UCC brown Chap9 test bank

UCC brown Chap9 - ch7 Student 1 Bartering generally involves an exchange of services and/or goods that are equal in value rather than a payment of

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ch7 Student: ___________________________________________________________________________ 1. Bartering generally involves an exchange of services and/or goods that are equal in value, rather than a payment of money. True False 2. A person who makes an offer is called an offeree. True False 3. Mutual assent involves the legal ability to make a contract. True False 4. Kayla provides consideration when she gives up her right to sue in exchange for a settlement payment. True False 5. The UCC is a unified set of statutes designed to govern almost all commercial transactions. True False 6. Not all contracts are agreements. True False 7. The courts have never been agreeable to the enforcement of social agreements. True False 8. Vivian believes that Ewell's contract with Mickey is unfair to Ewell. Vivian may sue since she has privity due to her interest in Ewell. True False 9. Matthew agrees with a friend to divide the proceeds from a bank robbery that the two will commit. This agreement is void. True False 10. Contracts made by minors are voidable contracts. True False 11. When there is a breach of contract, the injured party has the right to ask a court to somehow remedy the situation. True False
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12. Clark promises to pay Mike $30 if Mike will mow Clark's yard. This is an example of a unilateral contract. True False 13. When contracting parties accept mutual obligations through oral discussion, they have created an implied contract. True False 14. Pumping gas into a car at a self-service gas station would be an example of an implied-in-law contract. True False 15. The quasi-contract concept may be applied as a means of obtaining payment. True False 16. A quasi-contract results from the mutual assent of the parties involved. True False 17. An informal contract is one that is only created orally. True False 18. An informal contract is also known as an easy contract. True False 19. A seal is an impression placed on a written contract indicating that the instrument was executed and accepted in a formal manner. True False 20. An agreement that has been completed is an executed contract. True False 21. A promisee A. Is the one to whom a promise is made B. Is the contracting party who makes a promise C. Is the party who is obligated to deliver on a promise D. Is the contracting party to whom the other party owes an obligation 22. This theory is a general principle of law which states that a contract will exist once all of the parties with the legal capacity to contract have actually accepted all obligations and benefits under the contract and have exchanged things of value. A. Equal value theory B. Will theory C. Formalist theory D. Social contract theory
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23. The rule that an innocent party is not permitted to take advantage of a breach by deliberately raising the level of damages that the other party will have to pay as a consequence of the breach is known as A. Mitigation B. Punitive damages C. Equal value
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This note was uploaded on 06/13/2011 for the course ACC online taught by Professor Prof during the Spring '10 term at Seton Hall.

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UCC brown Chap9 - ch7 Student 1 Bartering generally involves an exchange of services and/or goods that are equal in value rather than a payment of

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