Term
Article --- governs the sale of goods
A. 1
B. 2
C. 3
D. 4 |
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Definition
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Term
Numbers triumph words on a check
True or False? |
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Definition
| False. Words triumph numbers on a check |
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Term
U.C.C. requires all contracts to be written over:
A. $100
B. $250
C. $500
D. $1000 |
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Definition
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Term
Every state has adopted to the Uniform Commercial Code except:
A. Louisiana
B. Mississippi
C. Florida
D. California |
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Definition
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Term
The UCC does not govern the sales in:
A. Real Property
B. Personal Property
C. Tangible Property
D. Non-Tangible Property |
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Definition
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Term
There is no nationwide law of contracts
True or False? |
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Definition
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Term
All of these are issues in regarding contracts except:
A. When and how it is formed
B. When party can escape obligations
C. The UCC
D. Remedy
E. Meaning and effect |
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Definition
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Term
| Duties and rights courts will enforce. |
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Definition
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Term
Common Law includes contracts all of the following except:
(May Be More Than One)
A. Employment
B. Registration
C. Services
D. Insurance
E. Real Property
F. None of the above |
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Definition
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Term
Contract Obligations are owed to:
A. Specific people
B. Group of people
C. All of the above
D. None of the above |
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Definition
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Term
Tort Obligations are owed to:
A. Specific people
B. Group of people
C. All of the above
D. None of the above |
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Definition
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Term
Restitutionary Liability would best be described as:
A. "Just"
B. "Unjust"
C. All of the above
D. None of the above |
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Definition
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Term
7. The essential elements of a contract include all but which of the following?
A. Legality of object
B. Reliance
C. Capacity
D. Consideration |
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Definition
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Term
Which of the following statements are true about unenforceable contracts?
A. Unenforceable contracts are the same as void contracts.
B. Unenforceable contracts are the same as voidable contracts.
C. Unenforceable contracts are always executed.
D. Unenforceable contracts have no remedy available. |
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Definition
D. Unenforceable contracts have no remedy available.
Voidable contracts are contracts where the law permits at least one of the parties to avoid the legal duties of the contract. Unenforceable contracts may meet all the essential elements to otherwise be a valid contract, but the law can provide no remedy. |
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Term
Keith, a minor fully supported by his parents and without any particular skill or knowledge, enters into a written contract with Robert's Used Cars. Keith has a(n):
A. formal contract.
B. informal and unenforceable contract.
C. informal and wholly enforceable contract.
D. voidable contract. |
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Definition
D. voidable contract.
One of the parties to the contract can chose not to perform his contractual duties without penalty because he is a minor who has no necessity for a car apparent from the facts. These facts make the contract voidable. |
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Term
While driving to work, Amanda stopped at a gas station and filled her gas tank. Amanda is obligated to pay for the gas because there is a(n):
A. implied contract.
B. express contract.
C. bilateral contract.
D. unilateral contract. |
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Definition
A. implied contract.
An implied contract is one in which the terms of the contract are wholly or partially inferred from conduct, such as filling the gas tank with gas. |
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Term
A party to a void contract is legally required to perform the specified contractual duties.
A. True
B. False |
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Definition
B. False
A void contract does not legally exist; therefore there are no contractual duties required of either party. |
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Term
Breach is defined as remedies provided for by the court.
A. True
B. False |
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Definition
B. False
A breach of contract is defined as a failure to properly perform promises which are enforceable in a court of law. |
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Term
3. All written promises brought to the court's attention will be treated as contracts.
A. True
B. False |
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Definition
B. False
Not all promises are contracts. Whether a promise is written or oral is irrelevant as to its contractual nature. What is significant to the law of contracts is whether a promise meets the essential elements of a contract. |
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Term
4. Article 2 of the Uniform Commercial Code governs sales in all states except Louisiana.
A. True
B. False |
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Definition
A. True
All sales transactions in each of the states, besides Louisiana, are governed by Article 2 of the Code. Where the Code has not specifically modified the common law, then the common law of the state governs the issue in question. |
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Term
5. The definition of a quasi contract includes the following:
A. A quasi contract is not a contract.
B. A quasi contract is an implied contract.
C. A quasi contract is an unjust enrichment.
D. A quasi contract is an injustice. |
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Definition
A. A quasi contract is not a contract.
A quasi contract is not an implied contract. The law creates a quasi contract where no actual contract exists to assure a just result from the actions of the parties |
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Term
6. Remedies that a court may order for breach of contract include all but which of the following?
A. Restitution
B. Reliance damages
C. Mutual Assent
D. Equity |
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Definition
C. Mutual Assent
Mutual assent is not a remedy for a breach of contract. It is one of the essential elements for a promise to be a contract. |
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Term
7. The essential elements of a contract include all but which of the following?
A. Legality of object
B. Reliance
C. Capacity
D. Consideration |
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Definition
B. Reliance
Legality is an essential element of a contract. |
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Term
8. While driving to work, Amanda stopped at a gas station and filled her gas tank. Amanda is obligated to pay for the gas because there is a(n):
A. implied contract.
B. express contract.
C. bilateral contract.
D. unilateral contract. |
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Definition
A. implied contract.
In a bilateral contract, both parties make promises. |
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Term
9. Which of the following statements are true about unenforceable contracts?
A. Unenforceable contracts are the same as void contracts.
B. Unenforceable contracts are the same as voidable contracts.
C. Unenforceable contracts are always executed.
D. Unenforceable contracts have no remedy available. |
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Definition
D. Unenforceable contracts have no remedy available.
A contract may be unenforceable because, although it met the four essential elements of a contract, it did not meet the requirements of the Statute of Frauds, or the Statute of Limitations has run out. |
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Term
10. Keith, a minor fully supported by his parents and without any particular skill or knowledge, enters into a written contract with Robert's Used Cars. Keith has a(n):
A. formal contract.
B. informal and unenforceable contract.
C. informal and wholly enforceable contract.
D. voidable contract. |
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Definition
D. voidable contract.
One of the parties to the contract can chose not to perform his contractual duties without penalty because he is a minor who has no necessity for a car apparent from the facts. These facts make the contract voidable. |
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