LEB 320F All Exam Questions and Answers 100% Solved | Graded A+
2 views 0 purchase
Course
LEB
Institution
LEB
LEB 320F All Exam Questions and
Answers 100% Solved | Graded A+
Which of the following transactions would not be within the scope of Article
2 of the UCC?
a. A leasing contract for an apartment.
b. Buying a car.
c. Buying a cell phone.
d. A contract to buy coal. - A. (A lease for an apartmen...
Which of the following transactions would not be within the scope of Article
2 of the UCC?
a. A leasing contract for an apartment.
b. Buying a car.
c. Buying a cell phone.
d. A contract to buy coal. - ✔✔A. (A lease for an apartment is not within the
scope of Article 2 of the UCC because it is not a contract for tangible,
movable goods.)
A baseball team may avoid negligence liability by having an exculpatory
clause on the back of game tickets relieving them of liability to fans struck
by foul balls. - ✔✔True. (Although exculpatory clauses are often found to
be against public policy, they are usually enforced for recreational
activities.)
A claim arising out of the Americans with disabilities act, which is a Federal
statute, would be a Federal Question case and, therefore, be within a
,federal district court's jurisdiction. - ✔✔True. (Any case that arises out of a
federal statute, such as the Americans with disabilities act, can be brought
in a Federal District court.)
A company can be charged with copyright infringement for simply providing
the means to the actual infringer to commit the infringement. - ✔✔True.
(This is called secondary infringement.)
A composition agreement generally involves one creditor accepting a
percentage of what he is owed from two separate debtors. - ✔✔False. (A
composition agreement generally involves two creditors accepting a portion
of what they are owed from a single debtor. This is considered binding
because, in order to receive any money from the debtor, both creditors
accept only a portion of what they are owed.)
A contract between a Texas corporation and a California corporation,
containing a provision that all litigation regarding the contract will be
performed in Maine. The contract was signed in New York. What state's
law should apply under the traditional view?
a. Texas
b. California
c. New York
,d. Maine - ✔✔c. (The traditional view is to apply the law of the state in
which the contract was made. Because the contract was signed in New
York, New York's law should apply.)
A contract calling for an action that does not violate a statute can still be
found to lack a legal purpose. - ✔✔True. (Even if an action does not have a
criminal penalty or otherwise violate a statute, a contract for said action can
be considered illegal because the action is contrary to a state's public
policy.)
A contract for the sale of corn is not considered a sale of goods, for the
purposes of Article 2, if the corn will be severed from the land by the buyer.
- ✔✔False. (Under § 2-107 of the UCC, a contract for the sale of growing
crops or timber is a contract for the sale of goods, regardless who is to
sever them from the land.)
A contract involving a loan will be considered void if the interest rate agreed
upon is above state regulations. - ✔✔True. (If interest rates of a loan are
above prescribed state maximums, the contract is considered usury and
invalid.)
A contract may be modified without additional consideration under common
law. - ✔✔False. (A modification contract— a contract that alters the terms
, of an existing contract—typically requires some new consideration in order
to be enforceable.)
A contract may be set aside due to unequal bargaining power in certain
circumstances. - ✔✔True. (please add why if you had this question)
A contract may sometimes be rescinded if only one party is mistaken as to
a portion of the contract. - ✔✔True. (A contract may be rescinded due to a
unilateral mistake if the mistake was apparent, or should have been, to the
other party.)
A contract of adhesion is one in which there is a certain amount of
bargaining between the parties used to decide the exact details of the
contract. - ✔✔False. (A contract of adhesion is one in which one party has
such superior bargaining power it simply offers a "take it or leave it"
contract. This is usually a form contract offered by a merchant.)
A contract requiring that an illegal action take place is a voidable contract. -
✔✔False. (A contract requiring an illegal act is considered a void contract.)
A contract that takes more than one year to complete doesn't necessarily
need to be in writing in order to satisfy the statute of frauds. - ✔✔True.
(please add why if you had this question)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller JOSHCLAY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
