LGS 200 Study Guide - Midterm Guide: Meeting Of The Minds, Implied Warranty, Liquidated Damages
Document Summary
Get access
Related Documents
Related Questions
True or False:
1. The Uniform Commercial Code is more flexible than common law.
2. Where there is a unilateral contract, there is no enforceable contract until the offeree performs the action requested by the offeror.
3. A contract is an implied contract when the parties directly state the contract terms at the time the contract is formed.
4. (Please Note: There may be more than one correct answer)
Jerry's Juice Joint verbally sends Mango Mart an order for 20 cases of mangos at $100 per case. Mango Mart sends Jerry's Juice Joint an acknowledgment form accepting the order. Using the concepts discussed in this chapter, identify the type of contract between Jerry's and Mango Mart.
| Β | a. |
The parties are merchants. |
| Β | b. |
The agreement is governed by the UCC. |
| Β | c. |
The contract is executory until Mango Mart delivers the goods and Jerry's Juice Joint pays for them. |
| Β | d. |
The parties have formed a valid, express, bilateral contract. |
5. Which of the following is correct concerning the definition of "merchant" by the UCC?
| Β | a. |
It deals only with non-professional sellers. |
| Β | b. |
It always imposes the same standard on merchants and non-merchants. |
| Β | c. |
It regards everyone covered by the UCC as a merchant. |
| Β | d. |
It sometimes imposes a higher standard of behavior on merchants than non-merchants. |
6. Ben makes an agreement with Seth which requires Seth to steal Professor Thomas' laptop computer so that Ben will have access to the homework and tests for his business classes. The agreement between Ben and Seth is a ___________ contract.
| Β | a. |
voidable |
| Β | b. |
void |
| Β | c. |
valid |
| Β | d. |
enforceable |
7. Justin is 15 years old. He goes to a T-Mobile store and enters into a cellphone contract. The agreement is:
| Β | a. |
executed. |
| Β | b. |
voidable. |
| Β | c. |
unilateral. |
| Β | d. |
void. |
| Β | Β | Β |
TRUE or FALSE
1.The UCC requires application of the "mirror image" rule in cases where contracts for the sale of goods are made by exchanging forms.
2.A contract generally comes into existence and becomes binding at the moment the parties have reached an agreement on all material provisions, although they may intend to later write down the terms of the agreement.
3.An acceptance must be in writing.
4.If an authorized means of acceptance is expressly present, any attempt by the offeror to accept by a non-authorized means is effective upon dispatch.
5.A bilateral contract is a promise for a promise.
6. If one or both parties to a form contract are non-merchants, the additional terms proposed by one of the parties are treated as:
| a. | revocation. | |
| b. | void. | |
| c. | expressly conditional. | |
| d. | proposals for addition to the contract. |
7. Under the UCC Rule 2-207 for the sale of goods when a contract is made by the exchange of forms, when the acceptance form has terms additional to or different from the offer:
| a. | a contract can result but the differing terms may not be part of the contract. | |
| b. | no contract will result because the acceptance form will not be considered as a counter-offer. | |
| c. | a contract can result and the differing terms must be included as part of the contract. | |
| d. | no contract will result because the acceptance form will be considered as a counter-offer and thus an implicit rejection of the offer. |
