Name: Score:
40 Multiple choice questions
Definition 1 of 40
1- General Provisions
2- Sales of Goods
2.5- Leases of Goods
9- Secured Transactions
Mailbox rule
Explain the mirror image rule
Define condition and covenant
Topic for UCC articles I, 2, 2.5, 9
Definition 2 of 40
age mental capacity, alcohol, drugs
3 ways an offer can terminate by operation of law
Three examples in which contractual capacity would be an issue.
Explain the obligations of bilateral and unilateral contracts.
Four elements for an offer to be certain and definite
,Definition 3 of 40
k that can't be completed in a year
k for the consideration of marriage
k for real estate
k for the debts of another
k for the sale of goods over 500, leases over 1000
k for the debts of the dead
4 contracts that can be verbally agreed upon without documentation
6 contracts that need to be in writing under the UCC
5 contracts that require a witness to be enforceable
2 contracts that are only valid if notarized
Term 4 of 40
generally ambiguities are held against the maker, list and explain 2 types of ambiguities
condition precedent
condition subsequent
condition concurrent
both are remedies offered to the buyer under the ucc, cover involves the buyer purchasing
goods in substitution of the designated goods.
replevin involves the buyer reclaiming goods that he/she previously rejected
c) promise
patent - obvious
latent - concealed
Term 5 of 40
Common law contract must be enforceable to be valid, T/F
True
False
, Term 6 of 40
Gratuitous assignment does not become irrevocable by
writing
token chose
promise
notation
Term 7 of 40
Define condition and covenant
substitution of parties to a contract. substituted party takes over rights and obligations. ex:
sublease agreement
The UCC
condition - happening or nonhappening of an event that creates or extinguishes an
absolute duty to perform.
covenant - absolute, unconditional duty to perform
once an acceptance is properly dispatched and in the mailbox it is considered acceptance.
a rejection is not effective until received.
40 Multiple choice questions
Definition 1 of 40
1- General Provisions
2- Sales of Goods
2.5- Leases of Goods
9- Secured Transactions
Mailbox rule
Explain the mirror image rule
Define condition and covenant
Topic for UCC articles I, 2, 2.5, 9
Definition 2 of 40
age mental capacity, alcohol, drugs
3 ways an offer can terminate by operation of law
Three examples in which contractual capacity would be an issue.
Explain the obligations of bilateral and unilateral contracts.
Four elements for an offer to be certain and definite
,Definition 3 of 40
k that can't be completed in a year
k for the consideration of marriage
k for real estate
k for the debts of another
k for the sale of goods over 500, leases over 1000
k for the debts of the dead
4 contracts that can be verbally agreed upon without documentation
6 contracts that need to be in writing under the UCC
5 contracts that require a witness to be enforceable
2 contracts that are only valid if notarized
Term 4 of 40
generally ambiguities are held against the maker, list and explain 2 types of ambiguities
condition precedent
condition subsequent
condition concurrent
both are remedies offered to the buyer under the ucc, cover involves the buyer purchasing
goods in substitution of the designated goods.
replevin involves the buyer reclaiming goods that he/she previously rejected
c) promise
patent - obvious
latent - concealed
Term 5 of 40
Common law contract must be enforceable to be valid, T/F
True
False
, Term 6 of 40
Gratuitous assignment does not become irrevocable by
writing
token chose
promise
notation
Term 7 of 40
Define condition and covenant
substitution of parties to a contract. substituted party takes over rights and obligations. ex:
sublease agreement
The UCC
condition - happening or nonhappening of an event that creates or extinguishes an
absolute duty to perform.
covenant - absolute, unconditional duty to perform
once an acceptance is properly dispatched and in the mailbox it is considered acceptance.
a rejection is not effective until received.
