1.Which of the following is true of the United Nations Convention on Contracts for the International Sale of Goods (CISG)?

Select one:

a. It requires contracts for the sale of goods in excess of $300 to be in writing.

b. It mainly aims to unify and codify an international law of sales.

c. It focuses on which terms of the offer and acceptance are the same.

d. It applies to commercial and consumer transactions.

2.Forbearance occurs when:

Select one:

a. a debtor and two or more creditors agree to accept a stated percentage of their liquidated claims against the debtor.

b. someone promises not to file a legal suit in exchange for a promise to pay a certain sum of money or some other consideration.

c. promises are worded in a way that allows the promisor to decide whether or not to perform the promise.

d. there is no dispute about the existence or the amount of the debt.

3.Under the Uniform Commercial Code, minors who disaffirm their contracts involving goods:

Select one:

a. can reclaim the goods from third parties.

b. can no longer reclaim those goods from innocent third parties.

c. have to return consideration even if the goods have been consumed.

d. have to return consideration even if the goods have been stolen from them.

4.A person suffering from mental impairment can have the legal capacity to contract if:

Select one:

a. the contract is for necessaries provided by the parents.

b. the person is married.

c. the person can possibly be cured sometime in the future.

d. the person entered a binding contract during a lucid moment.

5.All the elements of misrepresentation and the fact that the misrepresentation was knowingly made with an intent to deceive, have to be established to prove _____.

Select one:

a. undue influence

b. duress

c. fraud

d. a unilateral mistake