BUSA 2106 TEST QUESTIONS AND ANSWERS A+
GRADED. Buy Quality Materials!
UCC Article 2
Governs sales of goods only but not the sale of intangible property
Goods
tangible products that we use to satisfy our wants and needs
Offer
Voluntary but conditional promise submitted by a buyer or seller
Objective Intent
a person's apparent intention
Revocation
Mutual cancellation of a contract
Rejection
refusal to accept a contractual offer
Counteroffer
An offeree's response to an offer in which the offeree rejects the original offer but at the
same time makes a new offer
Acceptance
one person's compliance with the terms of an offer made by another
Mirror image rule
requires that the terms in the acceptance must exactly match the terms contained in the
offer
Mailbox rule
Acceptance that becomes effective as soon as it is sent in the mail, unless the contract
specified a certain means for delivery
Consideration
Anything of value (e.g., money, services, goods, promise) given to induce another
person to enter into a contract
Gift Promise
promise that is unenforceable because it lacks consideration
Past Consideration
A past discussion that does not count
Legality
In accordance with law
Capacity
An ability to comprehend both the nature and consequences of one's acts
Statute of Frauds
A state statute under which certain types of contracts must be in writing to be
enforceable
Fraud
a false representation of a matter of fact
Breach
A breach may be a failure to perform a contract
, Compensatory damages
A payment awarded by a court to reimburse a victim for actual harm
Consequential damages
Damages resulting from a contract breach, such as penalties or lost profits
Domain name
The portion of a web site address that identifies the type of site it is (.gov, .edu, .com)
ICANN
Internet Corporation for Assigned Names and Numbers
Anticybersquatting Consumer Protection Act
permits both trademark owners and famous people to sue anyone who registers their
name as a domain name in bad faith
Mitigation
the principle that a party who has suffered loss (tort or breach of contract) has to take
reasonable action to minimize the amount of the loss suffered
Express Warranty
a seller's promise or guarantee that a buyer relies+ on when they purchase an item
Implied warranty of merchantability
an unwritten and unspoken guarantee to the buyer that goods purchased conform to
ordinary standards of care and that they are of the same average grade, quality, and
value as similar goods sold under similar circumstances
Implied warranty of fitness for a particular purpose
must be fit for the ordinary use for which they are intended
Disclaimer
Denial or disavowal of a claim
Tort
private and civil offenses for which law may provide monetary compensation to the
aggrieved party as a remedy
Negligence
Breach of duty of care which results in loss or injury to the person or entity the duty is
owed
Proximate Cause
an event sufficiently related to a legally recognizable injury to be held to be the cause of
that injury
Actual Cause
A factor without which the result in question could not happen
Defenses to negligence
* Assumption of Risk
* Contributory Negligence
* Comparative Negligence
Punitive Damages
Compensation awarded to a plaintiff that goes beyond reimbursement for actual losses
and is imposed to punish the defendant and deter such conduct in the future
Product liability
Having a legal responsibility for the failure of a product.
Strict Liability
GRADED. Buy Quality Materials!
UCC Article 2
Governs sales of goods only but not the sale of intangible property
Goods
tangible products that we use to satisfy our wants and needs
Offer
Voluntary but conditional promise submitted by a buyer or seller
Objective Intent
a person's apparent intention
Revocation
Mutual cancellation of a contract
Rejection
refusal to accept a contractual offer
Counteroffer
An offeree's response to an offer in which the offeree rejects the original offer but at the
same time makes a new offer
Acceptance
one person's compliance with the terms of an offer made by another
Mirror image rule
requires that the terms in the acceptance must exactly match the terms contained in the
offer
Mailbox rule
Acceptance that becomes effective as soon as it is sent in the mail, unless the contract
specified a certain means for delivery
Consideration
Anything of value (e.g., money, services, goods, promise) given to induce another
person to enter into a contract
Gift Promise
promise that is unenforceable because it lacks consideration
Past Consideration
A past discussion that does not count
Legality
In accordance with law
Capacity
An ability to comprehend both the nature and consequences of one's acts
Statute of Frauds
A state statute under which certain types of contracts must be in writing to be
enforceable
Fraud
a false representation of a matter of fact
Breach
A breach may be a failure to perform a contract
, Compensatory damages
A payment awarded by a court to reimburse a victim for actual harm
Consequential damages
Damages resulting from a contract breach, such as penalties or lost profits
Domain name
The portion of a web site address that identifies the type of site it is (.gov, .edu, .com)
ICANN
Internet Corporation for Assigned Names and Numbers
Anticybersquatting Consumer Protection Act
permits both trademark owners and famous people to sue anyone who registers their
name as a domain name in bad faith
Mitigation
the principle that a party who has suffered loss (tort or breach of contract) has to take
reasonable action to minimize the amount of the loss suffered
Express Warranty
a seller's promise or guarantee that a buyer relies+ on when they purchase an item
Implied warranty of merchantability
an unwritten and unspoken guarantee to the buyer that goods purchased conform to
ordinary standards of care and that they are of the same average grade, quality, and
value as similar goods sold under similar circumstances
Implied warranty of fitness for a particular purpose
must be fit for the ordinary use for which they are intended
Disclaimer
Denial or disavowal of a claim
Tort
private and civil offenses for which law may provide monetary compensation to the
aggrieved party as a remedy
Negligence
Breach of duty of care which results in loss or injury to the person or entity the duty is
owed
Proximate Cause
an event sufficiently related to a legally recognizable injury to be held to be the cause of
that injury
Actual Cause
A factor without which the result in question could not happen
Defenses to negligence
* Assumption of Risk
* Contributory Negligence
* Comparative Negligence
Punitive Damages
Compensation awarded to a plaintiff that goes beyond reimbursement for actual losses
and is imposed to punish the defendant and deter such conduct in the future
Product liability
Having a legal responsibility for the failure of a product.
Strict Liability
