Homework 4-3
1.Which of the following is true of the Uniform Commercial
Code (UCC)?
It was drafted by judges through decisions of courts and
similar tribunals rather than through legislative statutes or executive branch
action.
UCC is also known as the case law.
It was drafted to remedy some of the difficulties created by
a patchwork of different laws governing commercial transactions.
2. Which of the following is intended to avoid unjust
enrichment?
A bilateral contract
A quasi-contract
A void contract
An express contract
3. Promissory estoppel occurs when:
the other party refrains from relying on the promise.
the only way to avoid injustice is to enforce the promise.
one party makes a promise without considering the other
party’s reliance on it.
the other party promised some consideration in exchange.
4. The ____ is the new agreement to pay less than the
creditor claims is owed.
accord
illusory promise
satisfaction
mitigation
5.A(n) _____ is a consciously false
representation of a material fact intended to mislead the other party.
innocent misrepresentation
fraudulent misrepresentation
concealment
negligent misrepresentation
6. Removing 10,000 miles from the odometer on a car before
selling it is an example of:
negligence.
duress.
concealment.
nondisclosure.
7. Which of the following can be considered an offer?
An invitation to negotiate
An expression of possible interest in an exchange
A bid
An auction with reserve
8. Section 16 of the Restatement of Contracts, provides that
contracts of an intoxicated person are _____ if the other party had reason to
know that intoxication rendered the person unable to understand the nature and
consequences of the transaction.
void
voidable
unenforceable
valid
9. Which of the following contracts fall within the statute
of frauds?
Contracts related to negligent misrepresentation
Promises made in consideration of marriage
Contracts for the sale of goods irrespective of the amount
involved
Promises related to an interest in acquisition and sale of
businesses
10. Which of the following is true of the sufficiency of
writing required by the statute of frauds?
One or several documents can together make up the written
agreement.
The contract must be signed and the signature needs to be at
the end.
Actual invoice must be produced in all circumstances when
entering into a contract.
The written evidence must compulsorily be signed by both the
parties.
