Contract Questions

Contract Questions - 1 a b c d is a provision excusing one...

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1. ___________ is a provision excusing one party from fault or liability. a. Procedural unconscionability b. Exculpatory clause c. Substantive unconscionability d. Tortious conduct 2. ___________ is/are any property other than an interest in real property. a. Goods b. Personal property c. Tangible property d. None of the above 3. A ___________ is an obligation imposed by law to avoid injustice. a. contract implied in law b. bilateral contract c. quasi contract d. both a and c are correct 5. A and B contract for the sale of goods. Later A, who is 13 years old, wants to cancel the contract on grounds of incapacity. Which of the following is true? Assume that neither A nor B is a merchant. a. The common law capacity rules apply, because Article 2 of the UCC has no rules on the subject. b. The common law capacity rules apply, because neither A nor B is a merchant. c. Article 2’s capacity rules apply, because this is a contract for the sale of goods. d. The Restatement (Second)’s capacity rules apply, because Article 2 says to use the Restatement (Second) when it has no rule on the subject at issue. 6. A and B exchanged standard forms regarding the sale of goods, and the standard forms do not agree on material terms. Under UCC section 2-207, when will there be a contract anyway? Assume that B did not make its acceptance conditional on A’s assent to any additional or different terms. a. When A and B are merchants. b. When B’s form is a definite and seasonable expression of acceptance. c. When there is conduct by both parties recognizing the existence of a contract. d. b and c. e. There never could be a contract under 2-207 on these facts. 7. A and B have a written contract whereby A agrees to sell B a plot of land for $100,000. Later, without terminating the first contract, the parties modify the deal so that A sells B the same plot of land for $125,000. The second agreement: a. is not a contract because there is no consideration for A’s promise.
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b. is not a contract because there is no consideration for B’s promise. c. is not a contract because A’s promise is illusory. d. is not a contract because written contracts for the sale of land cannot be modified. 8. A and B make a bet concerning whether a certain rich citizen will die within the next year. Neither party has any economic interest in this person’s fate, except for that created by the bet. This agreement: a. is an unenforceable wagering agreement. b. is unenforceable because it tends toward the commission of a crime. c. is unconscionable because it contemplates the destruction of life. d. is a valid and enforceable risk-allocation agreement. 10. A binding promise or agreement requires that the parties to the agreement have contractual capacity. a. True b. False 11. A binding promise to keep an offer open for a stated period of time or until a specified date is called a(n): a. time contract.
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Contract Questions - 1 a b c d is a provision excusing one...

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