module 2 LGS

the essential feature of undue influence is that a party being taken advantage of suffers from a mental or physical injury T or F?

False

Corporate stocks and bonds meet the requirements to be among the items of property characterized as goods under the UCC T or F

False- Intangibile property

Any use of delivered goods by the buyer—even for the limited purpose of testing them—constitutes acceptance.

False-buyers have an absolute right to inspect goods before accepting the goods

The presence of fraud affects the authenticity of the innocent party consent to a contract True or False

True

After title passes to a buyer, a seller no longer has an insurable interest in the goods True or False

False

Intoxicated, Efron enters into a contract for the sale of his business, Freight Dispatch,to Gabrielle for less than its market value. This contract is enforceable if at the time,

Efron understood the legal consequences

A minor can disaffirm a contract at any time but remind legally operated to perform it True or False

False

Orin, an employee of Plumbing LLC, makes a substantial mathematical mistake in totaling the estimated costs for a project for which Quality Built Inc. is seeking bids. Consequently, Plumbing's bid is significantly low. Any contract with Quality Built that includes the mistake may be rescinded

If quantity built knew or should have known of this mistake

An add for the New Plays Festival asks playwrights to submit their work and " we might produce it to the world" Omar submits a play with a note that states " I accept" Between the Festival and Omar there is...

No contract

A contract for a sale of natural gas is a contract for a sale for goods T or F

True

An unconscionable contract is one in which the terms of the agreement are oppressive,unscrupulous or grossly unfair True or False

True

in effect, a counteroffer converts the original offeror into an offeree with the power of acceptance True or False?

True- a counteroffer is an offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.

An offer can be revoked by the performance of an act that is inconsistent with the existence of an offer and that is made known to the offeree. True or False

True- this is a form of revocation

Brooke is an art collector and hires a broker to buy and sell artworks on her behalf. Under the UCC, in those transactions, Brooke has the status of

a merchant

Fatima asks Gianni, a salesperson for Hues & Colors, for a gallon of paint of a certain color and suitable for interior walls. Gianni sells her a gallon of interior paint of a different color. Gianni has breached... a) an implied warranty of fitness for a particular purpose b) the implied warranty of merchantability c) an implied warranty for the ordinary purpose of the goods d) no warranty

an implied warranty of fitness for a particular purpose

construction Inc contracts to buy some heavy equipment from Dig Machines Inc. Before either party performs. Dig sells its assets to Excavation Corporation. On learning of the sale.Construction is concerned about its contract with Dig. Construction should

demand an assurance of performance from the seller

Debt Collection Service enters into a contract to employ Emma as a billing manager for two years. During the first year, Emma is often absent without explanation and hone the present fails to adequately do her job this....

discharges the employer from the contract

Minh owns a beach house that she rents to vacationers. Minh gives her son Ngo a trip to Omaha on his graduation from community college. Minh sells her car to her neighbor Phan for $4,500. UCC Article 2 covers

the sale to Phan

A lease between Mia and Francisso for residential property contains an exclusionary clause. This clause is most likely

unenforceable

Holes Inc. begins digging a foundation at a construction site for Investment Company under a contract for a certain price. After six months, Holes demands a higher price because of extraordinary difficulties that were totally unforeseen at the time the contract was formed. An agreement to pay the higher price is

unenforceable due to preexisting duty rule