BUL3310 TEST QUESTIONS WITH VERIFIED SOLUTIONS
The victim of negligent misrepresentation may recover contract damages, but not punitive damages - Answer-True
The legal status of a contract entered into by someone who has been adjudicated insane is - Answer-Void
Kevin, a minor, sold his home ...
The victim of negligent misrepresentation may recover contract damages, but not
punitive damages - Answer-True
The legal status of a contract entered into by someone who has been adjudicated
insane is - Answer-Void
Kevin, a minor, sold his home gym to Buyer, who in turn sold it to a good faith purchaser
for value (GFP), Under the Uniform Commercial Code, Buyer took title
from Kevin, and transferred title to the GFP - Answer-
Voidable. ............ Good
Among the following, which party has a fiduciary responsibility? - Answer-The executor
of a will
The guardian of a minor child
The director of a corporation
Beth agreed to buy Sam's home for 400,000. After both parties had signed the contract,
which was prepared by the real estate agent, it was discovered that the property was
listed on the contract as 1200 Elm Street instead of 200 Elm Street, the actual house
number. The remedy courts use to correct mistakes like this in contracts is - Answer-
Reformation
If a minor ratifies a contract before the age of majority, he gives up the right to avoid the
contract - Answer-False
If goods are destroyed while in the buyer's possession, and the buyer holds the goods
under a sale on approval contract, the loss will fall on - Answer-The seller only
A thief can pass good title to a subsequent purchaser, so long as the purchaser bought
in good faith, and did not know that the goods were stolen - Answer-False
If the contract is silent about delivery terms, a destination contract is assumed - Answer-
False
WireCo manufactures different types of electrical wires used in the building industry,
and CopperCo had been one of its major suppliers for over ten years. If a court had to
construe a contract between WireCo and CopperCo, it could use this ten year history of
business transactions as evidence of - Answer-Course of dealing
A contract for a one year gym membership is a sale of goods under Article 2 - Answer-
False
If goods are being sold under a negotiable document of title, such as a bill of lading, risk
, of loss passes to the buyer when - Answer-The document is tendered to the buyer
Article 2 of the Code has special rules that apply only to merchants - Answer-True
The Uniform Commercial Code requires that any modification to a contract for the sale
of goods must be supported by new consideration - Answer-False
What is another term for punitive damages? - Answer-Exemplary
Plaintiff's duty to take steps to lesson the damages that result from a defendant's breach
of contract is the duty to - Answer-Mitigate
The Uniform Commercial Code is an important source of contract law for businesses in
the United States - Answer-True
Quantum meruit refers to the compensation owed party under an express contract -
Answer-False
Liz read the following announcement in the newspaper: "100 reward for the return of my
lost dog, Duffy." This announcement is an offer to form what type of contract? - Answer-
Unilateral
The award of a very small amount of money, such as 1, acknowledges that a wrong has
been done, even though there were no monetary losses. This award represents what
type of damages? - Answer-Nominal
Since it is up to the parties to determine the dollar amount in a liquidated damages
clause, courts will enforce any amount called for in the contract - Answer-False
The person to whom an offer to form a contract is made is called the -
Answer-Offeree
An offeree is - Answer-The person to whom the offer to form a unilateral or bilateral
contract is made
Nellie Neighbor made the following offer to two students who lived next door: "I will give
you each 50 if you come to my house and move some furniture for me on Saturday."
This is an offer to form what type of contract? - Answer-Unilateral
Consideration in a bilateral contract always involves both - Answer-A legal benefit and a
legal detriment
Plaintiff sued a National Football League team, alleging that she had been sexually
assaulted by several team members in a hotel room after a game. Team offered the
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