BUSI 2001 FINAL EXAM - QUESTION AND ANSWERS

BUSI 2001 FINAL EXAM - QUESTION AND ANSWERS Question 1 5 out of 5 points Except as provided by statute, oral contracts are just as enforceable as written contracts. Selected Answer: True Correct Answer: True Question 2 5 out of 5 points Full performance is the most common method by which contracts are discharged. Selected Answer: True Correct Answer: True Question 3 5 out of 5 points One of the elements necessary to establish fraud is a false statement or concealment of a material fact. Selected Answer: True Correct Answer: True Question 4 5 out of 5 points The UCC requires all parties entering a sales contract to perform their obligations in good faith. Selected Answer: True Correct Answer: True Question 5 5 out of 5 points The term goods includes intangible personal property such as shares of stock. Selected Answer: False Correct Answer: False Question 6 5 out of 5 points A check is an instrument that is payable on demand. Selected Answer: True Correct Answer: True Question 7 5 out of 5 points Gambling is a legal form of playing for stakes, such as in a lottery. Selected Answer: False Correct Answer: False Question 8 5 out of 5 points The parol evidence rule states that terms of a written contract can be changed by prior oral or written agreements. Selected Answer: False Correct Answer: False Question 9 5 out of 5 points If the subject matter essential to the performance of the contract is destroyed through no fault of either party, the contract is considered discharged. Selected Answer: True Correct Answer: True Question 10 5 out of 5 points When money damages do not adequately and fairly compensate for a loss, the injured party can sue for specific performance or request a court to issue an injunction. Selected Answer: True Correct Answer: True Question 11 5 out of 5 points In seeking damages, the victim of a breach of contract has a duty to