BUSINESS LAW 415 - QUIZ C
Covering Chapters 11, 12, 13, and 14
Follow the instructions from Quiz A to answer this quiz.
1. T F In the early days of our nation’s history, contracting was largely left up to the individual parties with little government regulation or oversight.
2. T F A reward advertisement in the paper stating, “Fifty dollars for the return of a black briefcase. Call 329-5862.” can be accepted by a promise to look for the briefcase.
3. T F An offer made in jest, where a reasonable person would conclude that it was made in jest, cannot result in a contract.
4. Generally, which of the following will not automatically terminate an open offer?
a. ...view middle of the document...
c. A situation where one party has lied to the other to lead them to enter into a contract.
d. A situation where, after the contract was negotiated, circumstances have changed so that one of the parties is in a desperate circumstance and cannot reasonably perform.
10. In general, the Statute of Frauds sets requirements for:
a. Kinds of damages that are recoverable.
b. Kinds of contracts that must be in writing to be enforceable.
c. Kinds of misrepresentations that are actionable.
d. Kinds of reliance that is justifiable.
11. T F Items that are included in the category of goods include: all tangibles, stocks, bonds
12. T F The implied warranty of merchantability is disclaimed by language stating the goods
are sold “as is”.
13. The UCC Statute of Frauds provisions apply to sales contracts for goods costing ______ or more.
b. any amount
14. Buyer can:
a. reject any identifiable portion of goods.
b. always revoke acceptance.
c. always demand specific performance.
d. none of the above.
15. The implied warranty of merchantability can be disclaimed:
a. with mention of merchantability.
b. with language “as is”.
c. by examination..
d. all of the above.
16. T F The Internet was begun in the late 1960s by the U.S. Department of Defense.
17. T F The Electronic Communications...