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LSB 3213 EXAM 2 - HOLDEN | 100 QUESTIONS | WITH CORRECT ANSWERS!!
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LSB 3213 EXAM 2 - HOLDEN | 100 QUESTIONS | WITH CORRECT ANSWERS!!
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LSB 3213 EXAM 2 -HOLDEN | 100
QUESTIONS | WITH
CORRECT ANSWERS!!
LSB 3213
Evatee 9/12/24 LSB 3213
,LSB 3213 EXAM 2 - HOLDEN | 100
QUESTIONS | WITH CORRECT ANSWERS!!
Illegal contracts are
A) Void
B) Voidable
C) Unjust
D) A violation of the Uniform Commercial Code Answer - A
In general, contracts for the sale of goods are governed by:
A) the Uniform Commercial Code.
B) state statutory law based on the Uniform Commercial Code.
C) state common law.
D) federal regulations. Answer - B
Will and Kendrick live in a state that requires that contracts involving
transactions over $500 be in writing. If they enter a verbal agreement to buy a
car for $1,500, this contract is
A) void.
B) unenforceable.
C) valid.
D) voidable. Answer - B
In general, contracts for services are governed by
A) federal law.
, B) the Uniform Commercial Code.
C) state statutory law.
D) state common law. Answer - D
Caleb contracts with Eliza to beat up Mickey for $50.00. Is that agreement
enforceable?
A) No it is illegal.
B) Yes as long as they understand the consequences of their actions.
C) It is voidable at Eliza's discretion.
D) No unless Caleb has already given her the money. Answer - A
Aimee and Claire both own their own bakeries in Edwardsville. They both agree
with each other to sell their cupcakes for $5.00. Is this contract enforceable?
A) Yes because the promise to sell the cupcakes at $5.00 each by each person is
consideration.
B) No because it lacks mutual assent.
C) No as it is a restraint on trade which is against public policy.
D) Yes as long as the price is fair and does not take advantage of consumers.
Answer - C
Karen offers to sing five songs at Meyer's wedding for $500.00. Meyer responds
that he will pay her $500.00, but he needs her to sing six songs. Meyer's
actions constitute
A) An acceptance
B) A substantial counter offer
C) A counter offer
D) A substantial acceptance Answer - C
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