Business Law Exam #3 True False ch 12,13

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"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


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