Business Law Questions

Chapter troduction to Contracts and Star se of establishing consideration 10. Outputs and requirements contracts statele mat for the u and are thus, recognized as valid contracts under the UCC 19. The definition of "goods in the UCC may include timber, minerals, growing crops, or a building 20. The common law "mirror image nile has been modified by the Code 1. The contracts of a person who is adjudicated in ane and placed in care of ardian revod 22. The Parol Evidence Rule measure the intent of the parties to a contract by limiting the review by a court to only the original written agreement 23. In determining whether a contract containing both a sale of goods and a service is a UCC contractor general contract, a majority of states follow the predominant purpose fest 24. Ira contract does not comply with the statute of frauds, it is void. 25. The purpose of Article 2 of the UCC is to modemize, clarify simplify, and make uniform the law of sales MULTIPLE CHOICE (3 Points Each) 1. A contract in which both parties exchange promises is a: a voidable contract. b. bilateral contract. c. unilateral contract. d. quasi contract. 2. Promissory estoppel is a contractual doctrine that includes which of the following considerations? a. The courts use the doctrine of promissory estoppel to enforce noncontractual promises. b. Under this doctrine, the promisor reasonably expects that the promisee, in reliance on the promise, will be induced by the promise to take action or refrain from taking action and the promisee does so. c. The courts will not under any circumstance, enforce promises that do not include all four of the elements required for a vaild contract. d. Both (a) and (b). 3. Which of the following contracts is covered by Article 2 of the Uniform Commercial Code? a. The sale of a house. b. The sale of a new car c. An employment agreement. d. A sale of automobile insurance. contract is one in which the terms have been definitely and specifically stated 4. A(n) and agreed upon a. express b. implied c. written d. formal