Reference no: EM132297468
1. The UCC (Uniform Commercial Code) establishes two rules for when a contract has to be in writing. One is that a contract for the sale of goods price at $500 or more and the other is
contracts for the lease of goods with lease payments over $1,000.
contracts for the lease of real property.
The UCC requires that all of these types of contracts be in writing.
contracts for services valued at over $500.
2. Promissory estoppel is an equitable doctrine that may be applied to prevent unjust enrichment when a contract lacks consideration. It can also be applied
when one of the parties to a contract has committed fraud.
When the object of the contract is illegal.
when a contract is verbal but should be in writing under the statute of frauds.
When one of the parties is under 18 and wishes to disaffirm the contract.
3. Any contract that has been entered into by a person who has bee adjudged insane is illegal.
void.
voidable.
valid.
4. A _________________ of a contract occurs when a party renders inferior performance of his or her contractual duties.
material breach
specific performance
minor breach
tender of performance
5. In Page v. Gulf Coast Motors, Mary Page's promise to pay her husbands debts was unenforceable because
it was for over $23,000 and thus should have been in writing.
it was a verbal guaranty contract.
it was part of a verbal prenuptial agreement.
it was based on an illegal gambling debt.
6. In the case Hubbert v. Dell the Appellate Court of Illinois established that terms and conditions of an electronic sales contract that are only visible by clicking on a blue hyperlink are
unconscionable.
enforceable.
exclusive licenses.
unenforceable.
7. Foreseeable damages that arise from circumstances outside the contract are called
liquidated damages.
punitive damages.
compensatory damages.
consequential damages.
8. The Uniform Computer Information Transactions Act (UCITA) is
the law regarding the enforcement of international contracts.
a proposed set of uniform legal rules for the enforcement of electronic contracts.
already adopted by a majority of states.
the federal law that governs electronic contracts.
9- Which of the following is NOT one of the elements that must be shown to prove fraud in a contract situation?
The innocent party was injured.
The wrongdoer mistakenly made a false representation.
The innocent party justifiably relied on the misrepresentation.
The wrongdoer intended to deceive the innocent party.
10-If a contract has been breached, the law places a duty on the innocent, non-breaching party to make reasonable efforts to reduce the resulting damages. This is called
reformation.
specific performance
mitigation of damages.
assumption of risk.