7 Economic duress occurs when:

a person agrees to a contract merely because of difficult financial circumstances that are not the fault of the other party.

one party offers a hard bargain and takes advantage of the other's urgent need to make a contract.

a person threatens to harm another person financially in order to get an agreement.

one party makes a threat of violence and the other agrees to contract to avoid injury.

13- Which of the following warranties does an assignor make when he assigns rights under a contract to an assignee for value?

That if the assignor commits a breach of warranty, the assignee cannot seek to recover any loss from the assignor

That the assignee is the true owner of the right

That the right is invalid at the time the assignment is made

That there are no defenses available to the debtor that have not been disclosed

to the assignee

17- Which of the following is true of the nature of writing required to satisfy the Statute of Frauds?

The writing cannot include typewritten signatures.

The writing can be made before the making of the sale.

The writing can be in the form of letters, e-mails, and telegrams.

The writing need not state the quantity of the goods involved.

18- As per the UCC's definition of sale, in which of the following transactions has a sale taken place?

A buys a bicycle from B's shop.

A transfers the ownership of 50 acres of land to B.

A purchases the digital rights to a book that B wrote.

A pays B to repair his car.

19- Which of the following statements is true of illegal sales?

If a sale is divisible with a legal and illegal part, then neither part is enforceable by the law.

An indivisible sale with an illegal part makes the entire sale illegal.

If a party is completely innocent and has entered into an illegal sale, the court will not intervene to aid the party.

If a sale involves several separate items but it is a lump-sum sale, then the sale is considered divisible.

20- Which of the following best describes the term "acceptance"?

It is taking repossession of goods by the seller once they have been sold.

It is the acknowledgement of a fact during the course of the sale.

It is the assent of a buyer to become the owner of specific goods.

It is the assent of a seller to provide specific goods.