Chapter 12 - CHAPTER 12CONTRACTS AND SALES INTRODUCTION AND...

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Business Law and the Legal Environment, Standard Edition
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Chapter 20 / Exercise 2
Business Law and the Legal Environment, Standard Edition
Beatty
Expert Verified
CHAPTER 12—CONTRACTS AND SALES: INTRODUCTION AND FORMATIONTRUE/FALSE1.Contracts for the sale of real property are governed by the Uniform Commercial Code.
PTS:1NAT:AACSB: AnalyticTOP:UCC v. common law2.The Restatement of Contracts is another name for the UCC.
PTS:1NAT:AACSB: AnalyticTOP: Restatement3.Under the UCC, offers need price, subject matter, and quantity to be definite enough.
PTS:1NAT:AACSB: AnalyticTOP:UCC offers4.An offer is effectively communicated upon mailing or dispatch.
PTS:1NAT:AACSB: AnalyticTOP: offers5.Revocation can be valid any time prior to acceptance.
PTS:1NAT:AACSB: AnalyticTOP: revocation6.A merchant's firm offer requires consideration to be valid.
PTS:1NAT:AACSB: AnalyticTOP:firm offer7.Options require consideration to be valid.
PTS:1NAT:AACSB: AnalyticTOP: options8.Under common law, a counteroffer is also a rejection.
PTS:1NAT:AACSB: AnalyticTOP: counteroffers9.The UCC Battle of the Forms provision allows additional terms in an acceptance without invalidating the acceptance.
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Business Law and the Legal Environment, Standard Edition
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Chapter 20 / Exercise 2
Business Law and the Legal Environment, Standard Edition
Beatty
Expert Verified
PTS:1NAT:AACSB: AnalyticTOP: 2-20710.The UCC rules on additional terms in acceptance are the same for merchants and nonmerchants.
PTS:1NAT:AACSB: AnalyticTOP: 2-20711.Contracts for services are governed by the UCC.
PTS:1NAT:AACSB: AnalyticTOP: services12.An acceptance of a stipulated means offer by a different means is effective upon receipt.
PTS:1NAT:AACSB: AnalyticTOP: acceptance13.Common law does not dictate amounts required for consideration.
PTS:1NAT:AACSB: AnalyticTOP: consideration14.Contracts for the sale of land must be in writing to be enforceable.
PTS:1NAT:AACSB: AnalyticTOP:statute of frauds15.A contract for the sale of a car for $700, under the old UCC, must be in writing to be enforceable.
PTS:1NAT:AACSB: AnalyticTOP:statute of frauds16.A contract to solicit subscribers through pop-up Internet ads is considered a good under the UCC because it is a list of names.
PTS:1NAT:AACSB: AnalyticTOP: services17.Implied contracts are unenforceable.
PTS:1NAT:AACSB: AnalyticTOP:implied contract18.Quasi contracts are implied-in-law contracts.
PTS:1NAT:AACSB: AnalyticTOP:quasi contract19.The parties' previous course of dealing will have little impact as courts interpret their contract.
PTS:1NAT:AACSB: AnalyticTOP:course of dealing20.A UCC offer is valid with the subject matter stated even though no price is given.
PTS:1NAT:AACSB: AnalyticTOP: offers21."I'll take it, but you must deliver," is a valid acceptance.
PTS:1NAT:AACSB: AnalyticTOP: acceptance22.An acceptance by a merchant in response to an offer by a merchant cannot contain any additional terms or it will be treated as a counteroffer under the UCC.

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