QUESTION 1 1 Which of the following would most likely be a merchant with respect to the goods in question under the UCC definition a Arthur is an authorized IBM computer dealer b Brian employs two salesmen to sell his homemade furniture c Clarence has a store in which he sells used lawn mowers d All of these would be merchants e None of these would be merchants QUESTION 2 1 The Rogers family has always wanted to buy the beautiful house at the top of the hill The owners of the house, the Thompsons, decided to sell and called Mr Rogers Before he could get back in touch with Mr Thompson, Mr Rogers suffered a heart attack and died Mr Rogers' adult daughter, to whom the Thompsons had not spoken, still wants the house She may a not accept, because she does not have the capacity b accept, since the contract offer is assignable c accept, since the offer cannot be revoked without notice d not accept, since the offer is terminated QUESTION 3 1 The definition of commercial reasonableness as used in contract law includes a the business judgment of expert business managers b that the practices customary in the type of transaction involved be used as a standard c the requirements to develop creative and innovative solutions never before used in a particular industry d None of these QUESTION 4 1 Under the common law, the must be the mirror image of the a contract, offer b acceptance, offer c offer, acceptance d contract, consideration QUESTION 5 1 Tim mails an offer to Brian on June 15 Brian receives the offer on June 16 Tim mails a revocation of the offer on June 17 Brian mails a letter of acceptance on June 18 Brian receives the revocation on June 19 Tim receives the letter of acceptance on June 20 Was a contract formed a Yes, on June 20 b Yes, on June 16 c No, the offer was revoked before acceptance d Yes, on June 18 QUESTION 6 1 Jack has been in the business of selling carpeting for 20 years He calls Bob, who is opening another branch of his furniture stores, and offers to sell him 100 square yards of carpet at $20 per square yard Bob agrees and sends back the following letter confirming the deal Dear Jack As we discussed on the phone January 3, we accept your offer of 100 square yards of Saxony heather blue carpeting at the rate of $20 per square yard We also reserve the right to purchase any additional yardage we need to carpet our other showroom facilities at the same rate for one year from that date Very truly yours, Bob Which of the following is true a There is a contract for only 100 square yards of carpeting b There is no contract since Bob made a counteroffer c There is no contract because the additional term is too uncertain to become a contract term d There is a contract for 100 square yards PLUS the additional yardage QUESTION 7 1 To be effective, an offer must a be spoken directly to the offeree b always contain the price of the product or service offered c be communicated to the offeree d always contain the place of delivery QUESTION 8 1 Destruction of the subject matter has what effect on the offer a This creates an impossibility of fact that does not terminate the offer b The offer is delayed until additional subject matter can be located c The offer is merely delayed under the Hardship Rule d The offer is terminated QUESTION 9 1 Marilyn read an ad in the school newspaper offering a $1,000 swimming scholarship to anyone who could swim 500 laps in the school pool Marilyn called the advertiser and began swimming She has reached lap number 460 she feels great and is sure she can make it all the way The advertiser a must permit Marilyn the opportunity to finish her attempt to swim the 500 laps, or pay damages if he interferes with the completion of the laps b must pay Marilyn $920, because she has performed 92 of the offer c may not revoke the offer since Marilyn has already accepted it d may revoke the offer since there has not yet been an acceptance QUESTION 10 1 Maxine offered to sell her video camera to Tom for $200 and also stated to Tom, I will give you two weeks to accept my offer One week later Tom learned that Maxine had sold the video camera to Cindy In this case a Maxine's offer is a firm offer and she must sell Tom a video camera for $200 b an option contract was created, so Maxine is liable to Tom if she sells the camera to someone else within the two week period c Maxine must get the camera back from Cindy if Tom accepts within two weeks d Maxine has revoked her offer to Tom QUESTION 11 1 The UCC provides missing contract terms in which of the following instances a The contract fails to specify the price b The contract fails to specify the place of delivery c Both failure to specify the price and failure to specify the place of deliver d The UCC cannot provide missing contract terms only the parties can provide terms QUESTION 12 1 When does acceptance of an offer to enter into a unilateral contract generally occur a Upon commencement of performance by the offeree b Upon full performance by the offeree c Upon notice of intent to accept by the offeree d Upon full performance by the offeror QUESTION 13 1 Robinson Wiring Co submits a written offer for Turner Construction's use as part of its bid as a general contractor for an office complex Robinson knows Turner is relying on Robinson's bid Robinson a cannot revoke its offer since it is a firm offer b can revoke its offer for a reasonable time under the doctrine of commercial reasonableness c cannot, under the doctrine of promissory estoppel, revoke its bid even prior to acceptance d can revoke its offer at any time until it is notified that Turner's bid has been accepted QUESTION 14 1 Michelle's Boutique places an ad in the Sunday paper for beautiful, top of the line designer suits for $3 00 Alice sees the ad in the paper and goes to the store to stock up on business suits for her new job Michelle apologizes for the misprint Alice has just finished a class in contract law and insists that the store sell her five suits for $15 Alice threatens to sue Michelle for breach of contract a This is a valid contract based on commercial reasonableness b The ad in the newspaper is an offer to sell, Alice accepted the offer, and there is an enforceable contract c The ad in the newspaper is a solicitation seeking offers, but is not an offer to sell therefore, Alice will not be able to successfully sue for breach of contract d None of these QUESTION 15 1 A is the refusal to accept an offer a rejection b counteroffer c statutory irrevocability d revocation QUESTION 16 1 Which is not a revocable offer a A bid to construct a bridge for the city b An offer to buy stock in the ABC Corporation once it is formed c A unilateral offer to pay John $30 to mow your lawn after he has completed half the job and indicates he wishes to finish d None of these are revocable offers QUESTION 17 1 Action Play Equipment ordered 200 feet of chain, 400 clasps, and 50 swing seats from Brace Company for $1,600 to be delivered within three weeks of the order Brace sent back an acceptance form which stated payment was due within 30 days of delivery or a finance charge of 2 per month would be added to the balance What is the status of the interaction between Action and Brace a There is a valid contract under the UCC, and the additional payment terms become part of the contract unless Action objects within a reasonable period of time b There is no contract, because Brace has made a counteroffer by adding payment terms c There is no contract, because the method of transportation has not been decided d There is a valid contract for the goods, but the payment terms will not become part of the contract QUESTION 18 1 Which of the following would NOT be a merchant under Article 2 of the UCC a The owner of a hardware store which sells paint b A car mechanic who fixes used cars and sells them in his spare time c A person who inherits three speedboats and wants to sell them to buy a car d Two of these are true QUESTION 19 1 If Anna Laura, in return for the payment of $200 to her by Catherine, gives Catherine an option to buy Jesse, a prime Arabian mare, at any time within the next 14 days at a price of $50,000, Anna Laura's offer to Catherine is a an irrevocable output contract b a revocable option contract c a requirements contract d irrevocable for the 14 days covered by the option QUESTION 20 1 The case in which the court held that a newspaper advertisement was an offer because it contained a promise of performance in definite terms in return for a requested act was a Lefkowitz v Great Minneapolis Surplus Store, Inc b Sherrod v Kidd c Catamount Slate Products, Inc v Sheldon d Giannetti v Cornillie

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QUESTION 1 1.Which of the following would most likely be a merchant with respect to the goods in question under the UCC definition? a. Arthur

QUESTION 1

1.Which of the following would most likely be a merchant with respect to the goods in question under the UCC definition?

Arthur is an authorized IBM computer dealer.

Brian employs two salesmen to sell his homemade furniture.

Clarence has a store in which he sells used lawn mowers.

All of these would be merchants.

None of these would be merchants.

QUESTION 2

1.The Rogers family has always wanted to buy the beautiful house at the top of the hill. The owners of the house, the Thompsons, decided to sell and called Mr. Rogers. Before he could get back in touch with Mr. Thompson, Mr. Rogers suffered a heart attack and died. Mr. Rogers' adult daughter, to whom the Thompsons had not spoken, still wants the house. She may:

not accept, because she does not have the capacity.

accept, since the contract offer is assignable.

accept, since the offer cannot be revoked without notice.

not accept, since the offer is terminated.

QUESTION 3

1.The definition of commercial reasonableness as used in contract law includes:

the business judgment of expert business managers.

that the practices customary in the type of transaction involved be used as a standard.

the requirements to develop creative and innovative solutions never before used in a particular industry.

None of these.

QUESTION 4

1.Under the common law, the __________ must be the mirror image of the __________.

contract, offer.

acceptance, offer.

offer, acceptance.

contract, consideration.

QUESTION 5

1.Tim mails an offer to Brian on June 15. Brian receives the offer on June 16. Tim mails a revocation of the offer on June 17. Brian mails a letter of acceptance on June 18. Brian receives the revocation on June 19. Tim receives the letter of acceptance on June 20. Was a contract formed?

Yes, on June 20.

Yes, on June 16.

No, the offer was revoked before acceptance.

Yes, on June 18.

QUESTION 6

1.Jack has been in the business of selling carpeting for 20 years. He calls Bob, who is opening another branch of his furniture stores, and offers to sell him 100 square yards of carpet at $20 per square yard. Bob agrees and sends back the following letter confirming the deal:

Dear Jack:

As we discussed on the phone January 3, we accept your offer of 100 square yards of Saxony "heather blue" carpeting at the rate of $20 per square yard. We also reserve the right to purchase any additional yardage we need to carpet our other showroom facilities at the same rate for one year from that date.

Very truly yours,

Bob

Which of the following is true?

There is a contract for only 100 square yards of carpeting.

There is no contract since Bob made a counteroffer.

There is no contract because the additional term is too uncertain to become a contract term.

There is a contract for 100 square yards PLUS the additional yardage.

QUESTION 7

1.To be effective, an offer must:

be spoken directly to the offeree.

always contain the price of the product or service offered.

be communicated to the offeree.

always contain the place of delivery.

QUESTION 8

1.Destruction of the subject matter has what effect on the offer?

This creates an impossibility of fact that does not terminate the offer.

The offer is delayed until additional subject matter can be located.

The offer is merely delayed under the "Hardship Rule."

The offer is terminated.

QUESTION 9

1.Marilyn read an ad in the school newspaper offering a $1,000 swimming scholarship to anyone who could swim 500 laps in the school pool. Marilyn called the advertiser and began swimming. She has reached lap number 460; she feels great and is sure she can make it all the way. The advertiser:

must permit Marilyn the opportunity to finish her attempt to swim the 500 laps, or pay damages if he interferes with the completion of the laps.

must pay Marilyn $920, because she has performed 92% of the offer.

may not revoke the offer since Marilyn has already accepted it.

may revoke the offer since there has not yet been an acceptance.

QUESTION 10

1.Maxine offered to sell her video camera to Tom for $200 and also stated to Tom, "I will give you two weeks to accept my offer." One week later Tom learned that Maxine had sold the video camera to Cindy. In this case:

Maxine's offer is a firm offer and she must sell Tom a video camera for $200.

an option contract was created, so Maxine is liable to Tom if she sells the camera to someone else within the two-week period.

Maxine must get the camera back from Cindy if Tom accepts within two weeks.

Maxine has revoked her offer to Tom.

QUESTION 11

1.The UCC provides missing contract terms in which of the following instances?

The contract fails to specify the price.

The contract fails to specify the place of delivery.

Both failure to specify the price and failure to specify the place of deliver.

The UCC cannot provide missing contract terms; only the parties can provide terms.

QUESTION 12

1.When does acceptance of an offer to enter into a unilateral contract generally occur?

Upon commencement of performance by the offeree.

Upon full performance by the offeree.

Upon notice of intent to accept by the offeree.

Upon full performance by the offeror.

QUESTION 13

1.Robinson Wiring Co. submits a written offer for Turner Construction's use as part of its bid as a general contractor for an office complex. Robinson knows Turner is relying on Robinson's bid. Robinson:

cannot revoke its offer since it is a "firm offer."

can revoke its offer for a reasonable time under the doctrine of "commercial reasonableness."

cannot, under the doctrine of promissory estoppel, revoke its bid even prior to acceptance.

can revoke its offer at any time until it is notified that Turner's bid has been accepted.

QUESTION 14

1.Michelle's Boutique places an ad in the Sunday paper for beautiful, top-of-the-line designer suits for $3.00. Alice sees the ad in the paper and goes to the store to stock up on business suits for her new job. Michelle apologizes for the misprint. Alice has just finished a class in contract law and insists that the store sell her five suits for $15. Alice threatens to sue Michelle for breach of contract.

This is a valid contract based on commercial reasonableness.

The ad in the newspaper is an offer to sell, Alice accepted the offer, and there is an enforceable contract.

The ad in the newspaper is a solicitation seeking offers, but is not an offer to sell; therefore, Alice will not be able to successfully sue for breach of contract.

None of these.

QUESTION 15

1.A __________ is the refusal to accept an offer.

rejection.

counteroffer.

statutory irrevocability.

revocation.

QUESTION 16

1.Which isnota revocable offer?

A bid to construct a bridge for the city.

An offer to buy stock in the ABC Corporation once it is formed.

A unilateral offer to pay John $30 to mow your lawn after he has completed half the job and indicates he wishes to finish.

None of these are revocable offers.

QUESTION 17

1.Action Play Equipment ordered 200 feet of chain, 400 clasps, and 50 swing seats from Brace Company for $1,600 to be delivered within three weeks of the order. Brace sent back an acceptance form which stated payment was due within 30 days of delivery or a finance charge of 2% per month would be added to the balance. What is the status of the interaction between Action and Brace?

There is a valid contract under the UCC, and the additional payment terms become part of the contract unless Action objects within a reasonable period of time.

There is no contract, because Brace has made a counteroffer by adding payment terms.

There is no contract, because the method of transportation has not been decided.

There is a valid contract for the goods, but the payment terms will not become part of the contract.

QUESTION 18

1.Which of the following would NOT be a merchant under Article 2 of the UCC?

The owner of a hardware store which sells paint.

A car mechanic who fixes used cars and sells them in his spare time.

A person who inherits three speedboats and wants to sell them to buy a car.

Two of these are true.

QUESTION 19

1.If Anna Laura, in return for the payment of $200 to her by Catherine, gives Catherine an option to buy Jesse, a prime Arabian mare, at any time within the next 14 days at a price of $50,000, Anna Laura's offer to Catherine is:

an irrevocable output contract.

a revocable option contract.

a requirements contract.

irrevocable for the 14 days covered by the option.

QUESTION 20

1.The case in which the court held that a newspaper advertisement was an offer because it contained a promise of performance in definite terms in return for a requested act was:

Lefkowitz v. Great Minneapolis Surplus Store, Inc.

Sherrod v. Kidd.

Catamount Slate Products, Inc. v. Sheldon.

Giannetti v. Cornillie.