Quiz 4

Goods

The UCC required writing or electronic record for the sale of

-All of the answers

A gift causa mortis is revoked: -if the donee dies first. -if the donor does not die from the event that triggered the gift. -if the donor does not complete all necessary steps -All of the answers

Only Sally

Brent parked his car in a public garage and walked away keeping the keys to the car Sally gave her keys to a parking valet, who parked Sally's car and kept the keys until she returned. Under these facts, which party most likely created a bailment

None of the parties

Brown orally agrees to give $10,000 to David when David marries his daughter Christy. Which party can enforce the promise?

A court would not require Jim to perform the agreement

Chemico & Jim entered into an illegal agreement whereby Jim agreed to wrongfully acquire and copy a competitor's new chemical formula in consideration for $5,000. Performance of the agreement would be a crime. If Chemico paid the $5000 to Jim but Jim does not perform

return the car and pay for the damage

Devon, a sixteen-year old minor, purchases a car from Clearwater Used Cars and wrecks it. To disaffirm the contract and satisfy a duty of restitution, Devon must

Greg must turn the ring over to the hotel for safekeeping for the ring's true owner

Greg found a "lost" diamond ring in the wall safe in his hotel room. Which answer best described Greg's rights to the bracelet?

Jeff owns half, Kevin a third and Lance a sixth

Jeff, Kevin and Lance store their corn in three silos. Jeff contributes half of the corn, Kevin a third and Lance a sixth. A tornado hits two of the silos and scatters the corn. The corn left in the remaining silo most likely

Nicky's heirs

Nicky wants to give her GoPro camera located in her storage unit to Anton. Nicky gives Anton the key to the storage unit and tells him to take the camera. Anton says he does not want the camera and leaves the key on Nicky's desk. The next day, Nicky dies. The GoPro camera belongs to

The contract violates the statute of frauds bc it cannot be performed within one year from the date the contract was formed (made)

On March 1 danielle orally contracted to work for acme from april 1 trough march 30 of the following year. Under these facts

Mutual benefit bailment

Quinn rented a power washer from Ace Hardware fir $50/day. This bailment is a

mutual benefit bailment

Quinn rented a power washer from Ace Hardware for $50 per day. This bailment is a: -bailment for the sole benefit of the bailee -bailment for the sole benefit of the bailor -mutual benefit bailment -gratuitous bailment

Eddie bc Susan abandoned it and Eddie took possession of it

Susan threw away an old chair that has been in the family for years... the chair belongs to..

usury

When money is loaned at a greater rate of interest than is allowed by law, _______ is committed.

Rugs

Which of the following is not a fixture?

Ted orally agrees to buy a cell phone for $400

Which of the following oral contracts does not violate the statute of frauds?

Adults can void contracts if they find out the other party is a minor

Which one of the following is not a correct statement concerning disaffimance of a contract by a minor?

Adults can void contracts if they find out the other party is a minor

Which one of the following is not a correct statement concerning disaffirmance of a contract by a minor?

Consideration

Which one of the following is not an element of a gift?

oral contracts for the sale of goods worth $10,000

Which one of the following is not an exception to the statute of frauds?

Oral contract for the sale of goods worth $10,000

Which one of the following is not an exception to the statute of frauds? -omissory estoppel -customized goods -partial performance -Oral contract for the sale of goods worth $10,000

Real property cannot become personal property.

Which one of the statements is incorrect? -Real property cannot become personal property. -Personal property can become real property by attaching it to real property. -Personal and real property are usually taxed differently. -Real estate is transferred by formal writings called deeds.