BUL 3351 ex 2 p4

Sales of personal property are governed by Article ____ of the Uniform Commercial Code (UCC). a. 2 b. 3 c. 6 d. None of the above.

2

Promissory estoppel is found in Section ____ of the Restatement (Second) of Contracts. a. 71 b. 81 c. 90 d. None of the above 90

90

Anna by mistake delivers to Bob a plain, unaddressed envelope containing $50 intended for Cora. a. Bob can keep the money. b. Bob is under a contractual obligation to return the money. c. Bob's obligation to return the money is quasi contractual. d. Bob's obligation to return the money is implied in fact.

bobs obligation to return the money is quasi contractual

An offer is effective as soon as it is dispatched.

false

George offered to paint Catherine's barn for $4,000. Catherine said she would accept the offer if George would paint the woodshed, too. At this point, they have made a valid and enforceable contract.

false

If Bill tells Sara that he will give her two days to decide if she wants to buy his car, he cannot sell it to anyone else during that time.

false

If no time limit is stated, an offer will not terminate until both parties agree

false

Ron offers to sell Pete his stamp collection. Pete gives Ron $10 to induce him to keep his offer open for a week. If Ron decides on day four of the week that he really does not want to sell to Pete, he can revoke his offer without fear of a breach of contract lawsuit being filed against him.

false

The common law "mirror image" rule applies to an offer and the acceptance of that offer in a contract for the sale of goods.

false

Under the UCC, an acceptance must always be identical to an offer for a valid contract to be formed.

false

advertisement is usually an offer to sell

false

A promise against public policy: a. can be contractual. b. is enforceable if the parties have capacity and mutual assent and they exchange consideration. c. has no legal remedy available for breach. d. Both (a) and (b).

has no legal remedy available for breach

Which of the following is an informal contract? a. A letter of credit. b. A written contract for the sale of a 5-acre tract of land. c. A check. d. A recognizance.

a written contract for the sale of a 5-acre tract of land

A valid offer may be in the form of an act for a promise, which is an offer to enter into an inverted unilateral contract.

true

An offer must be communicated to the offeree in order for the offer to be effective.

true

Commercial reasonableness is a standard determined in terms of the business judgment of reasonable persons familiar with the practices customary in the type of transaction involved.

true

Contract law generally places more importance on the intent of the parties to form a contract than on the inclusion of certain terms in the contract.

true

In general, an acceptance is effective upon dispatch.

true

On Tuesday morning John sends a letter to Arlene rejecting her offer, but later the same day John changes his mind and sends a letter of acceptance to Arlene. The letter of acceptance will be effective only if it is received by Arlene before she receives the rejection.

true

a contract exist when an offer has been accepted

true