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BUSN 420 Week 3 : Contracts: Introduction and Formation – Quiz
1. (TCO 4) Craig decides to sell his Double-D Ranch in an auction without reserve. If Craig changes his
mind at the auction, he can withdraw his property (Points : 2)
only before the auctioneer announces that the ranch is sold.
only before the auctioneer delivers the deed to the buyer.
under no circumstances.
within thirty days after the auction.
2. (TCO 4) Michael Harrison opens an online store where people from all over the world can purchase
and download iPhone apps. Which of these should Michael consult to know the rules of trading
through his online store? (Points : 2)
Common law of contracts
Objective law of contracts
UCITA
UCC
3. (TCO 4) Lou claims that he and Myra entered into an implied-in-fact contract. To establish this
contract, it is not necessary to show that (Points : 2)
a court imposed a promise in the interest of fairness.
Lou expected to be paid for providing services or property.
Lou provided Myra with services or property.
Myra failed to reject services or property provided by Lou.
4. (TCO 4) What is the key difference between an agreement and a contract? (Points : 2)
A contract is always enforceable in the court of law, while an acceptance may or
may not be.
A contract can only be between two individuals, while an acceptance can have two or more
people involved.
A contract required mutual assent from all parties, while an acceptance need only be
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BUSN 420 Week 3 : Contracts: Introduction and Formation – Quiz
1. (TCO 4) Craig decides to sell his Double-D Ranch in an auction without reserve. If Craig changes his
mind at the auction, he can withdraw his property (Points : 2)
only before the auctioneer announces that the ranch is sold.
only before the auctioneer delivers the deed to the buyer.
under no circumstances.
within thirty days after the auction.
2. (TCO 4) Michael Harrison opens an online store where people from all over the world can purchase
and download iPhone apps. Which of these should Michael consult to know the rules of trading
through his online store? (Points : 2)
Common law of contracts
Objective law of contracts
UCITA
UCC
3. (TCO 4) Lou claims that he and Myra entered into an implied-in-fact contract. To establish this
contract, it is not necessary to show that (Points : 2)
a court imposed a promise in the interest of fairness.
Lou expected to be paid for providing services or property.
Lou provided Myra with services or property.
Myra failed to reject services or property provided by Lou.
4. (TCO 4) What is the key difference between an agreement and a contract? (Points : 2)
A contract is always enforceable in the court of law, while an acceptance may or
may not be.
A contract can only be between two individuals, while an acceptance can have two or more
people involved.
A contract required mutual assent from all parties, while an acceptance need only be
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