ARE 18 pt 2
The Magnuson-Moss Act requires that if a seller decides to issue a written warranty for a consumer good, the seller must indicate whether the warranty is a(n) ______ warranty or a(n) ______ warranty. Multiple choice question. full; limited executory; executed conditional; unconditional express; implied
full; limited
The terms of a(n) ______ contract are clearly set forth in either written or spoken words. Multiple choice question. voidable void implied express
express
Which of the following is not a recognized exception to the statute of frauds? Multiple choice question. admission nonperformance promissory estoppel partial performance
nonperformance
Which sections of the Uniform Commercial Code set forth the tender of delivery requirement? Multiple choice question. 1-303(1) and 2A-308(1) 2A-503(1) and 3A-508(1) 3-303(1) and 3A-308(1) 2-503(1) and 2A-508(1)
2-503(1) and 2A-508(1)
Article ______ of the Uniform Commercial Code focuses on contracts for the lease of goods. Multiple choice question. 1(A) 1 2 2(A)
2(A)
possession; price title; condition possession; condition title; price
title; price
Question Mode Multiple Choice Question Section ______ of the Uniform Commercial Code requires good faith in the performance and enforcement of every contract. Multiple choice question. 2-203 1-304 2(A)-203 3-304
1-304
Section ______ of the Uniform Commercial Code states that a sale "consists of the passing of title from the seller to the buyer for a price." Multiple choice question. 1-206(2) 2-206(2) 2-106(1) 1-106(1)
2-106(1)
Under the Uniform Commercial Code Section ______, additional terms do not negate acceptance unless acceptance is made expressly conditional on assent to the additional terms. Multiple choice question. 3-207(2) 2-207(1) 2A-207(2) 1-207(1)
2-207(1)
In the context of the rules of consideration in contracts, which of the following is an accurate statement regarding adequacy of consideration? Multiple choice question. A court does not determine whether you made a good bargain. A court always determines whether the parties made a good bargain by assessing the relative value of the consideration exchanged. A court will not enforce a bilateral contract because it is difficult to determine the relative value of the promises exchanged. A court will not enforce a unilateral contract because it is difficult to determine the value of the act performed by the promisee.
A court does not determine whether you made a good bargain.
Which of the following is an accurate statement regarding adequacy of consideration in contracts? Multiple choice question. A contract cannot be based on an exchange of promises since it is difficult to determine the actual value of the respective promises. A court always considers adequacy of consideration. A contract cannot be based on an exchange of personal property not involving money since such a transaction constitutes illegal bartering. A court seldom considers adequacy of consideration.
A court seldom considers adequacy of consideration.
__ contracts require a seller to deliver the goods to the destination stipulated in the sales contract. Multiple choice question. Destination Bailment Point-of-origin Shipment
Destination
With a ______ shipping term, the selling price includes transportation costs and the seller carries the risk of loss to either the place of shipment or the place of destination. Multiple choice question. free on board cost, insurance, and freight free alongside cost and freight
Free on board
Which of the following is an inaccurate statement regarding the communication of the acceptance of an offer? Multiple choice question. If no means of communicating an acceptance is specified, it is mandatory for an acceptance to be in writing. Generally, telegraph acceptance is acceptable. Generally, telephone acceptance is acceptable. If no means of communicating an acceptance is specified, e-mail acceptance is valid.
If no means of communicating an acceptance is specified, it is mandatory for an acceptance to be in writing.
What is the legal effect of a material breach of contract? Multiple choice question. It entitles a nonbreaching party to damages for intentional infliction of emotional distress. It discharges a nonbreaching party from his obligations under the contract. It entitles a nonbreaching party to damages for negligent infliction of emotional distress. It entitles a nonbreaching party to punitive (exemplary) damages
It discharges a nonbreaching party from his obligations under the contract.
Which of the following is a situation where a valid contract may be unenforceable? Multiple choice question. The parents of an 18-year-old do not want their son to be bound to an agreement to which he consented. One of the contracting parties refuses to be bound by the agreement. The applicable statute of limitations for the breach of a contract has expired. An offeree in a unilateral contract performs the act called for in the offer.
The applicable statute of limitations for the breach of a contract has expired.
Which of the following is an accurate statement regarding the mirror-image rule under the Uniform Commercial Code? Multiple choice question. The mirror-image rule applies to all contracts for the sale of goods under the Uniform Commercial Code. The mirror-image rule does not apply under the Uniform Commercial Code. The mirror-image rule applies to contracts for the sale of goods valued at $1,000 or more. The mirror-image rule applies to contracts for the sale of goods valued at $500 or more.
The mirror-image rule does not apply under the Uniform Commercial Code.
In the context of goods in a contract, which of the following is a Uniform Commercial Code assumption regarding warranties of title? Multiple choice question. The goods are fit for ordinary use. The goods are fit for a particular purpose. The seller in the contract has good and valid title to the goods. The goods are free of defects likely to cause physical and/or economic harm.
The seller in the contract has good and valid title to the goods.
When is risk of loss transferred from the seller to the buyer in a destination contract? Multiple choice question. When the seller delivers the goods to the destination stipulated in the sales contract When the seller completes production of the goods and stores them in the seller's warehouse When the seller notifies the buyer of the seller's intent to transfer the risk of loss to the buyer When the seller delivers the goods to a common carrier
When the seller delivers the goods to the destination stipulated in the sales contract
Which of the following is not a specific type of contract that falls within the statute of frauds? Multiple choice question. a contract for one party to pay the debt of another if the initial party fails to pay a contract for the sale of goods valued at less than $500 a promise made in consideration of marriage a contract whose terms prevent possible performance within one year
a contract for the sale of goods valued at less than $500
Which of the following is not a specific type of contract that falls within the statute of frauds? Multiple choice question. a contract whose terms prevent possible performance within one year a contract for one party to pay the debt of another if the initial party fails to pay a contract for the sale of goods valued at less than $500 a promise made in consideration of marriage
a contract for the sale of goods valued at less than $500
A(n) ______ is a statement made in court, under oath, or at some stage during a legal proceeding in which a party against whom charges have been brought admits that an oral contract existed, even though the contract was required to be in writing. Multiple choice question. admission confession requisition inquisition
admission
A(n) ______ consists of an offer and an acceptance. Multiple choice question. renunciation rescission revocation agreement
agreement
A goods-in-______ contract involves goods that are in some kind of storage; as a result, the seller cannot transfer physical possession of them. Multiple choice question. abeyance bailment possession limbo
bailment
A(n) ______ contract is commonly defined as a promise in exchange for a promise. Multiple choice question. void voidable unilateral bilateral
bilateral
Suppose Shawn offers to sell Molly his skis for $300. Molly responds, "I'll look at them in the morning, and if I like them, I'll pay you." At this point, Molly has made a(n) ______ promise. Multiple choice question. bilateral contractual illusory unilateral
illusory
To recover damages in a breach-of-contract case, the plaintiff must demonstrate that he or she used reasonable efforts to ______ the damage resulting from the defendant's breach. Multiple choice question. circumvent mitigate waive eliminate
mitigate
you are the manager of a hotel and a person who booked a room for the week calls to cancel the reservation, you have a duty to attempt to rent the room to someone else to minimize the damages. This is known as the duty to ______ damages. Multiple choice question. vacillate abolish incent mitigate
mitigate
Contracted parties may agree that they simply wish to discharge each other from their mutual obligations and therefore cancel the contract. This is known as ______. Multiple choice question. mutual revocation mutual repudiation mutual rescission accord and satisfaction
mutual rescission
With an anticipatory breach the _______ party is discharged from the contract. Multiple choice question. breaching non breaching third
non breaching
If the acceptance of an offer is received after a rejection is received, ______. Multiple choice question. the acceptance is valid because of the mailbox rule the acceptance is valid because of the mirror-image rule the acceptance is not valid because the rejection terminated the offer the acceptance is not valid because of the violation of the mirror-image rule
the acceptance is not valid because the rejection terminated the offer
To say that a contract is ______ means that the contract cannot be enforced by the courts because of an applicable law. Multiple choice question. unenforceable unfathomable voidable equitable
unenforceable
Which of the following is not a valid type of consideration? Multiple choice question. a benefit to the promisor a promise to serve as a donee a promise to do something a detriment to the promisee
a promise to serve as a donee
An ______ is any description of a good's physical nature or its use, in either general or specific circumstances, that becomes part of the contract. Multiple choice question. express warranty implied warranty of merchantability implied warranty of fitness for a particular purpose implied warranty of fitness for ordinary use
express warranty
With a(n) ______ contract, the buyer and seller typically execute an agreement, and the buyer leaves with the goods. Multiple choice question. entrustment subrogation simple delivery complex delivery
simple delivery
Which of the following is not an element required for a writing to satisfy the statute of frauds? Multiple choice question. the subject of the agreement the signature of the plaintiff suing to enforce the contract the consideration given by the parties to the contract the identification of the parties to the contract
the signature of the plaintiff suing to enforce the contract
Which of the following is not a required element for the valid acceptance of an offer? Multiple choice question. contemporaneous acceptance of the contractual terms manifestation of intent by the offeree to be bound by the acceptance to the contract communication of the acceptance to the offeror agreement to the definite and certain terms of the offer
contemporaneous acceptance of the contractual terms
Promissory estoppal requires __________ reliance. Multiple choice question. detrimental profitable positive
detrimental
When a party files bankruptcy, the court allocates the assets of the bankrupt among the bankrupt's creditors and then issues the party a(n) ______ in bankruptcy. Multiple choice question. discharge accord satisfaction novation
discharge
If the court applies the frustration of purpose doctrine, the contract is ______. Multiple choice question. delayed enforced renewed discharged
discharged
Consequential damages are ______ damages that result from special facts and circumstances arising outside the contract itself. Multiple choice question. exemplary illusory foreseeable conditional
foreseeable
Under Section 2A-516(1) of the Uniform Commercial Code, ______ are obligated to accept and pay for conforming goods in accordance with a contract. Multiple choice question. lessees delegators delegatees licensees
lessees
Which of the following is a required element for the valid acceptance of an offer? Multiple choice question. conditional acceptance of some contractual terms illusory promise to be bound by the offer counteroffer by either the offeror or the offeree manifestation of intent by the offeree to be bound by the acceptance
manifestation of intent by the offeree to be bound by the acceptance
A(n) ______ breach of contract occurs when a party unjustifiably fails to perform his obligations substantially under the contract. Multiple choice question. offensive conditional material inconsequential
material
The terms of an offer must be definite and certain, meaning that all of the ______ terms must be included. Multiple choice question. inconsequential counteroffer material nonmaterial
material
In the context of legal remedies, a court awards a plaintiff $1. This is most likely indicative of ______ damages. Multiple choice question. compensatory special consequential nominal
nominal
With an anticipatory breach the _______ party is discharged from the contract. Multiple choice question. third breaching non breaching
non breaching
Under the common law, the agreement in a contract begins when _____. Multiple choice question. one party, the offeror, makes an offer to another party, the offeree the offeror frames the rules of the contract both parties, the offeror and the offeree, send written acceptance letters the offeree makes a public statement of acceptance of the contract
one party, the offeror, makes an offer to another party, the offeree
The most common unilateral contract offer is a(n) ______. Multiple choice question. counteroffer act reward guarantee
reward
An express warranty may be found in all but which of the following? Multiple choice question. a sample a salesperson's oral promise concerning the good a model sales talk or "puffery"
sales talk or "puffery"
In a(n) ______ contract, purchased goods are transferred to the buyer from the seller either at the time of the sale or at some time later by the seller's delivery. Multiple choice question. simple delivery bailment complex delivery entrustment
simple delivery
In the context of the discharge of contracts, ______ performance occurs when nearly all the terms of an agreement have been met, there has been an honest effort to complete all of the terms, and there has been no willful departure from the terms of the agreement. Multiple choice question. complete perfect conditional substantial
substantial
The common law usually substitutes the perfect tender rule with the doctrine of ______. Multiple choice question. commercial impracticabiility substantial performance frustration of purpose anticipatory repudiation
substantial performance
if an offer states that it will be held open for only a certain time, the offer ______. Multiple choice question. terminates immediately is voidable subject to the election of the offeree is void subject to the election of the offeror terminates when the specified time expires
terminates when the specified time expires
If a condition precedent does not occur when discharging a contract, ______. Multiple choice question. the condition is revoked the contracting party's duty to perform does not arise the obligor must nevertheless perform his or her contractual obligation the condition is rescinded
the contracting party's duty to perform does not arise
If a condition precedent does not occur when discharging a contract, ______. Multiple choice question. the obligor must nevertheless perform his or her contractual obligation the condition is revoked the contracting party's duty to perform does not arise the condition is rescinded
the contracting party's duty to perform does not arise
Which must exist for a quasi contract to be enforced by the courts? Multiple choice question. misplaced order unjust enrichment innocent mistake
unjust enrichment
A ______ contract is one that contains all of the legal elements of a contract. Multiple choice question. void valid quasi null
valid
As a general rule, a ______ contract is one that will be enforced. Multiple choice question. void conjectural null valid
valid
According to the mailbox rule, the revocation of an offer by traditional letter is effective ______. Multiple choice question. when received by the offeree when mailed by the offeror when acknowledged by the offeree when read and understood by the offeree
when received by the offeree
_____ damages are also known as special damages. Multiple choice question. Nominal Punitive Exemplary Consequential
Consequential
_____ is what each party gets in exchange for his or her promise under a contract. Multiple choice question. Contribution Deliberation Consideration Condemnation
Consideration
In the context of the discharge of contracts by law, what is the legal effect of impossibility of performance? Multiple choice question. Any of the nonperforming parties can be sued for breach of contract. An accord and satisfaction will occur. The parties to the contract will be discharged. A novation will occur.
The parties to the contract will be discharged.
_____ contracts arise not from words but from the conduct of the parties. Multiple choice question. Express Formal Bilateral Implied
implied
Which must exist for a quasi contract to be enforced by the courts? Multiple choice question. innocent mistake unjust enrichment misplaced order
unjust enrichment
Which of the following is an inaccurate statement regarding the communication of acceptance of an offer to the offeror? Multiple choice question. If no means of communicating an acceptance is specified, any reasonable means is generally acceptable. If the offeror specifies that only a certain method of communication will be accepted, only that method forms a valid offer. An acceptance must be communicated in writing for it to be effective. The offeror has the power to control the means by which acceptance is communicated.
An acceptance must be communicated in writing for it to be effective.
Which of the following is an accurate statement regarding an invitation to negotiate? Multiple choice question. Under federal law, an invitation to negotiate is an offer. According to state law in a majority of jurisdictions, an invitation to negotiate is an offer. According to the Uniform Commercial Code, an invitation to negotiate is an offer. An invitation to negotiate is not an offer.
An invitation to negotiate is not an offer.
______ damages are designed to put a plaintiff in the position he would have been in had the contract been fully performed. Multiple choice question. Punitive Exemplary Compensatory Nominal
Compensatory
______ is defined as the bargained-for exchange. Multiple choice question. Deliberation Renunciation Consideration Revocation
Consideration
____ contracts require a seller to deliver the goods to the destination stipulated in the sales contract. Multiple choice question. Point-of-origin Destination Shipment Bailment
Destination
Which of the following is an incorrect statement regarding the subsequent modification of an existing, written contract? Multiple choice question. If the contract's terms require modifications to be in writing, oral modifications are unenforceable. If the statute of frauds requires the agreement to be in writing, oral modifications are unenforceable. If the contract's terms require modifications to be in writing, oral modifications are nevertheless admissible. Oral evidence of a subsequent written agreement is admissible.
If the contract's terms require modifications to be in writing, oral modifications are nevertheless admissible.
_____ is not valid consideration for contract enforcement. Multiple choice question. A promise Past consideration An act Property other than money
Past consideration
_____ is a promise to do something you are already legally obligated to do. Multiple choice question. Ethical obligation Preexisting duty Quasi-contractual duty Moral obligation
Preexisting duty
______ promises, ______ promises, and suretyship promises refer to agreements in which a third party agrees to pay the debt owed by another party if that other party fails to pay his or her debt. Multiple choice question. Primary; collateral Primary; illusory Secondary; illusory Secondary; collateral
Secondary; collateral
According to the Uniform Commercial Code (UCC), Section 2-201, which of the following is an incorrect statement about contracts for the sale of goods priced at $500 or more? Multiple choice question. Terms other than quantity must be exact and included in the written contracts. Contractual terms beyond quantity may be written, but they need not be. To satisfy the requirement under the UCC, Section 2-201, the writing need only state the quantity to be sold. Buyer, seller, price, and method of payment do not need to be included in the writing.
Terms other than quantity must be exact and included in the written contracts.
Which of the following is not part of the Uniform Commercial Code's definition of merchantable goods? Multiple choice question. The goods must be adequately contained, packaged, and labeled as the agreement may require. The goods must be covered by an express warranty of comparable scope and duration recognized in the appropriate industry. The goods must be produced, within contract parameters, with even kind, quality, and quantity in each unit and among all units involved. The goods must conform to the promises or affirmations made on the container or label, if any.
The goods must be covered by an express warranty of comparable scope and duration recognized in the appropriate industry.
Multiple Choice Question Which of the following is an accurate statement regarding the enforceability of a prenuptial agreement? Multiple choice question. A prenuptial agreement need not be in writing to be enforceable if the marital estate is valued at $1 million or less. A prenuptial agreement need not be in writing to be enforceable if the marital estate is valued at $500,000 or less. To be enforceable, a prenuptial agreement must be signed by the married parties and by an ordained minister of an established religion. To be enforceable, a prenuptial agreement must be in writing.
To be enforceable, a prenuptial agreement must be in writing.
Which of the following is an accurate statement regarding whether additional terms are permitted in contracts for the sale or lease of goods under the Uniform Commercial Code (UCC)? Multiple choice question. Under the UCC, additional terms are permitted in contracts for the lease of goods, but not in contracts for the sale of goods. Under the UCC, additional terms are not permitted in contracts for the sale or lease of goods. Under the UCC, additional terms are permitted in contracts for the sale or lease of goods. Under the UCC, additional terms are permitted in contracts for the sale of goods, but not in contracts for the lease of goods.
Under the UCC, additional terms are permitted in contracts for the sale or lease of goods.
Which of the following is an incorrect statement regarding the relationship between the parol evidence rule and contracts containing ambiguous terms? Multiple choice question. Evidence used to clarify ambiguity is not believed to modify the contract but, rather, to clarify it. Oral evidence related to ambiguity is admissible only to clarify, and not to change, any of the contractual terms. When a contract contains ambiguous terms, the court allows only written evidence to be introduced to clarify the ambiguous terms. When a contract contains ambiguous terms, the court allows evidence, even if it is oral, for the sole purpose of clarifying ambiguous terms.
When a contract contains ambiguous terms, the court allows only written evidence to be introduced to clarify the ambiguous terms.
According to the Uniform Commercial Code's interpretation of an open price term, if the price term is left open in a contract for the sale of goods, ______. Multiple choice question. a reasonable price is supplied at the time of delivery the contract is unenforceable because of indefiniteness a reasonable price is supplied at the time of the buyer's revocation of acceptance a reasonable price is supplied at the time of manufacture
a reasonable price is supplied at the time of delivery
A lack of genuine assent can result from all but which of the following? Multiple choice question. fraud acceptance undue influence duress
acceptance
In an offer, the offeror must manifest an intent to be bound by the offeree's ______. Multiple choice question. agreement rejection acceptance revocation
acceptance
Usually, injunctions are prohibitions against ______. Multiple choice question. actions criminal prosecutions appeals equity
actions
The first element of a contract is the _____. Multiple choice question. agreement communication revocation negotiation
agreement
According to the Uniform Commercial Code-recognized ______, if the last set of negotiations during the consideration of a contract is not specifically rejected, then the last terms "standing" are the ones that are applicable to the final transaction. Multiple choice question. clash of the titans last man standing battle of the forms mirror-image rule
battle of the forms
If the offeror wants a promise from the offeree to form a binding contract, the contract is a(n) ______ contract. Multiple choice question. bilateral unconditional conditional unilateral
bilateral
The most frequently awarded damages are ______ damages. Multiple choice question. compensatory nominal punitive exemplary
compensatory
When a party's obligations under a contract are terminated they are said to be _______. Multiple choice question. incorporated discharged empowered
discharged
When a party's obligations under a contract are terminated they are said to be _______. Multiple choice question. incorporated empowered discharged
discharged
Once all the terms of a contract have been fully performed, the contract is ______. Multiple choice question. executory executed conjectural voidable
executed
As long as some of the duties under a contract have not yet been performed, the contract is considered ______. Multiple choice question. void executory informal voidable
executory
the term ______ applies to a contract in which not all of the terms have been fully performed. Multiple choice question. executed informal executory voidable
executory
According to the common law, a(n) ______ is a material term of a sale or lease contract. Multiple choice question. implied warranty of fitness for ordinary use implied warranty of merchantability implied warranty of fitness for a particular purpose express warranty
express warranty
Good faith means honesty in ______. Multiple choice question. law fact construct equity
fact
True or false: The parol evidence rule prevents parties from introducing evidence proving the written agreement was conditioned on terms agreed to orally. True false question. True
false
Promissory estoppel is an exception to the statute of ______. Multiple choice question. continuations repose frauds limitations
frauds
Various exceptions to the statute of ______ include admission, partial performance, and promissory estoppel. Multiple choice question. limitations repose repudiations frauds
frauds
A(n) ______ is not consideration. Multiple choice question. illusory promise promise to refrain from doing something promise for a promise promise to perform an act
illusory promise
A(n) ______ is an order either forcing a person to do something or prohibiting a person from doing something. Multiple choice question. injunction summary judgment declaratory judgment divestiture
injunction
When passing a void title, good faith is considered to be ________. Multiple choice question. relevant important irrelevant
irrelevant
Which of the following is the most common situation resulting in the discharge of a contract? Multiple choice question. commercial impracticability frustration of purpose impossibility performance
performance
A court may order a(n) ______ of a written contract if the contract does not reflect the parties' actual agreement and needs to be rewritten. Multiple choice question. abeyance subrogation reformation indemnification
reformation
A written document is rewritten to reflect what the parties had actually agreed on; this is known as ______. Multiple choice question. revocation rescission reformation renunciation
reformation
Which of the following is not a recognized way to terminate an offer? Multiple choice question. lapse of time specified in the offer for acceptance rejection by the offeror destruction of the subject matter of the offer revocation by the offeror
rejection by the offeror
If a buyer agrees to buy all the quantity she needs for a certain good but is unable to identify an exact amount, the Uniform Commercial Code recognizes this as an enforceable ______ contract. Multiple choice question. production requirements output necessaries
requirements
If a buyer agrees to buy all the quantity she needs for a certain good but is unable to identify an exact amount, the Uniform Commercial Code recognizes this as an enforceable ______ contract. Multiple choice question. requirements output necessaries production
requirements
In a(n) ______ contract, the buyer agrees to purchase from the seller all that the buyer needs of a certain item in a certain time period. Multiple choice question. production output necessaries requirements
requirements
In a(n) ______ contract, the buyer agrees to purchase from the seller all that the buyer needs of a certain item in a certain time period. Multiple choice question. requirements production output necessaries
requirements
Which of the following is not a recognized way to terminate an offer? Multiple choice question. incapacity of the offeror death of the offeror rejection by the offeree revocation by the offeree
revocation by the offeree
According to the common law, which of the following is not a required element of an offer? Multiple choice question. communication of the offer to the offeree definite and certain terms revocation of the offer by the offeror intent
revocation of the offer by the offeror
The contracts involving promises to pay a debt that are within the statute of frauds are of a very limited kind. These promises are referred to as _____. Multiple choice question. collateral promises, suretyship promises, or primary promises secondary promises, suretyship promises, or informal promises secondary promises, collateral promises, or illusory promises secondary promises, collateral promises, or suretyship promises
secondary promises, collateral promises, or suretyship promises
Under the Uniform Commercial Code, ______ are obligated to transfer and deliver conforming goods. Multiple choice question. sellers and lessors buyers and lessees delegators and delegatees principals and agents
sellers and lessors
With a(n) ______ contract, the buyer and seller typically execute an agreement, and the buyer leaves with the goods. Multiple choice question. simple delivery complex delivery entrustment subrogation
simple delivery
Agreements regarding marriage in which one party is gaining something other than a return on his or her promise to marry are within the ______ and therefore must be in writing. Multiple choice question. statute of frauds statute of limitations statute of continuations statute of repose
statute of frauds
If the subject matter of an offer becomes illegal, the offer ______. Multiple choice question. becomes a firm offer is conditional remains valid terminates immediately
terminates immediately
Under ______, the terms of an offer must be definite and certain. Multiple choice question. federal statutory law the United States Constitution the Uniform Contracts Code the common law
the common law
Which of the following is not one of the three warranties of quality recognized by the Uniform Commercial Code? Multiple choice question. the implied warranty of fitness for a particular purpose the implied warranty of trade usage the implied warranty of value the implied warranty of merchantability
the implied warranty of value
Which of the following is a recognized purpose of the statute of frauds? Multiple choice question. to recognize that a person's word is his or her "bond" to acknowledge that a false statement of fact is a wrong against society as a whole and should be prosecuted to the fullest extent of the law to reduce the number of criminal cases in the judiciary system to prevent parties from entering into contracts with which they do not agree
to prevent parties from entering into contracts with which they do not agree
In a(n) ______, the offeror wants a performance to form the contract. Multiple choice question. bilateral contract executed contract voidable contract unilateral contract
unilateral contract
When a contract is ______, either its object is illegal or it has some defect that is so serious that it is not a contract. Multiple choice question. void executed executory voidable
void
Between merchants, the Uniform Commercial Code imposes not only honesty in fact but also reasonable ______ standards of fair dealing. Multiple choice question. commercial constructive personal subjective
commercial
In a(n) ______ delivery contract, purchased goods are delivered to the buyer via an independent contractor, such as a trucking line. Multiple choice question. principal-agent employer-employee common-carrier seller-controlled
common-carrier
According to the common law, which of the following is a required element of an offer? Multiple choice question. indefinite terms communication of the offer to the offeree rejection of the offer by the offeree revocation of the offer by the offeror
communication of the offer to the offeree
Promissory estoppal requires __________ reliance. Multiple choice question. detrimental positive profitable
detrimental
in bankruptcy, once the bankrupt's assets have been distributed to his or her creditors, the bankrupt's debts are ______. Multiple choice question. discharged reallocated renewed reinstated
discharged
According to the Uniform Commercial Code, a lessor is a person who transfers the right to possession and use of goods under a ______. Multiple choice question. delegation subrogation agreement lease general warranty deed
lease
According to the Uniform Commercial Code, a ______ is a person who acquires the right to possession and use of goods under a lease. Multiple choice question. lessee grantee grantor delegatee
lessee
According to the Uniform Commercial Code, a ______ is a person who regularly sells goods as his or her business or trade or employs people to sell those goods. Multiple choice question. common carrier merchant casual seller seller
merchant
Contracts are interpreted using a(n) ______ standard, meaning that the courts are concerned with only a party's outward manifestations of his or her intent. Multiple choice question. objective non-neutral personal subjective
objective
Which of the following is an accurate statement regarding legal remedies and equitable remedies for a breach of contract? Multiple choice question. Equitable remedies are available in a breach of contract action, while legal remedies are not. Both legal remedies and equitable remedies are known as money damages. Both legal remedies and equitable remedies are potentially available in a breach of contract action. Legal remedies are available in a breach of contract action, while equitable remedies are not.
Both legal remedies and equitable remedies are potentially available in a breach of contract action.
True or false: The parol evidence rule prevents parties from introducing evidence proving the written agreement was conditioned on terms agreed to orally. True false question. True False
False
Under the Uniform Commercial Code, ______ are obligated to accept and pay for conforming goods in accordance with a contract. Multiple choice question. principals and agents principals and independent contractors sellers and lessors buyers and lessees
buyers and lessees
Contractual ______ refers to the legal ability to enter into a binding agreement. Multiple choice question. penance capacity jurisdiction standing
capacity
Under Section 2-301 of the Uniform Commercial Code, ______ are obligated to accept and pay for conforming goods in accordance with a contract. Multiple choice question. buyers bailees lessors licensees
buyers
Goods conforming to contract specifications are known as ______. Multiple choice question. conforming reforming norming adorning
conforming
For a promise to be enforced by the courts, there must be ______. Multiple choice question. moral intent donative intent consideration ethical intent
consideration
In return for performing a contract obligation, a person will receive ______. Multiple choice question. beneficence consideration donative intent testamentary intent
consideration
Which of the following refers to the legal ability to enter into a binding agreement? Multiple choice question. status incapacity probative standing testamentary capacity contractual capacity
contractual capacity
According to the Uniform Commercial Code's interpretation of an open quantity term, if the quantity term is left open in a contract for the sale of goods, ______. Multiple choice question. quantity is based on an objective standard of reasonableness quantity is based on the prior course of dealings between the parties quantity is based on industry standards courts generally have no basis for determining a remedy
courts generally have no basis for determining a remedy
If a shipment contract is a(n) ______ contract, title transfers from the seller to the buyer when a common carrier delivers the goods to the buyer. Multiple choice question. origination point-of-origin origin destination
destination
If you have a dental emergency and your dentist pulls your severely infected tooth without prior negotiation about payment, or even any mention of payment, you have a(n) ______ contract for the payment of his services. Multiple choice question. express implied bilateral void
implied
The Uniform Commercial Code recognizes both express and ______ warranties. Multiple choice question. hypothetical implied equitable conjectural
implied
Damages specified as a term of the contract, before a breach of contract occurs, are known as ______ damages. Multiple choice question. exemplary compensatory liquidated punitive
liquidated
The ______ rule says that the terms of an acceptance must mirror the terms of an offer. Multiple choice question. carbon-copy reflection mirror-image Narcissus
mirror-image
Suppose James agreed to cater a reception for Bill's son, but it appears that the child is not going to graduate when planned. James agrees not to hold Bill responsible for paying him the agreed-upon cost for catering in exchange for Bill's agreement not to expect James to cater the reception; this is known as a(n) ______. Multiple choice question. mutual revocation mutual repudiation mutual rescission accord and satisfaction
mutual rescission
According to the mirror-image rule, if the terms of the acceptance of an offer do not mirror the terms of the offer, ______. Multiple choice question. the attempted acceptance is a revocation no contract is formed a contract is formed for the terms that match the attempted acceptance is a rescission
no contract is formed
If no actual damages resulted from a breach of contract, the court may award the plaintiff ______ damages. Multiple choice question. compensatory consequential special nominal
nominal
A new lawn mower will not mow a homeowner's front lawn; this is likely a breach of the implied warranty ______. Multiple choice question. of merchantability of fitness for a particular purpose against encumbrances of consideration
of merchantability
The implied warranty ______ is an assurance, inferred in the context of certain Uniform Commercial Code sales, that can be created through a well-accepted course of dealing. Multiple choice question. of ordinary use of trade usage against encumbrances of merchantability
of trade usage
In an offer, the ______ must be communicated to the offeree or to the offeree's agent. Multiple choice question. confirmation offer acceptance rejection
offer
What are the two essential elements of an agreement? Multiple choice question. offer and acceptance offer and counteroffer bilateral and unilateral accord renunciation and rescission
offer and acceptance
In terms of acceptance of an offer, a(n) ______ can manifest contractual intent by either performance or a return promise. Multiple choice question. offeree donor offeror donee
offeree
In the context of an offer, the ______ is said to be the master of his or her offer. Multiple choice question. agent offeror delegatee offeree
offeror
In the context of an offer, the ______ is said to be the master of his or her offer. Multiple choice question. offeree agent delegatee offeror
offeror
The ______ evidence rule states that oral evidence of an agreement made prior to or contemporaneously with a written agreement is inadmissible when the parties intended the written agreement to be the complete and final version of their agreement. Multiple choice question. inculpatory parol exculpatory prosecutorial
parol
The purpose of the ______ rule is to restrict evidence from being admitted that substantially contradicts the agreement in its written form. Multiple choice question. frustration of purpose substantial performance parol evidence commercial impracticality
parol evidence
Which of the following is not a required element for substantial performance? Multiple choice question. an honest effort to complete all the terms of an agreement no willful departure from the terms of an agreement parol evidence justifying substantial performance instead of complete performance completion of nearly all the terms of an agreement
parol evidence justifying substantial performance instead of complete performance
The ______ requires a seller to deliver the goods in conformity with the terms of the contract, down to the very last detail. Multiple choice question. commercial impracticability doctrine perfect tender rule substantial performance doctrine frustration of purpose doctrine
perfect tender rule
The ______ requires a seller to deliver the goods in conformity with the terms of the contract, down to the very last detail. Multiple choice question. perfect tender rule substantial performance doctrine frustration of purpose doctrine commercial impracticability doctrine
perfect tender rule
Contracted parties discharge their obligations by doing what they respectively agreed to do under the terms of an agreement; this is called discharge by ______. Multiple choice question. equity production performance substantial performance
performance
identify the ways an offeree can manifest his or her intent to enter into a contract. Multiple choice question. revocation or rejection performance or nonperformance performance or return promise rejection or return promise
performance or return promise
According to the mailbox rule, the acceptance of an offer is valid when it is ______. Multiple choice question. received by the offeror placed in the mailbox read by the offeror acknowledged by the offeror
placed in the mailbox
According to the Uniform Commercial Code, a lessee is a person who acquires the right to ______ of goods under a lease. Multiple choice question. possession and not use possession and use ownership title
possession and use
The Uniform Commercial Code defines a lease as a transfer of the right to ______ of goods ______ in return for consideration. Multiple choice question. ownership; for a term ownership; permanently possession and use; permanently possession and use; for a term
possession and use; for a term
The one year requirement in the Statute of Frauds is based on a standard of a contract being _________ finished in the one year period. Multiple choice question. possibly never likely
possibly
A condition ______ is a particular event that must occur for a party's duty to arise. Multiple choice question. hypothetical subsequent precedent contingent
precedent
A(n) ______ is an indication of the willingness of the offeror to enter into a contract. Multiple choice question. counteroffer reply acceptance offer
offer
With a ______ shipping term, risk of loss passes to the buyer when the goods leave the ship. Multiple choice question. free alongside free on board cost, insurance, and freight delivery ex-ship
delivery ex-ship
Promissory ______ is the legal enforcement of an otherwise unenforceable contract due to a party's detrimental reliance on the contract. Multiple choice question. ratification tender qualification estoppel
estoppel
According to the Uniform Commercial Code, which of the following is not one of the broad factual scenarios for the sale of goods? Multiple choice question. A common-carrier delivery contract A goods-in-bailment contract A goods-in-curtailment contract A simple delivery contract
A goods-in-curtailment contract
According to the Uniform Commercial Code, which of the following is not one of the broad factual scenarios for the sale of goods? Multiple choice question. A common-carrier delivery contract A goods-in-bailment contract A goods-in-kind contract A conditional sales contract
A goods-in-kind contract
The Uniform Commercial Code (UCC) permits ______. Multiple choice question. contracts for the sale of goods valued at $500 or more to skip the quantity term requirements contracts only to determine quantity "output" and "requirement" terminology to determine quantity output contracts only to determine quantity
"output" and "requirement" terminology to determine quantity
Section ______ of the Uniform Commercial Code requires good faith in the performance and enforcement of every contract. Multiple choice question. 2(A)-203 2-203 3-304 1-304
1-304
Section ______ of the Uniform Commercial Code defines goods as "all tangible things ... which are movable at the time of identification to the contract for sale." Multiple choice question. 2(A)-105 1(A)-105 1-105 2-105
2-105
_____ is a term applied to a contract in which all of the terms have been fully performed. Multiple choice question. Executory Void Executed Voidable
Executed
_____ damages may be specified in a contract as either a fixed amount or a formula for determining how much money is due. Multiple choice question. Liquidated Compensatory Exemplary Punitive
Liquidated
Which of the following is an accurate statement regarding past consideration? Multiple choice question. Past consideration, based on court-sanctioned approval, is sufficient consideration for a present contract. Past consideration is not consideration for a present contract. Past consideration is conditional consideration for a present contract. Past consideration is consideration for a present contract.
Past consideration is not consideration for a present contract.
__ occurs when all of the material elements of a contract are satisfied even if some nonmaterial requirements may not be satisfied. Multiple choice question. Substantial performance Commercial impracticability Temporary impossibility Frustration of purpose
Substantial performance
Which of the following is an incorrect statement regarding the rights of a nonbreaching party in a contract after anticipatory repudiation? Multiple choice question. The nonbreaching party is still required to perform his obligations under the contract and can then sue the other party for breach. Once the contract has been anticipatorily repudiated, the nonbreaching party is free to sue the other party for breach. The nonbreaching party can decide to give the repudiating party an opportunity to change her mind and still perform. Once the contract has been anticipatorily repudiated, the nonbreaching party is free to find a similar contract elsewhere.
The nonbreaching party is still required to perform his obligations under the contract and can then sue the other party for breach.
According to the Uniform Commercial Code, in a simple delivery contract, which of the following is not an accurate statement regarding transfer of title, risk of loss, and insurable interest? Multiple choice question. Title transfers to the buyer when the contract is envisioned by one of the parties. Risk of loss transfers to the buyer when the buyer takes possession. Title transfers to the buyer when the goods are identified to the contract. Insurable interest is created in the buyer when the goods are identified to the contract.
Title transfers to the buyer when the contract is envisioned by one of the parties.
All but which of the following evidence is typically excluded under the parol evidence rule? Multiple choice question. agreements before a written contract a written contract itself agreements contemporaneous with a written contract negotiations contemporaneous with a written contract
a written contract itself
A(n) ______ is an indication of the willingness of the offeree to consent to the terms of the offer. Multiple choice question. counteroffer acceptance revocation rejection
acceptance
Which of the following is an accurate statement regarding an expression of possible interest in an exchange? Multiple choice question. According to the Uniform Commercial Code, an expression of possible interest in an exchange is an offer. According to state law in a majority of jurisdictions, an expression of possible interest in an exchange is an offer. An expression of possible interest in an exchange is not an offer. According to federal law, an expression of possible interest in an exchange is an offer.
an expression of possible interest in an exchange is not an offer.
Consideration is what a person will receive in return for performing a(n) ______ obligation. Multiple choice question. moral donative ethical contract
contract
Conforming goods conform to ______. Multiple choice question. what a seller believes to be suitable in terms of specifications industry specifications what a buyer believes to be suitable in terms of specifications contract specifications
contract specifications
If an unforeseen event occurs that makes it physically or legally impossible for a party to carry out the terms of a contract, the parties will be discharged due to ______. Multiple choice question. the occurrence of a condition subsequent the occurrence of a condition precedent impossibility of performance delayed substantial performance
impossibility of performance
Commercial ______ arises when, because of an unforeseeable event, one party would incur unreasonable expense, injury, or loss if that party were forced to carry out the terms of the agreement. Multiple choice question. misfeasance forbearance equity impracticability
impracticability
Contracts whose performance, based on the terms of the contract, cannot possibly occur within ______ fall within the statute of frauds and therefore must be in writing. Multiple choice question. nine months one year three months one month
one year
If a shipment contract is a(n) ______ contract, title to the goods passes to the buyer when the goods are turned over by the seller to a common carrier. Multiple choice question. free on board destination origin final destination destination
origin
If a farmer agrees to sell all the grain his fields will produce but is unable to determine a specific amount, then the quantity term has been satisfied under the Uniform Commercial Code as a(n) ______ contract. Multiple choice question. output production necessaries requirements
output
In a(n) ______ contract, the buyer agrees to purchase all of an item the seller produces within a certain time frame. Multiple choice question. requirements production output necessaries
output
Under ______ performance, if the buyer in an alleged contract for the sale of land has paid any portion of the sales price and has begun to improve the land permanently, the course will consider such actions proof of the contract. Multiple choice question. equitable constructive partial conditional
partial
Which of the following is not an example of consideration? Multiple choice question. a promise to perform an already-existing contract obligation a promise to your coach to refrain from riding your motorcycle during the motor sport season even though you love riding it a benefit to the promisee a benefit to the promisor
promise to perform an already-existing contract obligation
One exception to the contract rule requiring consideration is ______. Multiple choice question. commercial practicability promissory estoppel enhancement of purpose stare decisis
promissory estoppel
Which of the following is a recognized purpose of the statute of frauds? Multiple choice question. to reduce the number of criminal cases in the judiciary system to acknowledge that a false statement of fact is a wrong against society as a whole and should be prosecuted to the fullest extent of the law to prevent parties from entering into contracts with which they do not agree to recognize that a person's word is his or her "bond"
to prevent parties from entering into contracts with which they do not agree
According to the Uniform Commercial Code, when does the buyer in a simple delivery contract have an insurable interest in the goods? Multiple choice question. when the production of the goods is complete when the production of the goods begins when title is first created when title passes from the seller to the buyer
when title passes from the seller to the buyer
Uniform Commercial Code Section, ______ requires a contract for the sale of goods priced at $500 or more to be in writing to be enforceable. Multiple choice question. 3-101 2-201 1-201 4-101
2-201
The Uniform Commercial Code Section ______ defines a lease as "a transfer of the right to possession and use of goods for a term in return for consideration." Multiple choice question. 2-203(j) 1-103(j) 1A-203(j) 2A-103(j)
2A-103(j)
Which of the following is an accurate statement regarding common carriers in common-carrier delivery contracts? Multiple choice question. A common carrier is an agent of the seller. A common carrier is a principal of the seller. A common carrier is an independent contractor. A common carrier is an employee of the seller.
A common carrier is an independent contractor.
Which of the following is an accurate statement regarding the implied warranty of fitness for a particular purpose? Multiple choice question. The implied warranty of fitness for a particular purpose does not apply to sale or lease transactions. If a sale is involved, the seller must be a merchant for the implied warranty of fitness for a particular purpose to arise. A seller or lessor does not have to be a merchant for the implied warranty of fitness for a particular purpose to arise. If a lease is involved, the lessor must be a merchant for the implied warranty of fitness for a particular purpose to arise.
A seller or lessor does not have to be a merchant for the implied warranty of fitness for a particular purpose to arise.
Which of the following is an accurate statement regarding sales contracts and lease contracts and the consideration requirement? Multiple choice question. Sales contracts require consideration, while lease contracts do not. Neither sales contracts nor lease contracts require consideration. Both sales contracts and lease contracts require consideration. Lease contracts require consideration, while sales contracts do not.
Both sales contracts and lease contracts require consideration.
Where did the frustration of purpose doctrine originate? Multiple choice question. France Germany Czechoslovakia England
England
Which of the following is an incorrect statement regarding legal remedies and equitable remedies for a breach of contract? Multiple choice question. Judges in the United States judicial system have the power to award both legal remedies and equitable remedies in the same case. In the United States judicial system, both legal and equitable powers are combined in a unitary system of justice. Equitable remedies in the United States justice system can be traced back to England's High Court of Chancery. Equitable remedies and legal remedies are known as money damages.
Equitable remedies and legal remedies are known as money damages.
Which of the following is an accurate statement regarding the relationship between the parol evidence rule and the subsequent modification of an existing, written contract? Multiple choice question. Evidence of a written contract's subsequent modification is admissible if it was made after the contract and if it clearly indicates the modification. Evidence regarding a written contract's subsequent modification violates the parol evidence rule as it contradicts the terms of the contract. Evidence regarding a written contract's subsequent modification is inadmissible in court. Evidence of a written contract's subsequent modification violates the parol evidence rule as it is outside the "four corners" of the contract.
Evidence of a written contract's subsequent modification is admissible if it was made after the contract and if it clearly indicates the modification.
Which of the following is not a correct rule regarding title transfer, risk of loss transfer, and insurable interest in a simple delivery contract? Multiple choice question. The parties to the contract may buy insurance on their goods if they hold title or have any risk of loss or other economic interest. If the seller is not a merchant, risk of loss transfers when the goods are made available for the buyer to possess. If the seller is a merchant, risk of loss transfers on the scheduling of the goods for production. Title transfers on identification of the goods to the contract.
If the seller is a merchant, risk of loss transfers on the scheduling of the goods for production.
Which of the following states does not adhere to the admission exception of the statute of frauds? Multiple choice question. North Dakota North Carolina Oregon Louisiana
Louisiana
Which of the following is an accurate statement if an offer is directed to a specific offeree? Multiple choice question. According to the first-in-time rule, any person can accept the offer. Only the offeree to whom the offer was directed can accept the offer. Other persons with socioeconomic characteristics similar to the offeree can accept the offer. The offer is void since an offer must be directed to two or more offerees in order for it to be valid.
Only the offeree to whom the offer was directed can accept the offer.
______ is the legal enforcement of an otherwise unenforceable contract due to a party's detrimental reliance on the contract. Multiple choice question. Promissory estoppel Strict liability Impossibility of performance Substantial performance
Promissory estoppel
______ damages are designed to punish the defendant and deter him and others from engaging in similar behavior in the future. Multiple choice question. Incidental Consequential Punitive Nominal
Punitive
Which of the following is an accurate statement regarding the rejection of an offer? If an offer by its terms is open for ten days, and if the offeree rejects it on the first day, the offer is still valid for the remaining nine days. A rejection and a counteroffer are synonymous. Rejection of an offer terminates the offer. In order for the rejection of an offer to be effective, it must be accompanied by a counteroffer.
Rejection of an offer terminates the offer.
Which of the following is an accurate statement regarding the rejection of an offer? Multiple choice question. A rejection and a counteroffer are synonymous. Rejection of an offer terminates the offer. In order for the rejection of an offer to be effective, it must be accompanied by a counteroffer. If an offer by its terms is open for ten days, and if the offeree rejects it on the first day, the offer is still valid for the remaining nine days.
Rejection of an offer terminates the offer.
Which of the following is an incorrect statement regarding title and risk of loss transfer in a goods-in-bailment contract? Multiple choice question. If the document of title is nonnegotiable, risk of loss does not pass until the bailee is notified or a reasonable time elapses. Title passes from the seller to the buyer when the document of title is actually endorsed or signed over to the buyer. If there is no document of title, then title passes when the goods are identified to the contract and the contract is executed. Risk of loss passes to the buyer simultaneously with the document of title, provided that the document of title is nonnegotiable.
Risk of loss passes to the buyer simultaneously with the document of title, provided that the document of title is nonnegotiable.
______ promises, ______ promises, and suretyship promises refer to agreements in which a third party agrees to pay the debt owed by another party if that other party fails to pay his or her debt. Multiple choice question. Primary; collateral Secondary; collateral Secondary; illusory Primary; illusory
Secondary; collateral
____ is the requirement that a seller have and hold conforming goods at the disposal of a buyer and give the buyer reasonable notification to enable him or her to take delivery. Multiple choice question. Tender of delivery Tender of performance Timeliness of delivery Manifest of production
Tender of delivery
____ is the requirement that a seller or lessor have and hold conforming goods at the disposal of the buyer or lessee and give the buyer or lessee reasonable notification to enable him or her to take delivery. Multiple choice question. Manifest of production Timeliness of delivery Tender of delivery Tender of performance
Tender of delivery
Which of the following is an accurate statement regarding the United Nations Convention on Contracts for the International Sale of Goods (CISG) and the "battle of the forms" scenario? Multiple choice question. The CISG recognizes that if the last set of negotiations in a contract is not specifically rejected, then the last terms "standing" are applicable. The CISG tends to be more lenient than the UCC in terms of recognizing the existence of a contract in a "battle of the forms" scenario. The CISG relies on the common law mirror-image rule. The CISG is consistent with the UCC in terms of the "battle of the forms."
The CISG relies on the common law mirror-image rule.
Which of the following is not part of the Uniform Commercial Code's definition of merchantable goods? Multiple choice question. In the case of fungible goods, the goods must be of fair average quality within the description. The goods must be able to pass without objection in the trade or market for similar goods. The goods must be fit for the ordinary purposes for which such goods are used. The goods must maintain their value for three years after the buyer takes delivery of the goods.
The goods must maintain their value for three years after the buyer takes delivery of the goods.
Which of the following is a Uniform Commercial Code assumption regarding warranty of title? Multiple choice question. In food transactions, the food is fit for human consumption and does not contain any foreign substances. The seller has the right to transfer title free from any outstanding liens or judgments of which the buyer has no knowledge. The good is fit for the ordinary purpose for which it was produced. In drink transactions, the drink meets reasonable consumer expectations.
The seller has the right to transfer title free from any outstanding liens or judgments of which the buyer has no knowledge.
Which of the following is a Uniform Commercial Code assumption regarding warranty of title? Multiple choice question. The seller has the right to transfer title free from any outstanding liens or judgments of which the buyer has no knowledge. The good is fit for the ordinary purpose for which it was produced. In food transactions, the food is fit for human consumption and does not contain any foreign substances. In drink transactions, the drink meets reasonable consumer expectations.
The seller has the right to transfer title free from any outstanding liens or judgments of which the buyer has no knowledge.
Which of the following is a correct statement regarding the relationship between the parol evidence rule and incomplete contracts? Multiple choice question. Evidence that would serve to complete an otherwise incomplete contract is inadmissible in court. With an incomplete contract, courts will allow minor information to be introduced to complete the contract but not critical information. Evidence that would serve to complete an otherwise incomplete contract violates the parol evidence rule. When a contract is fundamentally flawed in missing critical information, courts can allow parol evidence to provide the missing information.
When a contract is fundamentally flawed in missing critical information, courts can allow parol evidence to provide the missing information.
Which of the following is a specific type of contract that falls within the statute of frauds? Multiple choice question. a contract for the provision of services valued at less than $500 a contract that by its terms can be performed in less than one year a contract related to an interest in land a contract for the sale of goods valued at less than $500
a contract related to an interest in land
Which of the following is a specific type of contract that falls within the statute of frauds? Multiple choice question. a contract that by its terms can be performed in less than one year a contract related to an interest in land a contract for the sale of goods valued at less than $500 a contract for the provision of services valued at less than $500
a contract related to an interest in land
In a goods-in-bailment contract, an insurable interest is created when either party has any of the following except ______. Multiple choice question. a noneconomic interest attached to the goods title risk of loss an economic interest attached to the goods
a noneconomic interest attached to the goods
Which of the following documents indicates the seller's ownership of the goods in a goods-in-bailment contract? Multiple choice question. the seller's articles of incorporation the seller's articles of organization a nonnegotiable document of title the seller's partnership agreement
a nonnegotiable document of title
According to the Uniform Commercial Code, which of the following parties is not included in the term "merchant"? Multiple choice question. a person who conducts a yard sale in front of his or her home a person who regularly sells goods as his or her business a person who employs people in the course of his or her business to sell goods a person who holds himself or herself out as a dealer
a person who conducts a yard sale in front of his or her home
Which of the following is not a valid type of consideration? Multiple choice question. a detriment to the promisee a benefit to the promisor a promise to serve as a donee a promise to do something
a promise to serve as a donee
According to the Uniform Commercial Code's interpretation of an open price term, if the price term is left open in a contract for the sale of goods, ______. Multiple choice question. a reasonable price is supplied at the time of the buyer's revocation of acceptance the contract is unenforceable because of indefiniteness a reasonable price is supplied at the time of manufacture a reasonable price is supplied at the time of delivery
a reasonable price is supplied at the time of delivery
Suppose a rejection is dispatched, but before it is received, the acceptance is communicated to the offeror. In such a case, ______. Multiple choice question. a valid contract has been formed due to the mailbox rule a valid contract has not been formed because of the violation of the mailbox rule a valid contract has not been formed because of the violation of the mirror-image rule a valid contract has been formed because the rejection is not effective until it is received
a valid contract has been formed because the rejection is not effective until it is received
If the offeror does not specify a time period that an offer will be valid, the offer terminates ______. Multiple choice question. immediately after 90 days subject to the jurisdiction's applicable statute of limitations period after a reasonable period of time after 180 days
after a reasonable period of time
If a contracting party decides, before the actual time for performance arises, not to fulfill her obligations under the contract and announces her intentions to the other party, a(n) ______ has occurred. Multiple choice question. anticipatory repudiation anticipatory nullification conditional rescission conditional revocation
anticipatory repudiation
A lack of genuine ______ in a contract means the contract was not entered into freely by one or more parties. Multiple choice question. dissent assent consent rescission
assent
Which of the following types of contracts is clearly set forth in either written or spoken words? Multiple choice question. constructive contract quasi-contract implied contract express contract
express contract
The reasonable expectation as to how a product is normally supposed to perform relates to the Uniform Commercial Code's ______. Multiple choice question. implied warranty of merchantability implied warranty against encumbrances express warranty implied warranty of consideration
implied warranty of merchantability
Commercial ______ is used when performance is still objectively possible but would be extraordinarily injurious or expensive to one party. Multiple choice question. impracticability practicality pragmatism malfeasance
impracticability
When one party promises something to the other party as an offer of marriage, the contract must be ______ to be enforceable. Multiple choice question. supported by equal consideration notarized equitable in writing
in writing
In addition to losing the benefit of a bargain, a plaintiff may suffer other losses caused directly by a breach. These losses may be compensated as ______ damages. Multiple choice question. exemplary punitive incidental nominal
incidental
Suppose Jeremy was illegally terminated by his employer before his employment contract term was complete. If Jeremy has to spend money to find another job, such expenditures would be considered ______ damages. Multiple choice question. punitive exemplary nominal incidental
incidental
In a common-carrier delivery contract, the common carrier is an ______ and not a(n) ______ of the seller. Multiple choice question. agent; independent contractor independent contractor; agent employee; employer agent; principal
independent contractor; agent
A ______ agreement is a contract entered into by two parties before marriage that clearly states the ownership rights each party enjoys in the other party's property. Multiple choice question. preliminary prefatory preternatural prenuptial
prenuptial
For a(n) ______ to be enforced by the courts, there must be consideration. Multiple choice question. promise moral obligation ethical obligation gift
promise
In a bilateral contract the parties are making a promise for a __________. Multiple choice question. action gift promise
promise
In a bilateral contract the parties are making a promise for a __________. Multiple choice question. gift action promise
promise
In terms of a merchant's good faith obligation, the Uniform Commercial Code standard of fair dealing is also called commercial ______. Multiple choice question. reasonableness performance perfection servitude
reasonableness
According to the Uniform Commercial Code, if tender of delivery or the goods fail in any respect to conform to the contract, a buyer has the right to do all but which of the following? Multiple choice question. reject the entire shipment recover punitive damages accept part and reject part of the shipment accept the goods
recover punitive damages
If the subject matter of an offer is destroyed, the offer ______. Multiple choice question. is conditional terminates immediately becomes a firm offer is voidable
terminates immediately
According to the statute of frauds, contracts whose performance cannot possibly occur within one year must be in writing. The one-year period begins to run ______. Multiple choice question. at the beginning of the fiscal year at the beginning of the calendar year when the contract's performance is scheduled to begin the day after the contract is created
the day after the contract is created
Tender of delivery is the moment ______. Multiple choice question. the goods of a contract are available for the buyer to take the goods of a contract are scheduled for production a contract is formed between the buyer and the seller the production of the goods of a contract is complete
the goods of a contract are available for the buyer to take
Which of the following is not one of the three warranties of quality recognized by the Uniform Commercial Code? Multiple choice question. the implied warranty of merchantability the implied warranty of trade usage the implied warranty of consideration the implied warranty of fitness for a particular purpose
the implied warranty of consideration
Who accepts the terms of an offer? Multiple choice question. the offeror the offeree the third-party beneficiary the delegatee
the offeree
Who makes an offer? Multiple choice question. the offeror the acceptor the delegatee the offeree
the offeror
Which of the following is not a writing element required by the statute of frauds? Multiple choice question. the signature of both parties at the end of the contract the subject of the agreement the identification of the contracting parties the consideration given by the parties
the signature of both parties at the end of the contract
Which of the following is not a relevant factor in determining the appropriate amount of punitive damages? Multiple choice question. the wealth of a defendant how much is necessary to punish a defendant the income of a defendant the wealth of a plaintiff
the wealth of a plaintiff
Which of the following is not one of the main purposes of the statute of frauds? Multiple choice question. to promote the notion that a person's word is his or her "bond" to prevent unreliable oral evidence from interfering with a contractual relationship to ease contractual negotiations by requiring sufficiently reliable evidence to prove the existence and specific terms of a contract to prevent parties from entering into contracts with which they do not agree
to promote the notion that a person's word is his or her "bond"
As a general rule, a ______ contract is one that will be enforced. Multiple choice question. void valid null conjectural
valid
A promise to do something you are already legally obligated to do is not ______. Multiple choice question. valid consideration ethical preexisting duty moral
valid consideration
A(n) ______ contract is, in effect, not a contract at all. Multiple choice question. executory voidable unilateral void
void
Which of the following is not a basic category of warranties? Multiple choice question. warranties of title implied warranties warranties of import express warranties
warranties of import
The three basic categories of warranties are ______. Multiple choice question. warranties of import, express warranties, and implied warranties warranties of import, express warranties, and constructive warranties warranties of title, express warranties, and symbolic warranties warranties of title, express warranties, and implied warranties
warranties of title, express warranties, and implied warranties
In sales, a(n) ______ is a binding promise regarding a product in the event that the product does not meet the manufacturer's or seller's promises. Multiple choice question. abeyance condition subsequent condition precedent warranty
warranty
In the context of contracts, a(n) ______ is an assurance, either express or implied, by one party that the other party can rely on its representations of fact. Multiple choice question. condition warranty stipulation abeyance
warranty
To disclaim an implied ______ of fitness it must be in writing. Multiple choice question. incorporation warranty profit
warranty