Boris skydives from a
\nplane and gets tangled in a tree, hopelessly suspended and swinging
\nprecariously in his parachute from the branches of the tree. Natasha sees that
\nhe is in trouble and comes to his rescue. Once Boris is safely on the ground,
\nhe gratefully promises to give Natasha half of his life savings account. When
\nhe changes his mind, Natasha will probably be unsuccessful in enforcing his
\npromise.<\/p>\n
True<\/p>\n
False<\/p>\n
Bud calls Lou and
\nsays, “I’ll sell you my car for a thousand bucks, interested?” Lou
\nsays, “I’ll look it up on the Internet. If the Blue Book price is close,
\nI’ll pay you $1,000 in the morning.” At sunrise Lou shows up with $1000.<\/p>\n
Bud must sell him the car because Lou accepted the evening
\nbefore when he promised to look up the car’s value.<\/p>\n
Bud must sell him the car because he cannot revoke his offer
\nafter Lou accepted.<\/p>\n
Bud does not have to sell the car because his promise was
\nunclear.<\/p>\n
Bud does not have to sell the car because the payment is
\nbased on past consideration.<\/p>\n
Which of the
\nfollowing is not required for promissory estoppel to apply?<\/p>\n
The promise made must be reasonable.<\/p>\n
The promise made must be relied on by the promisee to the
\npromisee’s detriment.<\/p>\n
The promisor must suffer an injustice if the promise isn’t
\nenforced.<\/p>\n
The promisor must know that the promisee is likely to rely
\non the promise.<\/p>\n
Big Time Appliance
\nadvertised 46-inch plasma TVs for $10 to the first 50 buyers on Friday. This ad
\nis:<\/p>\n
not a valid offer because it is not a specific commitment to
\nsell.<\/p>\n
not a valid offer but, rather, invites the buyer to make an
\noffer.<\/p>\n
a valid offer because it is specific enough to constitute a
\nunilateral contract.<\/p>\n
a valid offer because it requires a certain manner of
\nacceptance.<\/p>\n
Jeff goes to a car
\ndealership and the salesperson tells him that the car he’s looking at is a
\ngreat car and an excellent value. The statements made by the salesperson, if
\nuntrue, will not be adequate to create either an innocent misrepresentation or
\na fraudulent misrepresentation.<\/p>\n
True<\/p>\n
False<\/p>\n
Amanda, a recent
\nuniversity graduate, needed a car to get to her new job. To help Amanda secure
\na loan for the car, Ted, a friend, agreed to pay the loan should Amanda
\ndefault. Ted’s promise is enforceable as long as he goes to the bank, declares
\nhis promise to guarantee Amanda’s loan in front of witnesses, and shakes hands
\non the deal, giving his word.<\/p>\n
True<\/p>\n
False<\/p>\n
Josh is negotiating
\nthe sale of his car with Jonathan. Jonathan asks if the car has ever been in an
\naccident, and Josh replies, “No, it has never been in an accident.”
\nIn fact, the car was nearly totaled the year before when Sheila, Josh’s
\ngirlfriend, was driving Josh’s car, hit a wet spot, and skidded into a pole.
\nShe had the car repaired without telling him about the accident. Josh has
\ncommitted:<\/p>\n
fraudulent misrepresentation.<\/p>\n
innocent misrepresentation.<\/p>\n
an unconscionable act.<\/p>\n
no misrepresentation because he thought he was being
\ntruthful and didn’t intend to deceive Jonathan.<\/p>\n
n offer may be
\nterminated in all but which of the following ways?<\/p>\n
acceptance<\/p>\n
revocation<\/p>\n
rejection<\/p>\n
counteroffer<\/p>\n
Moe has entered into
\na contract with Larry. Subsequently, Moe assigns his rights in that contract to
\nCurley. Which of the following would not prevent that assignment?<\/p>\n
The contract contains an antiassignment clause.<\/p>\n
The assignment would materially alter Larry’s duties and
\ncause an increased burden or risk to Larry.<\/p>\n
Larry protests the assignment and demands that Moe not make
\nthe assignment.<\/p>\n
The assignment would violate public policy matters.<\/p>\n
When an assignment is
\nmade, the assignee has the right to reform the contract and change the
\nobligor’s rights and duties as the assignee wishes.<\/p>\n
True<\/p>\n
False<\/p>\n
George has entered
\ninto a contract with Mark to supply raw materials to Mark’s factory. The
\ncontract does not contain an antidelegation clause. George then delegates his
\nduty to supply the raw materials to Wayne, a competitor of Mark. This is a
\nvalid delegation.<\/p>\n
True<\/p>\n
False<\/p>\n
Liquidated damages
\nmust be directly related to the breach of contract they are compensating the
\nnonbreaching party for.<\/p>\n
True<\/p>\n
False<\/p>\n
Craig is a licensed
\nplumber and has a contract to install a replacement toilet for Mary. When Craig
\nrealizes that he has booked two appointments simultaneously, he calls Brian,
\nanother licensed plumber, and asks him to install Mary’s toilet. Craig has
\nassigned his duties to Brian.<\/p>\n
True<\/p>\n
False<\/p>\n
Oscar is speeding and
\ndriving inattentively when he runs into Felix, who is driving very cautiously.
\nAs a result of the accident, Felix’s car needs $2,500 worth of repairs and
\nFelix loses a week’s salary because he has to take off from work to recover
\nfrom injuries sustained during the crash.<\/p>\n
Both the repairs and the lost wages are compensatory
\ndamages.<\/p>\n
The repairs are compensatory damages, and the lost wages are
\nconsequential damages.<\/p>\n
The repairs are consequential damages, and the lost wages
\nare compensatory damages.<\/p>\n
Both the repairs and the lost wages are consequential
\ndamages.<\/p>\n
Fred’s Flooring (FF)
\ncontracted with Harry homeowner to install wood flooring throughout Harry’s
\nhome. Harry was to purchase the flooring, and the contract was solely for
\ninstallation. Payment was to be 20 percent at the time that the work commenced
\nand 80 percent once the flooring was installed. Harry purchased the flooring
\nmaterials and paid the 20 percent, so FF began work. When FF’s work was halfway
\ncompleted, Harry realized that he didn’t have the money to pay FF on
\ncompletion, so he bolted the doors and refused access. If FF wants to rescind
\nthe contract and be paid for work completed, FF would sue for:<\/p>\n
compensatory damages.<\/p>\n
consequential damages.<\/p>\n
restitution.<\/p>\n
liquidated damages.<\/p>\n
A rescission of a
\ncontract may occur when either party chooses to end the agreement.<\/p>\n
True<\/p>\n
False<\/p>\n
The only state that
\nhas not adopted the UCC is:<\/p>\n
California.<\/p>\n
Louisiana.<\/p>\n
Texas.<\/p>\n
Arizona.<\/p>\n
Which of the
\nfollowing items would be properly subject to a UCC sales contract?<\/p>\n
a house<\/p>\n
a Christmas tree sold in a parking lot<\/p>\n
rights to a patent<\/p>\n
an employment contract<\/p>\n
On February 1,
\nFrank’s Fedora Manufacturers sends an offer to Metropolitan Outfitters by
\nletter with all price, quality, quantity, and delivery terms clearly stated,
\nindicating that the offer will remain open until October 1. On September 1
\nMetropolitan sends an acceptance of the offer to Frank’s with no material
\nalterations to any of the stated terms in the offer. The acceptance makes the
\ncontract valid and enforceable.<\/p>\n
True<\/p>\n
False<\/p>\n
Absent specific
\nagreements between the parties, the reasonableness requirement of the UCC
\ngoverning delivery of goods requires each of the following except:<\/p>\n
the goods must be delivered in one shipment.
\n \u00e2\u0082\u00ac
\nthe goods must be delivered at a reasonable hour.<\/p>\n
the goods must be delivered on a weekday.<\/p>\n
the goods must be delivered in a reasonable manner.<\/p>\n
UCC risk of loss
\nprovisions will govern the terms of a contract even if the parties have
\nspecified risk allocation in the contract.<\/p>\n
True<\/p>\n
False<\/p>\n
If the seller ships
\nconforming goods, the buyer has a duty to accept them and may not reject the
\ngoods.<\/p>\n
True<\/p>\n
False<\/p>\n
Johnson Builders is
\nselling a newly built home to Sheila. JRK Realtors is handling the transaction.
\nThis sale is covered under Article 2 of the UCC.<\/p>\n
True<\/p>\n
False<\/p>\n
Wrongfully revoking
\nan acceptance will constitute a breach of contract by the buyer.<\/p>\n
True<\/p>\n
False<\/p>\n
The International
\nChamber of Commerce abbreviation indicating that goods are to be picked up by
\nthe buyer and not delivered is:<\/p>\n
EXW.<\/p>\n
FAS.
\n \u00e2\u0082\u00ac
\nFOB.<\/p>\n
FCA.<\/p>\n","protected":false},"excerpt":{"rendered":"
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