Law test 3: chap 15 COMPEND

The two essential elements of a contract are 1. it must conform to the statute of frauds 2. it must be under seal 3. there must be an offer 4. there must be acceptance a. 1 and 2 b. 2 and 4 c. 1 and 3 d. 3 and 4

3 and 4

The deposit of tangible personal property as security for some debt or obligation is... a. a liability b. a pawn c. a pledge d. a consignment

A pawn

Reasonable care, under the circumstances, is a required standard in ordinary bailments by the..... a. bailor b. assessor c. agent d. bailee

Bailee

In a bailment, the person who retains title but gives up possession of the goods is the... a. bailee b. consignee c. contractor d. bailor

Bailor

A document of title which sets forth the contract between the shipper and the carrier is.... a. bill of lading b. bill of shipment c. bill of consignment d. bill of contents

Bill of lading

Goods which are owned by the seller and are physically in existence at the time of the contract are known as.... a. existing good b. identified goods c. future goods d. fungible goods

Existing goods

A newspaper advertisement can be an offer if it shows... a. mutual agreement b. the price c. intent d. markup

Intent

Land, timber, minerals, buildings, and other man-made property permanently attached to land are called... a. real property b. personal property c. tangible personal property d. intangible personal property

Real property

A carrier owned by a shipper for the purpose of shipping its own goods is.... a. a public carrier b. a progressive carrier c. a prohibited carrier d. a private carrier

A private carrier

When a buyer takes actual possession of goods which have been offered for sale, this action is called.... a. an acceptance b. a receipt c. a bill of sale d. a contract to sell

An acceptance

Goods of a homogenous nature which are sold by weight or measure are known as.... a. identified goods b. fungible goods c. existing goods d. future goods

Fungible goods

Bailment in which the bailee does not receive any compensation is.... a. gratuitous bailment b. incidental bailment c. extraordinary bailment d. fiduciary bailment

Gratuitous bailment

When a buyer makes a selection of goods which are to be purchased from the seller, the goods are classified as.... a. existing goods b. future goods c. identified goods d. fungible goods

Identified goods

In the field of business law, the most important statute is... a. the uniform commercial code b. the business code of ethics c. the federal tort claims act d. common law

The uniform commercial code

A carrier that transports goods or persons for a fee for all who apply for the services and without discrimination is called.... a. consignment carrier b. private carrier c. common carrier d. contract carrier

Common carrier

You receive an offer in the mail containing no stipulations as to the acceptance, and you decide to return your acceptance by mail. The agreement is complete when the acceptance is... a. received by the offeror b. placed in the mail by the offeree c. received by the offeree d. never complete, must be an oral acceptance

Placed in the mail by the offeree

Parol evidence is... a. legality b. battery c. spoken words d. chattel

Spoken words