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AC502 Unit 3 Midterm Exam

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AC502 Unit 3 Midterm Exam

Question 1. Jerry offers to shovel the snow from Ben's driveway for $35. Ben replies "OK." This is an example of: 

Question 2. The Uniform Commercial Code governs contracts for the sale of: 

Question 3. When Myrtle comes home from work one evening, she finds that her yard has been mowed and trimmed. Later, a man comes to collect for the yard work done. Myrtle

refuses to pay for the work because she has never seen the man before and did not hire him to do her yard work. Which of the following answers is most accurate? 

Question 4. Mike made the following offer to Mick: "I will pay you $500 if you agree to paint my house." Mick replied that he would. At this point, the contract is an: 

Question 5. What is not required to establish promissory estoppel? 

Question 6. Shelly offers to sell Jane goods both parties know are stolen. Jane accepts the 

Question 7. The courts will find an implied contract when: 

Question 8. Dick offered to sell Jane his 1955 Thunderbird convertible. Before Jane can accept the offer, lightning strikes the car and it is totally destroyed. Which of the following is

true? 

Question 9. "I'll sell you my car if I decide to sell it" is an example of: 

Question 10. Which of the following exculpatory clauses will most likely be enforceable?

Question 11. A contract most likely will be declared unconscionable if: 

Question 12. AAA and XXX companies are both major international conglomerates. They are negotiating a contract whereby AAA will install a computer system for XXX. One

clause in the contract states that AAA will not be liable for damages caused by the negligent installation of the computer system, except that AAA warrants the system and will fix any problem for a period of two years following installation. AAA completes the installation of the computer system. XXX loads extensive amounts of information on the system, but all of it is destroyed because AAA negligently installed the memory chips. AAA fixes the memory, but XXX incurred significant expenses in recreating the lost information. XXX sues for these expenses. AAA defends with the noted clause in the contract. 

Question 13. Marty, a 16-year-old, contracts with Cream-of-the-Crop Cycles to buy an $8,000 motorcycle. Marty agrees to make monthly payments until the purchase price plus

interest are paid in full. Which of the following is correct? 

Question 14. Robert hired James, a CPA, to prepare his tax returns. James was too busy and delegated the work to Sara, also a CPA. This delegation is: 

Question 15. The status of a third party is determined by: 

Question 16. A nonparty to a contract may enforce the contract if: 

Question 17. Specific performance may be available for the breach of a contract to sell: 

Question 18. The first step a court takes in choosing a remedy is to determine: 

Question 19. Farmer Elvin is holding 200 pounds of potatoes in storage for Chef Noble, but Chef Noble has breached the contract by failing to pay for the potatoes. The potatoes are

beginning to rot. If Farmer Elvin sells the potatoes to a local diner to make potato soup and salad, then this action would be considered: 

Question 20. Compensatory damages are typically assessed against the breaching party: 

Question 21.Question : In which of the following situations is the seller a merchant under Article 2 of the UCC? 

Question 22. Office Plus, an office supply store, ordered 20 300-unit cases of CDs from Curtis Co., a manufacturer of computer products. Office Plus placed the order using a preprinted purchase order form; Curtis acknowledged the order by sending a preprinted acceptance form back to Office Plus. Unlike Office Plus' form, which says nothing about packaging, Curtis's form specifies that the CDs will be packaged with 10 CDs per box, 30 boxes per case. Which statement is correct? 

 

23. Which of the following contracts requires a writing under the UCC, Article 2? 
24.Newton, a gun dealer, offers to sell a rare civil war musket to Rush, another dealer, for "$15,000, insurance and shipping paid by buyer." Rush responds, "I accept. Insurance and shipping costs divided equally between seller and buyer." The parties: 
 

 

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Question 50.Question :A major motion picture distributor offers to provide a television station with three very popular, desirable films. However, as a part of the agreement, the distributor also requires that the television station purchase four films that are not very desirable. This type of agreement is called a: 

 
 

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