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LSB 3213 Exam 2 – Holden Guaranteed A+
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LSB 3213 Exam 2 – Holden Guaranteed A+ - Illegal contracts are A) Void B) Voidable C) Unjust D) A violation of the Uniform Commercial Code ️A - Generally, contracts for the sale of goods fall under the jurisdiction of: A) The Uniform Commercial Code. B) State statutory ...

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  • August 29, 2024
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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LSB 3213 Exam 2 – Holden Guaranteed A+


- Illegal contracts are

A) Void

B) Voidable

C) Unjust

D) A violation of the Uniform Commercial Code

✔️A



- Generally, contracts for the sale of goods fall under the jurisdiction of:

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 reside in a state where contracts for transactions exceeding $500 must be in writing.
If they make an oral agreement to purchase a car for $1,500, this contract is:

A) Void.

B) Unenforceable.

C) Valid.

D) Voidable.

✔️B



- In general, contracts related to services are governed by:

A) Federal law.

B) The Uniform Commercial Code.

C) State statutory law.

, D) State common law.

✔️D



- Caleb makes a deal with Eliza to physically harm Mickey for $50. Is this agreement enforceable?

A) No, it is illegal.

B) Yes, provided they understand the consequences of their actions.

C) It is voidable at Eliza's option.

D) No, unless Caleb has already paid her.

✔️A



- Aimee and Claire, both bakery owners in Edwardsville, agree to sell their cupcakes for $5.00 each. Is
this contract enforceable?

A) Yes, because the promise to sell the cupcakes for $5.00 each represents consideration.

B) No, it lacks mutual assent.

C) No, as it restrains trade and goes against public policy.

D) Yes, as long as the price is fair and not exploitative to consumers.

✔️C



- Karen offers to sing five songs at Meyer’s wedding for $500. Meyer replies that he will pay $500 but
needs her to sing six songs. Meyer’s response is considered:

A) An acceptance

B) A substantial counteroffer

C) A counteroffer

D) A substantial acceptance

✔️C



- According to the mailbox rule, an acceptance is effective:

A) When received by the offeror

B) When dispatched by the offeree in a commercially reasonable way.

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