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LSB 3213 Exam 2 - Holden Questions + Answers Graded A+
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Josh sells t-shirts at an amusement park. When selling t-shirts, he often tells people that the shirts are the softest shirts ever created. If he did not truly believe that and it was a lie, would this be an example of misrepresentation? A) Yes because he lied. B) No because it is not an import...

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  • October 6, 2024
  • 12
  • 2024/2025
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LSB 3213 Exam 2 - Holden
Josh sells t-shirts at an amusement park. When selling t-shirts, he often tells people that
the shirts are the softest shirts ever created. If he did not truly believe that and it was a
lie, would this be an example of misrepresentation?
A) Yes because he lied.
B) No because it is not an important opinion.
C) Yes because it is a lie about an opinion.
D) No because it is a lie about an opinion. - ✔️✔️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. - ✔️✔️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


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


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

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
C) Legality
D) Consideration - ✔️✔️C

Fraud requires
A) Evil motive of a lie
B) The appearance of a lie
C) Actual knowledge of a lie
D) Reasonable likelihood of a lie - ✔️✔️C

The age when an individual becomes an adult is an example of
A) A flexible standard
B) A fairness standard
C) A bright-line rule

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