Accounting
Anthropology
Archaeology
Art History
Banking
Biology & Life Science
Business
Business Communication
Business Development
Business Ethics
Business Law
Chemistry
Communication
Computer Science
Counseling
Criminal Law
Curriculum & Instruction
Design
Earth Science
Economic
Education
Engineering
Finance
History & Theory
Humanities
Human Resource
International Business
Investments & Securities
Journalism
Law
Management
Marketing
Medicine
Medicine & Health Science
Nursing
Philosophy
Physic
Psychology
Real Estate
Science
Social Science
Sociology
Special Education
Speech
Visual Arts
Law
Q:
If Article 2 of the UCC is silent on an issue of sales contract formation or interpretation and there is no state statutory law in place on that matter, what law applies?
A. State statutory law or common law.
B. Federal statutory law and the CISG.
C. The U. S. Constitution.
D. The CISG only.
E. Federal statutory law only.
Q:
Under Article 2 of the UCC, which of the following consists of the passing of title from the seller to the buyer for a price?
A. A lease
B. A transaction
C. A transfer of use
D. A sale
E. A negotiated transfer
Q:
Under Article 2 of the UCC which of the following is defined as tangible things which are movable at the time of identification to the contract for sale?
A. Articles
B. Merchandise
C. Goods
D. Attachments
E. Saleable things
Q:
Which of the following articles of the UCC governs lease contracts?
A. 2
B. 2(A)
C. 4
D. 4(A)
E. 6
Q:
The UCC is divided into sections known as _____.
A. divisions
B. articles
C. subsections
D. clauses
E. amendments
Q:
Which of the following articles of the UCC governs sales contracts?
A. 2
B. 2(A)
C. 4
D. 4(A)
E. 6
Q:
For Free On Board (FOB) and Free Alongside (FAS) the seller carries the risk of loss to the place of destination.
Q:
Which laws used to interpret sales contracts?
A. State common law
B. The Uniform Commercial Code
C. State statutory law
D. State common law, the Uniform Commercial Code, and state statutory law
E. State common law and the Uniform Commercial Code, but not state statutory law
Q:
All states, except Louisiana, follow the _____ common law.
A. English
B. French
C. Italian
D. Spanish
E. Welsh
Q:
The UCC was created in _____.
A. 1980
B. 1964
C. 1952
D. 1943
E. 1935
Q:
An insurable interest is the right to insure the goods against any risk exposure such as damage or destruction.
Q:
Tender of delivery is the moment goods are picked up by the buyer.
Q:
A common-carrier delivery contract occurs if a buyer and seller execute a contract and the seller subsequently places the goods with an independent contractor for delivery to the buyer.
Q:
If a shipment contract is vague or ambiguous on the issue, an origin contract will be presumed.
Q:
If an owner entrusts the possession of goods to a merchant who deals in goods of that kind, the merchant has no authority to transfer any rights in the goods to a buyer in the ordinary course of business.
Q:
Identification of when the risk of loss attaches is important in regards to the right of indemnification for damaged goods.
Q:
Someone who unknowingly purchases stolen goods has good title.
Q:
Good faith is generally relevant in determining whether someone has a valid title.
Q:
According to common law, when a seller transfers goods to a buyer, the buyer gets only voidable title if the buyer is a minor.
Q:
Good title is title that is acquired from someone who already owns the goods free and clear.
Q:
What constitutes a valid writing in the UCC is the same in the statute of frauds.
Q:
The UCC does not recognize the concept of unconscionability.
Q:
The United Nations Convention on Contracts for the International Sale of Goods was offered as a treaty that countries could sign, indicating their willingness to allow the treaty to govern international business-to-business sales contracts.
Q:
The UCC requires that consideration be provided for the modification of a contract.
Q:
Under the mirror-image rule, the terms of an acceptance must be the exact same terms as the offer.
Q:
The mirror-image rule has been adopted by the UCC.
Q:
The National Conference of Commissioners on Uniform State Laws adopted the Uniform Internet Act to answer questions pertaining to electronic transactions such as airline tickets purchased online.
Q:
Contracts for the sale or lease of goods may be formed even if some terms of the contract or lease are left open.
Q:
A firm offer may be oral or written.
Q:
Items taken from real estate, such as minerals, clay, and soil may be treated as goods under UCC sales contracts.
Q:
Under the UCC, all merchants are buyers and sellers.
Q:
Article 2(A) includes leases for real property.
Q:
Contract law is based upon federal statutes.
Q:
The UCC pertains to all business transactions.
Q:
Article 2 of the UCC governs sales contracts while Article 3 governs lease contracts.
Q:
The passing of title from a seller to a buyer for a price is known as a sale under UCC law.
Q:
The UCC is a statutory source of contract law that is applicable to transactions involving the sale of goods.
Q:
Dream Home. Maurice finds a dream home on the lake. He wants to buy it but is unsure whether he can get a loan. He signs a contract with the seller that he will buy the home if he can get a loan. Maurice also includes a contractual clause into the contract with the seller that if the purchase goes through but he loses his job within one year, the seller will repurchase the house for the same price Maurice paid for it. After getting a loan and buying the home, Maurice decided that he wanted new windows put into the home. He entered into a contract with a window contractor. The window contractor visited the home, but Maurice was always gone. The contractor made several attempts to reach Maurice, but Maurice would not return phone calls and made no attempt to assist the contractor with installation. The responsibility of Maurice to make arrangements to give the window installer access to the home is referred to as which of the following?
A. A condition subsequent
B. A condition precedent
C. An implied condition
D. An express condition
E. Both a condition precedent and an express condition
Q:
If the plaintiff wants a court order that requires the defendant to fulfill the terms of the contract, the plaintiff is seeking _______________________.
A. specific performance
B. directive
C. instructional edict
D. demand
E. injunction
Q:
Which of the following was the result in Thrifty Rent-A-Car System v. South Florida Transport, the case in the text in which in response to a claim for amounts due on a franchise agreement involving the rental of vehicles, the defendant claimed that hurricanes had rendered its rental car business commercially impracticable?
A. That a jury question existed as to whether the hurricanes made the business commercially impracticable.
B. That as a matter of law, the defense of commercial impracticability was unavailable to the defendant for reasons including that the absence of hurricanes was not a basic assumption of the agreement.
C. That as a matter of law, the defense of commercial impracticability was available to the defendant because the defendant established that it was current on its payments until the advent of the hurricane season.
D. That as a matter of law, the defense of commercial impracticability was available to the defendant because the defendant established that the hurricanes made the cost of performance of the terms of the agreement unduly burdensome.
E. That as a matter of law, the defense of commercial impracticability was available to the defendant because the plaintiff failed to establish that the defendant had been given sufficient opportunity to recover from its business interruption due to several hurricanes.
Q:
Dream Home. Maurice finds a dream home on the lake. He wants to buy it but is unsure whether he can get a loan. He signs a contract with the seller that he will buy the home if he can get a loan. Maurice also includes a contractual clause into the contract with the seller that if the purchase goes through but he loses his job within one year, the seller will repurchase the house for the same price Maurice paid for it. After getting a loan and buying the home, Maurice decided that he wanted new windows put into the home. He entered into a contract with a window contractor. The window contractor visited the home, but Maurice was always gone. The contractor made several attempts to reach Maurice, but Maurice would not return phone calls and made no attempt to assist the contractor with installation. The provision that Maurice did not have to buy the house unless he was able to get a loan is referred to as which of the following?
A. A condition subsequent
B. A condition precedent
C. An implied condition
D. An express condition
E. Both a condition precedent and an express condition
Q:
Dream Home. Maurice finds a dream home on the lake. He wants to buy it but is unsure whether he can get a loan. He signs a contract with the seller that he will buy the home if he can get a loan. Maurice also includes a contractual clause into the contract with the seller that if the purchase goes through but he loses his job within one year, the seller will repurchase the house for the same price Maurice paid for it. After getting a loan and buying the home, Maurice decided that he wanted new windows put into the home. He entered into a contract with a window contractor. The window contractor visited the home, but Maurice was always gone. The contractor made several attempts to reach Maurice, but Maurice would not return phone calls and made no attempt to assist the contractor with installation. The provision that the seller will repurchase the home if Maurice loses his job within one year of the sale is referred to as which of the following?
A. A condition subsequent
B. A condition precedent
C. An implied condition
D. An express condition
E. Both a condition precedent and an express condition
Q:
College president Wally contracts with Alice to teach business law. Alice does a fine job teaching but gets mad at Wally and will not turn in grades. What type of order would Wally seek to require Alice to abide by her contract?
A. An order of specific performance
B. A compensatory order
C. A nominal order
D. A consequential order
E. A demand order
Q:
Which of the following was the result on appeal in the Case Opener, the case in which Sara Creek Property Company argued that an award of damages, rather than an injunction, was the appropriate remedy in response to its alleged breach of contract by allowing a new pharmacy to move into a shopping mall in competition with Walgreen's?
A. That specific performance, but not an injunction, was the appropriate remedy.
B. That an injunction, as well as damages, were appropriate remedies.
C. That damages, rather than an injunction, was the appropriate remedy because damages could be calculated.
D. That an injunction, rather than damages, was the appropriate remedy.
E. That the contract had not been breached and that neither an injunction nor damages were appropriate.
Q:
If the plaintiff wants a court order requiring the defendant to stop doing something, the plaintiff is seeking a(n) _______________.
A. specification
B. directive
C. instructional edict
D. demand
E. injunction
Q:
The termination of the contract is known as __________.
A. rescission
B. reformation
C. restitution
D. injunction
E. compensation
Q:
_________ is the return of any property given up under the contract.
A. Rescission
B. Reformation
C. Restitution
D. Injunction
E. Compensation
Q:
Under the UCC, when may orders for specific performance of a contract for the sale of goods be awarded?
A. Only when the goods are unique.
B. Only when the goods are in excess of 500 in quantity.
C. Only when the goods have been ordered at least six months in advance.
D. When the goods are unique and when the goods are in excess of 500 in quantity.
E. When the goods are unique or in other proper circumstances.
Q:
Which type of damages would occur if the parties specify in advance the amount of losses or a formula in assessing the losses against the breaching party?
A. Consequential
B. Punitive
C. Liquidated
D. Nominal
E. Repugnant
Q:
The obligation to use reasonable efforts to minimize damage resulting from a breach are referred as the duty to ______ one's damages.
A. reduce
B. remit
C. reform
D. mitigate
E. None of these because there is no such obligation
Q:
From what country did equitable remedies as applied in the U.S. grow out?
A. France
B. Italy
C. England
D. Spain
E. Portugal
Q:
Why did equitable remedies come into being?
A. To fashion remedies when the existing laws did not provide any adequate ones.
B. To supplement compensatory damages with punitive damages.
C. To provide a way by which to award nominal damages.
D. To provide a way by which to award consequential damages.
E. To provide a way by which to award certain parties liquidated damages.
Q:
If the plaintiff is seeking legal damages that are designed to punish the defendant and deter him and others from engaging in similar behavior in the future, the plaintiff is seeking ______________ damages.
A. consequential
B. punitive
C. liquidated
D. nominal
E. repugnant
Q:
Monetary damages awarded to a plaintiff in a very small amount are _________.
A. consequential
B. punitive
C. liquidated
D. nominal
E. None of these because no damages are available if no actual damages are incurred.
Q:
Which of the following is not an equitable remedy?
A. Rescission
B. Restitution
C. Reformation
D. Injunction
E. Novation
Q:
Monetary damages are also referred to as ______ damages.
A. equitable
B. fair
C. public
D. legal
E. injunctive
Q:
If the plaintiff is seeking legal damages which would put him in the same position he would have been in had the contract been fully performed, he is suing for _____________ damages.
A. equitable
B. compensatory
C. deserved
D. learned
E. punitive
Q:
Which of the following are foreseeable damages within the contemplation of the parties at the time the breach occurs and that result from special facts and circumstances arising outside the contract itself?
A. Consequential
B. Punitive
C. Liquidated
D. Nominal
E. Repugnant
Q:
A contract may be discharged by operation of law through _______________.
A. alteration of the contract
B. bankruptcy
C. objective impossibility of performance
D. alteration of the contract, bankruptcy, and objective impossibility of performance
E. alteration of the contract and bankruptcy, but not objective impossibility of performance
Q:
Which of the following is used as a basis for discharge by operation of law when performance is still objectively possible but would be extraordinarily injurious or expensive to one party?
A. Frustration of purpose
B. Commercial impracticability
C. Alteration of the contract
D. Anticipatory repudiation
E. None of these because there is no such concept.
Q:
What doctrine arose from cases in England in which parties, who had contracted for rooms along a parade route for the king's coronation, received their money back when the coronation was canceled because the king became ill?
A. Frustration of purpose
B. Commercial impracticability
C. Alteration of the contract
D. Anticipatory repudiation
E. Anticipatory renunciation
Q:
If the parties of a contract put a new agreement in place of the original agreement it is called a(n) _____________________.
A. accord and satisfaction
B. novation
C. substituted contract
D. mutual rescission
E. alteration
Q:
When one of the parties to an agreement wants to substitute a different performance for his original duty under the contract, he is seeking a(n) _____________.
A. accord and satisfaction
B. novation
C. substituted contract
D. mutual rescission
E. alteration
Q:
Which of the following occurs when the parties to the agreement wish to replace one of the parties with a third party?
A. Accord and satisfaction
B. Novation
C. Substituted contract
D. Mutual rescission
E. Alteration
Q:
Which of the following occurs when a party unjustifiably fails to substantially perform his obligations under the contract?
A. Material breach
B. Substantial breach
C. Immaterial breach
D. Delineated breach
E. Crossed breach
Q:
When a contracting party refuses to complete the contract before the actual time of performance, it is called a(n) __________________________________.
A. preemptive repudiation
B. anticipatory repudiation
C. advance refusal
D. advance repudiation
E. preparatory refusal
Q:
Which is not considered a discharge of contractual obligations by mutual agreement?
A. Mutual rescission
B. Substituted contract
C. Accord and satisfaction
D. Novation
E. Bankruptcy
Q:
Which of the following occurs when parties agree that they simply wish to discharge each other from their mutual obligations and, therefore, rescind or cancel the contract?
A. Accord and satisfaction
B. Novation
C. Substituted contract
D. Mutual rescission
E. Alteration
Q:
If a contract does not clearly specify that the satisfaction is to be personal, the ______ standard applies.
A. express
B. subjective
C. objective
D. absolute
E. unbiased
Q:
A _____ occurs whenever a party fails to perform her obligations under the contract.
A. mishap
B. misoccurrence
C. breach
D. misdeed
E. mistake
Q:
A(n) _____ discharges the nonbreaching party from his obligations under the contract.
A. immaterial breach
B. substantial breach
C. material breach
D. delineated breach
E. crossed breach
Q:
Which of the following occurs when all aspects of the parties' duties under the contract are carried out perfectly?
A. Complete performance
B. Substantial performance
C. Significant performance
D. Absolute performance
E. Approved performance
Q:
A contractual condition of satisfaction is considered a(n) ______ condition(s) that must be met before the other party's obligation to pay for the performance arises.
A. partial
B. conditional
C. express
D. implied
E. partial and express
Q:
A contractual condition of satisfaction may be judged by either a(n) ______ or ______ standard depending on the issue involved.
A. objective; express
B. subjective; express
C. objective; absolute
D. absolute; express
E. objective; subjective
Q:
The discharge by parties of their obligations by doing what they respectively agreed to do under the terms of the contract is called ______.
A. discharge by tender
B. discharge by performance
C. discharge by finishing
D. discharge by absolution
E. discharge by reason
Q:
An offer of performance by being ready, willing, and able to perform is known as ______.
A. offering
B. showing
C. tender
D. completer
E. implied acceptance
Q:
Which of the following are the two primary kinds of performance?
A. Partial and significant
B. Partial and complete
C. Partial and substantial
D. Complete and substantial
E. Complete and significant
Q:
Which of the following describes conditions explicitly stated in the contract?
A. Express
B. Definite
C. Conditional
D. Concurrent
E. Both express and conditional
Q:
Express conditions are usually preceded by which words?
A. Conditioned on or if
B. If or when
C. Provided that, if, or when
D. When or provided that
E. Conditioned on, if, when, or provided that
Q:
Which of the following describes conditions that are inferred from the nature and language of the contract?
A. Express
B. Implied
C. Conditional
D. Concurrent
E. Both express and conditional