Business Law Exam #3 True False ch 12,13
"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 a 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
"This offer is limited to these terms," means that between merchants only immaterial terms added in the acceptance will be part of the contract.
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 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 subscribers through pop-up Internet ads is considered a good under the UCC because it is a list of names
False
A merchant's firm offer requires consideration to be valid.
False
A three-year warranty on an oven need be evidenced by a record to be enforceable.
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 the UCC.
False
An acceptance of a stipulated means offer by a different means is effective upon receipt.
False
An executory contract is one that is fully performed
False
An offer is effectively communicated upon mailing or dispatch. a. True
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
E-Sign is a federal law that requires written signatures for electronic contracts to be valid.
False
E-Sign requires that there be faxes or written verification of electronic contracts
False
Implied contracts are unenforceable.
False
Parol evidence is always admissible for challenging contract terms.
False
The Equal Credit Opportunity Act was passed to ensure equal credit opportunity regardless of past credit history.
False
The Restatement of Contracts is another name for the UCC.
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
UETA does not apply when there is an applicable statute of frauds.
False
Under the UCC, a contract for the sale of a car for $700 need not have a record of the contract to be enforceable.
False
Under the UCC, offers need price, subject matter, and quantity to be definite enough
False
"Would you be interested in selling your Prius for $21,000?", is not an offer.
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 $12.2 million Lear jet would be governed by common law because a document of title is involved.
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
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 image rule in formation.
True
The UCC Battle of the Forms provision allows additional terms in an acceptance without invalidating the acceptance.
True
UETA has not yet been adopted in all of the states.
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
