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

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
CHAPTER 12—CONTRACTS AND SALES: INTRODUCTION AND FORMA- TION TRUE/FALSE 1. Contracts for the sale of real property are governed by the Uniform Commercial Code. ANS: F NAT: AACSB: Analytic TOP: UCC v. common law 2. The Restatement of Contracts is another name for the UCC. ANS: F NAT: AACSB: Analytic TOP: Restatement 3. Under the UCC, offers need price, subject matter, and quantity to be definite enough. ANS: F NAT: AACSB: Analytic TOP: UCC offers 4. An offer is effectively communicated upon mailing or dispatch. ANS: F NAT: AACSB: Analytic TOP: offers 5. Revocation can be valid any time prior to acceptance. ANS: T NAT: AACSB: Analytic TOP: revocation 6. A merchant's firm offer requires consideration to be valid. ANS: F NAT: AACSB: Analytic TOP: firm offers 7. Options require consideration to be valid. ANS: T NAT: AACSB: Analytic TOP: options 8. Under common law, a counteroffer is also a rejection. ANS: T NAT: AACSB: Analytic TOP: counteroffer 9. The UCC Battle of the Forms provision allows additional terms in an acceptance without invalidating the acceptance. ANS: T NAT: AACSB: Analytic TOP: 2-207 10. The UCC rules on additional terms in acceptance are the same for merchants and nonmerchants. ANS: F NAT: AACSB: Analytic TOP: 2-207 11. A term such as "2/10 net thirty" is a material term for UCC purposes. ANS: F NAT: AACSB: Analytic TOP: 2-207 12. An acceptance of a stipulated means offer by a different means is effective upon receipt.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
ANS: F NAT: AACSB: Analytic TOP: acceptance 13. Common law does not dictate amounts required for consideration. ANS: T NAT: AACSB: Analytic TOP: consideration 14. Contracts for the sale of land must be in writing to be enforceable. ANS: T NAT: AACSB: Analytic TOP: statute of frauds 15. A contract for the sale of a car for $700, under the old UCC, must be in writing to be enforceable. ANS: T NAT: AACSB: Analytic TOP: statute of frauds 16. The UCC Merchants' Confirmation Memorandum allows enforcement of a contract that is signed by only one party. ANS: T NAT: AACSB: Analytic TOP: 2-205 17. Implied contracts are unenforceable. ANS: F NAT: AACSB: Analytic TOP: implied contract 18. Quasi contracts are implied-in-law contracts. ANS: T NAT: AACSB: Analytic TOP: quasi contract 19. The parties' previous course of dealing will have little impact as courts interpret their contract. ANS: F NAT: AACSB: Analytic TOP: course of dealing 20. A UCC offer is valid with the subject matter stated even though no price is given. ANS: T NAT: AACSB: Analytic TOP: offer 21. "I'll take it, but you must deliver," is a valid acceptance. ANS: F NAT: AACSB: Analytic TOP: acceptance 22. 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. ANS: F
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 11/06/2010 for the course GA GM521 taught by Professor Ga during the Spring '10 term at DeVry Chicago.

Page1 / 16

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

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online