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LSB 3213 Exam 2 - Holden Questions and Correct Answers the Latest Update and Recommended Version
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LSB 3213 Exam 2 - Holden Questions and Correct Answers the Latest Update and Recommended Version
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TestTrackers: Unlock Your Exam Potential! | Quality Practice Materials | Boost Your Confidence Today!LSB 3213 Exam 2 - Holden Questions and
Correct Answers the Latest Update and
Recommended Version
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.
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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.
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?
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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
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