LES 305 Exam 2 review Questions and Verified Solutions.
The restatement of contracts is another name for the UCC correct answers False
Under common law, revocation (revoking your offer) can occur anytime prior to acceptance
correct answers True
Under the UCC, a merchants firm offer can be revoked anytime prior to acceptance correct
answers False
-Firm offer can be held open up to 3 months
-consideration is not required
Contracts for the sale of real property are governed by the uniform commercial code correct
answers False
-It's governed by common law
-Interest in land
Under the UCC, offers need price, subject matter and quantity to be defined enough correct
answers FALSE
Whether a party has made a serious offer is determined according to that party's objective intent
correct answers TRUE
The UCC rules on additional terms in acceptance are the same for merchants and nonmerchants
correct answers FALSE
-non merchants additional terms are not accepted but merchants additional terms in an
acceptance do become a part of the contract
(so long as it's not material, and the other party does not reject with in a reasonable time.)
Contracts for services are governed by the UCC correct answers FALSE
Under the mailbox rule, acceptance is effective upon receipt correct answers FALSE
(Upon dispatch)
Quasi contract are fictional contracts created to prevent unjust enrichment correct answers TRUE
A UCC offer is valid with the subject matter and quantity stated even though no price is given
correct answers TRUE
(we always need the subject matter)
The restatement of contracts is another name for the UCC correct answers False
Under common law, revocation (revoking your offer) can occur anytime prior to acceptance
correct answers True
Under the UCC, a merchants firm offer can be revoked anytime prior to acceptance correct
answers False
-Firm offer can be held open up to 3 months
-consideration is not required
Contracts for the sale of real property are governed by the uniform commercial code correct
answers False
-It's governed by common law
-Interest in land
Under the UCC, offers need price, subject matter and quantity to be defined enough correct
answers FALSE
Whether a party has made a serious offer is determined according to that party's objective intent
correct answers TRUE
The UCC rules on additional terms in acceptance are the same for merchants and nonmerchants
correct answers FALSE
-non merchants additional terms are not accepted but merchants additional terms in an
acceptance do become a part of the contract
(so long as it's not material, and the other party does not reject with in a reasonable time.)
Contracts for services are governed by the UCC correct answers FALSE
Under the mailbox rule, acceptance is effective upon receipt correct answers FALSE
(Upon dispatch)
Quasi contract are fictional contracts created to prevent unjust enrichment correct answers TRUE
A UCC offer is valid with the subject matter and quantity stated even though no price is given
correct answers TRUE
(we always need the subject matter)
