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Presentation/PPT
27/08/2022
Assume that Ben and Perry sign an agreement in which Ben agrees to sell Perry 2,000 gallons of ice cream. If both parties neglect to include a price term in the contract, the contract cannot be enforced.Answer TrueFalse1 points Question 7Candy, Inc. signed an agreement with Sweet Plantation. Under the contract, Candy, Inc. agreed to purchase all the sugar cane Sweet Plantation grew during the coming season. This contract will be unenforceable due to its vagueness.Answer TrueFalse1 points Question 8Software clickwrap and shrinkwrap agreements limiting the manufacturer’s maximum responsibility to a refund of the purchase price even if the software destroys your hard drive have generally been found to be binding against consumers.Answer TrueFalse1 points Question 9Generally, silence is not acceptance.Answer TrueFalse1 points Question 10Which of the following are generally considered to be legal offers?AnswerPlacing an item up for auction.Catalog advertisements.Price lists.None of the above are generally considered offers.1 points Question 11The intent of the offeror to extend an offer to the offeree is generally determined by reference to:Answerthe beliefs of the offeror.the subjective intention of the offeror.the assumptions of the offeror.the words and conduct of the offeror.1 points Question 12Regency Construction placed an order for two hundred 2 x 4s from Lumber Jack. If the place of delivery and time for shipping the goods are not specified, the UCC provides:Answerthe place of delivery is Lumber Jack’s and the time for delivering the lumber is a reasonable time based on normal trade practice.the place of delivery is Regency Construction and the time for shipping is within 30 days.the place of delivery is Lumber Jack’s and the time for delivering the lumber is within 30 days.there is no contract because having more than one open term made the offer too indefinite.1 points Question 13On January 8, Quastrar, Inc. sent Hylavian Company a letter offering to sell $10,000 in restaurant supplies. On January 18, Hylavian mailed a letter to Quastrar accepting the offer. Quastrar received the acceptance letter on January 20. On January 17, Quastrar sent a letter revoking the offer. Hylavian received this letter on January 21. A contract between Quastrar and Hylavian:Answerwas not formed because the revocation was effective before the acceptance was sent.was not formed because the revocation was effective before the acceptance was received.was formed on January 18.was formed on January 20.1 points Question 14Which of the following offers are considered to be irrevocable for a given period?AnswerFirm offers.Option contracts.A writing signed by a merchant offering to hold open an offer for a sale of goods for a stated period.All of the above.1 points Question 15Collector Carl displays his beer can collection at the local swap meet. Mary sees the collection and is interested in buying it. Carl says he will sell the collection for $1,500. Mary says she really likes the collection but is only willing to pay $1,000. Which of the following is correct?AnswerMary’s counteroffer terminates Carl’s offer of $1,500.If Carl rejects Mary’s counteroffer, she can still accept Carl’s offer of $1,500.Neither offer is valid. Who would ever pay $1,000 or $1,500 for a beer can collection?Mary’s offer is a firm offer. Carl has an exclusive right to consider her offer for a reasonable period of time.1 points Question 16David and George have a contract wherein George agrees to buy sporting goods and equipment. Since the goods are not to be delivered for several months, they left the price open. Under the UCC, which of the following will be true?AnswerThe price will be the reasonable price based on fair market value of the goods at the time of delivery.David has the freedom to set any price he wants considering George was foolish enough to enter into a contract without a price established.George has the right to establish a price because he is the buyer. David should have taken steps to protect his sales interest.None of the above. The contract is not valid because the terms are not definite and certain.1 points Question 17Travel Lust offered to sell 100 round-trip tickets to Elaine. Travel Lust stated that the acceptance must be in writing by UPS next-day service. Which of the following acceptances will create a contract between Travel Lust and Elaine?AnswerElaine calls Travel Lust and states that she will buy the tickets.Elaine sends a fax to Travel Lust stating she will buy the tickets.Elaine sends a letter by UPS next-day service to Travel Lust stating that she will buy the tickets.All of the above responses will create a contract between Travel Lust and Elaine since they constitute reasonable means of communication.1 points Question 18Wally owns 200 acres of land. Wally offers to sell the land to Robert for $1,500 per acre. Robert replies that he does not need 200 acres of land but would like to buy 40 acres at $1,500 per acre. Wally agrees to sell but does not identify which 40 acres. Later, Wally refuses to sell any land to Robert. What is the result?AnswerRobert wins; this is an enforceable contract with complete and definite terms.Robert wins; the UCC will decide which 40 acres are to be sold.Wally wins; the original offer was not intended to be an offer but merely an invitation to negotiate.Wally wins; this agreement is too indefinite since it does not identify which 40 acres are to be sold.1 points Question 19In which case is the offer still valid at the time the acceptance is made?AnswerHal offered to sell a book to Sid. Hal died, and Sid sent an acceptance two days later.By-Waste Co. telephones XXX Co. offering to dispose of XXX Co.’s chemical waste by a particular method. XXX says it has another way to dispose of the waste. Then XXX finds out the method it planned to use violates environmental protection statutes, so it sends a letter of acceptance to By-Waste.Ray offers to sell his AT&T stock for a particular price by May 1. On May 2, Kathy agrees to buy the stock.In a face-to-face transaction, Pat offers to sell Mike his stereo and Mike accepts.1 points Question 20Sam’s uncle tells him, “For your graduation gift, I’ll give you money so that you can buy a computer for college.” Sam buys a good used computer but the uncle refuses to give the money. Sam’s best theory for recovery when suing his uncle is:Answerbreach of contract.breach of quasi-contract.promissory estoppel.defamation.
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