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Contracts and sales
Business
| Question | Answer |
|---|---|
| Contracts for the sale of real property are governed by the Uniform Commercial Code. | False |
| The Restatement of Contracts is another name for the UCC. | False |
| Under the UCC, offers need price, subject matter, and quantity to be definite enough | False |
| An offer is effectively communicated upon mailing or dispatch. | False |
| Revocation can be valid any time prior to acceptance. | True |
| A merchant's firm offer requires consideration to be valid. | False |
| Options require consideration to be valid. | True |
| Under common law, a counteroffer is also a rejection. | True |
| The UCC Battle of the Forms provision allows additional terms in an acceptance without invalidating the acceptance. | True |
| The UCC rules on additional terms in acceptance are the same for merchants and non merchants. | False |
| Contracts for services are governed by the UCC. | False |
| An acceptance of a stipulated means offer by a different means is effective upon receipt. | False |
| Common Law does not dictate amounts required for consideration. | True |
| Contracts for the sale of land must be in writing to be enforceable. | True |
| A contract for the sale of a car for $700, under the old UCC, must be in writing to be enforceable. | True |
| 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 |
| Implied contracts are unreforceable. | False |
| Quasi contracts are implied-in-law contracts. | True |
| The parties' previous course of dealing will have little impact as courts interpret their contract. | False |
| A UCC offer is valid with the subject matter started even though no price is given. | True |
| "I'll take it, but you must deliver," is a valid acceptance. | 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 |
| Parol evidence is always admissible for challenging contract terms. | False |
| "I'm thinking of selling my CD player," is an example of offer language. | False |
| "I'll take the bike for $75, but I have to sale my fish tank first," is an example of a valid acceptance. | 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 |
| The parol evidence rule does not apply in UCC contracts. | False |
| The CISG follows the mirror image rule in information. | True |
| Digital signatures are frequently used. | False |
| "Drive my car to Alberquerque, I'll pay you $500," is not a valid offer. | False |
| Under the CISG, acceptance is effective only upon receipt. | True |
| Under ESIGN, clicking on a tab that reads "I accept" is a valid acceptance to an offer. | True |
| An executory contract is one that is fully performed. | False |
| The UCC has no timing rules for acceptance. | False |
| A contract must be in formal writing to satisfy the statute of frauds. | False |
| E-Sign requires that there be faxes or written verification of electronic contracts. | False |
| UETA has not yet been adopted in all of the states. | True |
| UETA does not apply when there is an applicable statute of frauds. | False |
| A contract for the sale of potatoes is not governed by the UCC. | False |
| Under the UCC, an acceptance followed by additional terms is a counteroffer and a rejection. | True |
| The new UCC accepts website communications as sufficient for a writing. | True |
| The new UCC accepts e-mail communications as sufficient for a writing. | True |
| A contract for rebinding 500 books at a cost of $1.50/book is governed by the UCC. | False |
| The above book contract must be in writing to be valid. | False |
| A record, such as an e-mail or fax, now satisfies the writing requirement under both the UCC and common law. | True |
| The new UCC rule for additional terms in acceptance is "terms later". | 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 |
| E-Sign is a federal law that requires written signatures for electronic contract to be valid. | False |
| Under the revised and new UCC, a contract for the sale of a car for $700 need not have record of the contract to be enforceable. | True |
| A contract for termite extermination at a home would be governed by the UCC. | False |
| "Point and click" is not sufficient for acceptance under UETA. | False |
| A three-year warranty on an oven need be evidenced by a record to be enforceable. | False |
| 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. | False |
| Morality clause in contracts are both illegal and unethical. | False |
| Commercial signature security has been displaced by national security concerns and the need for government access to electronic communications. | True |
| "Would you be interested in selling your Prius for $21,000?", is not an offer. | True |
Created by:
GarrenBerry