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LSB 3213 Exam 2 – Holden quizzes and solutions

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Illegal contracts are A) Void B) Voidable C) Unjust D) A violation of the Uniform Commercial Code - 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) federa...

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  • August 21, 2024
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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LSB 3213 Exam 2 – Holden quizzes and solutions


LSB 3213 Exam 2 – Holden quizzes and
solutions

Illegal contracts are
A) Void
B) Voidable
C) Unjust
D) A violation of the Uniform Commercial Code - 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. - 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. - 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. - 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.
LSB 3213 Exam 2 – Holden quizzes and solutions

, LSB 3213 Exam 2 – Holden quizzes and solutions


C) It is voidable at Eliza's discretion.
D) No unless Caleb has already given her the money. - 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. - 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 - C

According to the mailbox rule, an acceptance if effective
A) When received by the offeror B) when dispatched by the offeree in a
commercially reasonable manner.
C) Once received by the offeree
D) One day after dispatched by offeree - B

A meeting of the mind requires
A)the court to determine that both parties entered into a wise agreement.
B)both parties to compromise in reaching a final agreement.
C)both parties to make a fair offer.
D)a true understanding, and acceptance, of the terms of the offer. - D

The requirement that both the subject matter and performance of a contract must be
legal is called
A) Capacity
B) Validity
LSB 3213 Exam 2 – Holden quizzes and solutions

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