Business Law Exam 210
True Or False questions.
1. Both "commom law: contracts and UCC contracts are subject to the plain menaing rule only if they are simple and plain contracts.
2.when a term in a contract is ambiguos, it is generally interpreted in favor of the party who drafted the contract since he is most likely to know what was intented.
3. Mutual assent or agreement is established when a valid offer coontainingg all necessary terms for a contract is presented to a buyer.
4. the doctrine of promissory estoppel applies when one party to the contract promises to provide a service and then provides a different service to satisfy the contract.
5. A contract must be in writing before a party can file a breach of contract claim in court.
6.Evidence of prior negotiations concernung a written contract may be introduced in court only if the evidence is in clear conflict witha term in the complete written contract.
7. The perfect tender rule is an explanation to the part performance rule.
8. Awritten common law contract signed by both parties is invalid when prior consideration, and exchanges involving preexisting considerations are involved.
9. Contracts for the purchase or sale of goods do not need to comply with the "mirror image rule".
10.if two parties enter into a contract for the sale of goods but forget to include the price, the contract may still be enforceable.
11. Under a destination contract, the risk of loss passes to the buyrer when the seller places conforming goods in the possesion of the carrier.
12. an express warranty can arise when a buyer is shown a sample of model of the goods.
13. a buyer may refuse to accept a seller's good only if there is a significant or material deviation from the contract requirements.
14. In order for a seller to make an express warranty the seller must use words such as warrant or guarantee.
15. If the parole evidence rule applies, a defendant who pleads guilty is automatically put on parole.
16. A common law contract must be in writing if, by its own terms, it cannot be performed within one year.
17. A valid offer requires a reasonable price related to market value.
18. An "adhesion contract" is one in which both parties actually adhere to each and every term of the contract.
19. a revocation of an offer is effective when it is put in the mailbox.
20. In contract law, the term consideration refers to the time it takes the parties to decide to enter into a contract.
21. An Exculpatory Clause is disfavored by the courts since it requires the promisor to pay full price even if the promisee does not completely fulfill the contract.
22. A Usurious contract must be in writing and refers to the sale of real property that is unbuildable and usurious.
23. A mistake of value will usually enable a party to modify a contract.
24. Stephanie contracts with John to design a decorating plan for john's house. Stephanie decides she should get paid more for the job. she tells john she wants to be paid 9% more, John agrees. Stephanie finishes the work and bills john for the original amount plus 9%. Since John agreed to pay the 9% extra, he is bound by change in terms of the contract.
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Business Law Exam 210 True Or False questions
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