Biz Law-Chapter 9

A contract is implied when the parties directly state its terms at the time the contract is formed.

False

A contract that has been fully performed is an executory contract.

False

Ingrid and Michael want to buy a house. As they don't have sufficient money, they plan to steal their neighbor's car and sell it to make money. This is a valid contract.

False

The UCC applies only to commercial sales of goods, whereas the CISG governs both consumer and commercial transactions.

False

The Uniform Commercial Code has achieved complete uniformity of the laws governing commercial transactions

False

Which of the following is true of the United Nations Convention on Contracts for the International Sale of Goods (CISG)?

It mainly aims to unify and codify an international law of sales.

An unenforceable contract is one that meets the basic legal requirements for a contract but will not be enforced due to some other legal rule.

True

Not all promises are contracts

True

Written evidence of some kinds of contracts is required

True

The Uniform Commercial Code (UCC) differs from the United Nations Convention on Contracts for the International Sale of Goods (CISG) in that the:

UCC holds MERCHANTS to higher standards in some circumstances, while the CISG does not make a distinction between merchants and nonmerchants.

A promise exchanged for a promise is an example of:

a bilateral contract.

Article 2 of the UCC applies to which of the following contracts?

a contract for the sale of appliances

A contract is...

a legally enforceable promise or set of promises

In a contract involving elements of both goods and services, a court will determine whether Article 2 of the Uniform Commercial Code (UCC) applies by:

asking which element predominates in the contract.

Yuan writes to Rita saying that he would sell her his car for $1,000. Rita writes back agreeing to buy the car on Yuan's terms. Given this information, the contract between Yuan and Rita is:

bilateral and executory.

When two parties have directly, but orally, stated all of the terms of a contract at the time it was formed, they have:

made an express contract

In a bilateral contract, both parties...

make a promise.

A contract...

must be voluntarily entered into, and it is to perform a legal act.

Joe pays Ann to mow his lawn, but Ann mows Donna's lawn by mistake. Donna peeps out her window and sees Ann mowing, yet says nothing to Ann about her mistake as Donna needs to have her lawn mowed. When Ann approaches Donna for payment, Donna refuses, arguing that she had never asked Ann to mow her lawn. Under these circumstances, Ann can recover payment from Donna on a(n) ________ contract basis.

quasi

If Frank buys a used car from Honest Bob's Used Cars, and Frank is a minor, the parties have a(n) ________ contract.

voidable