business law test 2 - Testing business Law test 2 | Quizlet...

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29 Written Questions setting aside a contract as a remedy for, for example, misrepresentation. 1. INCORRECT: You gave no answer ANSWER: rescission Sale of goods for $500 ($5000 revised UCC) or more 2. INCORRECT: You gave no answer ANSWER: UCC writing requirement Always required 3. INCORRECT: You gave no answer ANSWER: Common law consideration Need consideration 4. INCORRECT: You gave no answer ANSWER: Common law options This is the offeree's positive response to the offeror's proposed contract, and only persons to whom the offer is made have the power of acceptance. 5. INCORRECT: You gave no answer ANSWER: Acceptance Counter offer n. an offer made in response to a previous offer by the other party during negotiations for a final contract. Making a counter offer automatically rejects the prior offer, and requires an acceptance under the terms of the counter offer or there is no contract. Example: Susan Seller offers to sell her house for $150,000, to be paid in 60 days; Bruce Buyer receives the offer and gives Seller a counter offer of $140,000, payable in 45 days. The original offer is dead, despite the shorter time for payment since the price is lower 6. INCORRECT: You gave no answer business Law test 2 - 109 Questions Quizlet NAME: ________________________ Page 1 of 17 Testing business Law test 2 | Quizlet 11/1/2010 ..
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ANSWER: Counter offer These are the contracts for the international sale of goods; a proposed uniform law for international commercial transactions. 7. INCORRECT: You gave no answer ANSWER: CISG Must be free of all defenses for valid contract 8. INCORRECT: You gave no answer POSSIBLE ANSWERS: UCC defenses or Common law defenses This is a contract that neither side is required to perform, for example an illegal contract. 9. INCORRECT: You gave no answer ANSWER: Void contract exerting control over another party for purposes of gain. 10. INCORRECT: You gave no answer ANSWER: undue influence The federal law that requires that electronic signatures be recognized as valid for purposes of forming contracts. 11. INCORRECT: You gave no answer ANSWER: ESIGN (electronic signatures in global and national commerce Act of 2000) Can have additional terms 12. INCORRECT: You gave no answer ANSWER: UCC acceptance trust, confidence, reliance in a relationship. 13. INCORRECT: You gave no answer ANSWER: confidential relationship defence to performance of sales contract based on objective impracticability. 14. INCORRECT: You gave no answer Page 2 of 17 Testing business Law test 2 | Quizlet 11/1/2010 ..
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ANSWER: commercial impractibility A contract where one party makes a promise to perform. 15. INCORRECT:
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business law test 2 - Testing business Law test 2 | Quizlet...

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