1/ All promises if accepted are a contract.

Group of answer choices

True

False

2/ Parties may enter into a contract for any agreement providing the subject matter of the agreement is legal and the agreement will be enforceable.

Group of answer choices

True

False

3/ Choose all of the elements of a contract:

Group of answer choices

acceptance

consideration

offer

Be in writing

4/ In a common law contract, you can make minor modifications to the offer and it is a valid acceptance.

Group of answer choices

True

False

5/ An acceptance under the UCC may not always have identical terms as the offer.

Group of answer choices

True

False

6/ Chose all of the following types of contracts that must be in writing and signed by the defendant to be enforceable: (Choose all the correct answers)

Sale of Goods over $500.00

promise to pay debt of another

Contracts that can not be performed by the terms of the contract within one year of the date of the agreement.

interest in land

7/ A person under age 18, can enter into a contract if they have the means to complete the contract.

Group of answer choices

True

False

8/ A corporation or other business entity must be in good standing (paid taxes and done necessary filings) to have capacity to enter into a contract.

Group of answer choices

True

False

9/ A breach of contract is when one party fails to perform as promised under the contract.

Group of answer choices

True

False

10/ Specific Performance (requiring a party to fulfill the promise under the contract) is a common term in an employment contract.

Group of answer choices

True

False

11/ In order to bring a lawsuit to enforce a contract, it must be brought within a certain period of time.

Group of answer choices

True

False

12/ An offer may be revoked by the offeror at anytime.

Group of answer choices

True

False

13/ A counter offer (change in terms) acts as a rejection of the offer and may be seen as a counter offer (new offer).

Group of answer choices

True

False

14/ If I agree to purchase drugs from you and I do not pay, that would be a breach of contract and you could sue me in court.

Group of answer choices

True

False

15/ If a baker notifies you that he will not deliver the bread for your restaurant. You must try to find bread even if it costs more money, or your damages may be reduced or denied in a lawsuit.

Group of answer choices

True

False

16/ Specific performance is a remedy available in a personal service contract. (You could make a singer perform because you have a contract, or make an employee work for the term of the contract.)

Group of answer choices

True

False

17/ UCC 2-204: even if terms of are undetermined, a contract may still exist.

• Open Terms: "Indefiniteness" is OK as long as the parties intended to make a contract and there is a reasonable basis for a court to grant a remedy.

Group of answer choices

True

False

18/ Under the UCC, shipment of nonconforming goods is both an acceptance and a breach unless goods sent as an "accommodation" to buyer.

Group of answer choices

True

False

19/ Under the UCC, risk of loss is always with the seller until the goods are received by the buyer.

Group of answer choices

True

False

20/ If you had a contract for your wedding cake and the baker breached the contract and failed to deliver the cake, you can sue for emotional distress damages.

Group of answer choices

True

False