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I. Multiple Choice 1) Contract law is grounded in ________. A) state and federal

I. Multiple Choice
1) Contract law is grounded in ________. A) state and federal
case law and statutes including the Uniform Commercial Code B)
state and federal case law that now supersedes the Uniform
Commercial Code C) the Uniform Commercial Code alone, which now
supersedes state and federal case law D) the Commerce Clause of the
U. S. Constitution

2) Which of the following is an example of a contract that would be
governed by Article 2 of the Uniform Commercial Code? A) Bill
agrees to sell his farm to Sam for $200,000. B) Chantelle agrees to
work for Jenna as her personal secretary for $50 an hour for the
next year. C) Dwayne buys a used car from Tom’s Autos for $7,000.
D) Carlo leases a car for a year from EZ Cars for $2,000 per
month.

3) Which of the following is an example of an offer to make a
unilateral contract? A) Jose offers to sell Melinda his car for
$20,000. B) Martin offers to fund the renovation of Billy’s farm to
help ease his debt problems. C) Robert offers to take Jasmine to
the park on Thursday if it does not rain. D) Helena offers to pay
$300 to anyone who finds her lost puppy and returns it to
her.

4) James works for the county fire department and hasn’t had a
raise in three years. When he shows up at the mayor’s house to put
out a fire, he sees the mayor standing outside. James tells the
mayor that he will put out the fire only if the mayor agrees to
give him a raise. The mayor agrees. In this scenario, which of the
following statements is true? A) A valid contract exists because
all the elements of a valid contract are present. B) A valid
contract does not exist because the value of the consideration for
the mayor’s promise is inadequate. C) A valid contract exists
because of the past consideration rule. D) A valid contract does
not exist because of the preexisting duty rule.

5) Which of the following statements is true of a legal offer? A)
The offer must be communicated to the party intended by the
offeror. B) Industry custom and prior dealings are irrelevant when
determining whether the terms of the offer are definite. C) Courts
consider what was in the person’s mind when entering the contract.
D) The contractual process ends with the legal offer.

6) Mrs. Jones offers to sell her house to Smith for $200,000. Smith
says he will pay no more than $185,000. Which of the following
statements would be true at common law? A) Mrs. Jones and Smith
have negotiated a settlement. B) Smith’s price is close enough to
constitute acceptance of Mrs. Jones’s original offer, but the
contract price will be set at $200,000. C) Smith has terminated the
original offer and now has set forth a counteroffer D) Mrs. Jones’s
offer remains open and so does Smith’s counteroffer.

7) An offeree can forestall a revocation by using a(n) ________. A)
attachment          
B)
garnishment           
C) option          D)
enforceable contract

8) Which of the following is true of Section 2-213 of the Uniform
Commercial Code with regard to electronic communication? A) Legally
defensible acceptance cannot be communicated using electronic
communication. B) Electronic communication of an acceptance is
legally defensible but only if the recipient is aware that it has
arrived. C) A company that sends an acceptance electronically must
include a clause that indicates acceptance of the agreement can be
made electronically. D) Acceptance occurs when the electronic
communication is received, even if the recipient is unaware that it
has arrived.

9) Which of the following would render a contract voidable? A) the
contract being unilateral B) one of the parties to the contract
committing a crime C) one of the parties to the contract being
underage D) the contract being bilateral

10) Celine offered Jenna $50 for a six carat diamond necklace.
Jenna immediately agreed to sell it to Celine. However, after Jenna
went home and looked at it again, she decided that the necklace was
worth a lot more than $50. She told Celine she could not sell her
the necklace for such a low price. In this scenario, did the
parties have an enforceable contract? A) yes, because all the
elements of a valid contract are present B) no, because the value
of the consideration for the necklace is inadequate C) no, because
of the preexisting duty rule D) no, because of the past
consideration rule

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