Place the letter of the correct answer in the space provided beside the question.

1. The chief characteristic of the UCC is------------ (a) rigid rules (b) flexibility (c) the requirement standard clauses in contracts (d) mandatory damages. ______ 2. A counteroffer (a) is bargaining (b) requires no consideration (c) is not allowed under the UCC (d) kills the original offer. ______ 3. A bargained for exchange where each side gives up something is called (a) puffery (b) arbitration (c) revocation (d) consideration. ______ 4. If you want to protect yourself from being sued for non-performance on a contract due to a natural disaster, you would want to include a (a) severability clause (b) time is of the essence clause (c) force majeure clause (d) arbitration clause. ______ 5. A valid contract dealing with land (a) is governed by the Statute of Frauds (b) is governed by the UCC (c) must be in writing (d) both "a" and "c." ______ 6. When there is a substitution of new parties on the same contract, this is called (a) a novation (b) an accord (c) a modification (d) an addendum. ______ 7. When a relationship involves both money and a position of trust, it is (a) an indemnification (b) novation (c) a fiduciary relationship (d) an implied warranty. ______ 8. Which of the following is NOT a Duty of an Agent: (a) Duty of Performance (b) Duty to Compensate (c) Duty of Loyalty (d) Duty of Notification. ______ 9. Which of the following is NOT a Duty of a Principal: (a) Duty of Loyalty (b) Duty to Cooperate (c) Duty to Compensate (d) Duty to Reimburse. ______ 10. If a company's policy is neutral on its face, but it results in unexpected discrimination, this is called (a) disparate treatment (b) disparate impact (c) mixed motives (d) arbitrary.