11. How is a UCC "firm offer" different from a common law option contract? _____ (Offeror cannot revoke the offer for a period of time / offeror must honor offer even if she did not receive consideration - money - to hold the offer open for offeree / UCC firm offer does not have to be in writing / all the other choices are correct).

12. The video uses the example of an offer to sell a house as part of a general explanation of a UCC Firm Offer. Video is showing how an option contract is different from a UCC Firm Offer. Would the sale of a house be governed by the UCC? _____ (Yes / No, real estate is not governed by the UCC)

13. When a state (such as Iowa) adopts a uniform law such as the UCC, could the state alter the wording of the suggested UCC 2-205 to expressly limit firm offers to be "between" merchant buyers and merchant sellers? _____ (Yes, the model act can be customized by each state / No, the model act must be adopted exactly as written otherwise that defeats the purpose of uniform legislation).

14. The video states that in situations where the UCC differs from the common law of contracts, the main reason for that is to _______ (facilitate commerce / keep contracts uniform / maintain expectations).

15. The video discusses the common law contract concept of the mirror image rule. This means an offeree must accept the terms of an offer exactly as proposed or else the offeree has made a counteroffer. The UCC treats nonmerchants (i.e., consumers) and merchants differently in what is known as the battle of the forms. If a transaction is between merchants, the offeree can add additional terms to the original offer as part of his acceptance and those new terms will be part of the resulting contract unless objected to by the original offeror. Why does the UCC treat merchants and nonmerchants differently? ______ (Merchants are held to a higher standard of knowledge and commercial awareness than consumers / the law is a little bit more lenient with consumers / rules that apply to merchants by default can be a bit harsh on consumers who has less knowledge or awareness of the law / all the other answers are correct)