contain any additional terms or it will be treated as a counteroffer under UCC

false

an acceptance of a stipulated means offer by a different means is effective upon receipt

false

an executory contact is one that is fully performed

false

an offer is effectively communicated upon mailing or dispatch

false

contracts for services are governed by the UCC

false

contracts for the sale of real property are governed by the uniform commercial code

false

digital signatures are used frequently

false

e-sign is a federal law that requires written signatures for electronic contracts to be valid

false

implied contracts are unenforceable

false

morality clauses in contracts are both illegal and unethical

false

parol evidence is always admissible for challenging contract terms

false

the UCC has no timing rules for acceptance

false

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

false

the above book contract must be in writing to be valid

false

the parol evidence rule does not apply in UCC contracts

false

the parties' previous course of dealing will have little impact as courts interpret their contract

false

the restatement of contracts is another name for UCC

false

under the UCC, offers need price, subject matter, and quantity to be definite enough

false

Under both UCC and common law a counteroffer:

is also a rejection

To be valid, a UCC merchant's firm offer:

must be evidenced by a record

Under the old UCC and between non merchants, additional terms in acceptance:

none of the above

Which is not a requirement for a merchant's confirmation memorandum?

signed by both parties

Point and Click refers to

the formation of contracts via internet

"would you be interested in selling your Prius for $21,000?" is not an offer

true

UETA has not yet been adopted in all of the states

true

a UCC offer is valid with the subject matter stated even though no price is given

true

a contract for the sale of a car for $700, under the old UCC must be in writing to be enforceable

true

a record, such as an e-mail or fax, now satisfies the writing requirement under both the UCC and common law

true

commercial signature security has been displaced by national security concerns and then need for government access to electronic communication

true

common law does not dictate amounts required for consideration

true

contracts for the sale of land must be in writing to be enforceable

true

options require consideration to be valid

true

point-and-click is a valid means of forming a contract if the parties had adequate knowledge of the terms and conditions of the agreement in advance

true

quasi contracts are implied-in-law contracts

true

revocation can be valid any time prior to acceptance

true

the CISG follows the mirror rule in formation

true

the UCC battle of the forms provision allows additional terms in an acceptance without invalidating the acceptance

true

the new UCC accepts e-mail communications as sufficient for a writing

true

the new UCC accepts website communications as sufficient for a writing

true

the new UCC rule for additional terms in acceptance is "terms later"

true

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

true

under common law, a counteroffer is also a rejection

true

under the CISG, acceptance is effective only upon receipt

true

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

true

under the revised and new UCC, a contract for the sale of a car for $700 need not have a record of the contract to be enforceable

true

Ann Frazer has just purchased a new Maserati. Ann will be borrowing the money from her bank. Ann signed the contract at 8:00PM at the Dealership and her bank will not be open until 10:00 Am the following day Ann:

will be excused from her contract if the bank does not approve her loan