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Test sobre BUSL - Exam #3, creado por ermarv12 el 01/05/2014.

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BUSL - Exam #3

Pregunta 1 de 49

1

To be legally sufficient, consideration must be bargained for and be of legal value.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 2 de 49

1

The Statute of Frauds requires the writing to be a single integrated document.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 3 de 49

1

If a debt is liquidated, the parties have a good faith disagreement on the exact amount of the debt.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 4 de 49

1

Minors may avoid both executory and executed contracts

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 5 de 49

1

After Uncle Ned is declared incompetent to manage his own legal affairs, his court-appointed guardian, Stewie, can sign contracts on Ned's behalf.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 6 de 49

1

Adam sent Eve an offer by surface mail. Eve may accept the offer by overnight courier.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 7 de 49

1

An unconditional offer of cash or a cash equivalent in exchange for services to be provided is an example of the incurring of a legal detriment.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 8 de 49

1

A contract that, by its own terms, can be performed within a year from the date of making, must be in writing to be enforceable.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 9 de 49

1

Carl and Daniel agree Daniel owes Carl $500. If Carl agrees to accept $400 from Daniel to settle the debt, the debt will be discharged.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 10 de 49

1

A unilateral mistake of a material fact may be grounds for the mistaken party to rescind a contract if the non-mistaken party did not know or have reason to know of the mistake.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 11 de 49

1

Brad accepts Stanley's offer to ell his sailboat for $3,000. The contract does not include a time for the exchange of the money for the boat. A court may not supply the performance term to complete the contract.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 12 de 49

1

Sheree intends to testify she was a minor when she entered into a written contract with Terrance. Under the Parol Evidence Rule, this testimony would be ruled inadmissible.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 13 de 49

1

If the offeree has substantially performed the requested act in an offer for a unilateral contract, the offeror is prevented from revoking the offer.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 14 de 49

1

Angus rejects Charlie's offer to purchase Angus' pool table for $700, then changes his mind and communicates an acceptance of the offer. Angus' acceptance is effective and a contract now exists.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 15 de 49

1

Under the UCC, parties may agree to modify the terms of an existing contract without providing new consideration.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 16 de 49

1

In determining whether a contract can be performed within a year, the measuring period starts the day the contract is signed and ends when the performance is completed.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 17 de 49

1

Extraordinary difficulties unforeseen at the time a contract was formed may justify a demand for additional compensation

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 18 de 49

1

Angela offers to pay Paula $1,000 if she will not paint the front door to her home magenta. If Paula agrees, a valid, enforceable contract exists.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 19 de 49

1

Giving up the right to sue on a valid claim may be consideration for receiving a sum of money to resolve a case in litigation.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 20 de 49

1

Mike has completed and been paid for a renovation of Ike's summer home. Ike is so pleased he offers to pay Mike an additional $2,000. Ike's promise is legally binding.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 21 de 49

1

At Common Law, a transaction that lacks a bargained-for exchange of consideration will not be upheld even if the parties knowingly and voluntarily consented to it.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 22 de 49

1

Andi, a representative for Nature's Best Juice Co., has contracted for the entire crop of Bill's cranberry crop. This contract fails for indefiniteness.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 23 de 49

1

A recital of nominal consideration is always interpreted to be sham consideration.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 24 de 49

1

During formation of a contract parties may offer as consideration promises to do what they are already legally required to do.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 25 de 49

1

An oral agreement to hire an employee for two years is not enforceable.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 26 de 49

1

The Common Law requirement that the acceptance contain exactly the same terms as the offer is the _________ rule

Selecciona una de las siguientes respuestas posibles:

  • Mail Box

  • Mirror Image

  • Offer Protection

  • Offeror Protection

Explicación

Pregunta 27 de 49

1

Which element of a contract is met by a meeting of the minds?

Selecciona una de las siguientes respuestas posibles:

  • Agreement

  • Consideration

  • Capacity

  • Legality

Explicación

Pregunta 28 de 49

1

Courts use the "main purpose" rule to determine

Selecciona una de las siguientes respuestas posibles:

  • whether a promisor has received something of value to justify his/her liability to a promisee

  • whether a contract is outside the Statute of Frauds

  • whether goods are classified as equipment or inventory for tax purposes

  • whether a warranty is express or implied

Explicación

Pregunta 29 de 49

1

In which of the following situations would oral evidence be allowed?

Selecciona una de las siguientes respuestas posibles:

  • To contradict the terms of partially integrated contract

  • To clarify the terms of a fully integrated contract

  • To prove a contract is not fully integrated

  • None of the above

Explicación

Pregunta 30 de 49

1

The term for the withdrawal of an offer by an offeror is

Selecciona una de las siguientes respuestas posibles:

  • recission

  • rejection

  • revocation

  • removal

Explicación

Pregunta 31 de 49

1

Ann is injured in an accident caused by Bob. Bob agrees to pay Ann $2,500 if she agrees to release Bob from further liability. Ann agrees. If Ann's damages ultimately exceed $2,500, Ann can

Selecciona una de las siguientes respuestas posibles:

  • collect the balance from Bob in a breach-of-contract suit

  • collect the balance from Bob in a tort suit

  • collect the balance from Bob on the ground of unforeseen difficulties

  • not collect the balance from Bob

Explicación

Pregunta 32 de 49

1

Bay Crab Processor has a contract with Jim, a local crabber, to buy all the crabs Jim catches during the season for $35 a bushel. This is an example of a(n) __________ contract.

Selecciona una de las siguientes respuestas posibles:

  • requirements

  • output

  • unilateral

  • implied-in-law

Explicación

Pregunta 33 de 49

1

Alan and Britney enter into an oral contract. Alan lists the terms on a sheet of paper containing his business logo and address and signs it. Britney does not sign the paper. This agreement is enforceable against

Selecciona una de las siguientes respuestas posibles:

  • Alan only

  • Alan or Britney

  • Britney only

  • Neither Alan nor Britney

Explicación

Pregunta 34 de 49

1

Which of the following statements about nominal consideration is correct?

Selecciona una de las siguientes respuestas posibles:

  • Giving your sibling a quitclaim deed (a deed which foregoes a claim on property) for your 1/8 share in your family home for $1 is an example of nominal consideration

  • Nominal consideration will support an enforceable contract

  • Nominal consideration is another term for sham consideration

  • Statements a and b are correct

Explicación

Pregunta 35 de 49

1

Which of the following is not a term a court will supply if it is missing in the contract?

Selecciona una de las siguientes respuestas posibles:

  • Price of the goods

  • Time for performance

  • Quantity of goods purchased

  • The court will supply all the above if the are missing in a contract governed by the Code

Explicación

Pregunta 36 de 49

1

Which of the following statements is true about modifying contracts governed by the Code?

Selecciona una de las siguientes respuestas posibles:

  • No new consideration is required to modify an existing contract

  • Modifications must be made in good faith

  • Parties may agree all modifications to an existing contract must be in writing

  • All of the above are true statements

Explicación

Pregunta 37 de 49

1

Milo files a suit against National Corporation under the doctrine of promissory estoppel. Milo must show that

Selecciona una de las siguientes respuestas posibles:

  • Milo justifiably refused to fulfill a promise to National

  • Milo justifiably relied on National's promise to his detriment

  • National justifiably refused to fulfill a promise to Milo

  • National justifiably relied on Milo's promise to its detriment

Explicación

Pregunta 38 de 49

1

Parol evidence is evidence based on

Selecciona una de las siguientes respuestas posibles:

  • oral statements

  • usage of the trade

  • provisions handwritten into a contract

  • waivers of liability

Explicación

Pregunta 39 de 49

1

Which of the following is an example of an unliquidated debt?

Selecciona una de las siguientes respuestas posibles:

  • A promissory note for the sum of $10,000 to be repaid in 6 years at 5% interest

  • A cell phone service contract for $29.99 per month

  • A bill sent to homeowner by contractor for an additional $500 for cost overruns; owner claims he owes only $250

  • An installment sales contract for the purchase of a $5,000 mower with $200 down and the rest financed at 8% for 3 years

Explicación

Pregunta 40 de 49

1

Larry Lawyer entered into a contract to buy land from a client at well below market value. The client was elderly and trusted Larry as his lawyer and son of his best friend to be fair and give him good advice. Client can rescind the contract based on

Selecciona una de las siguientes respuestas posibles:

  • undue influence

  • duress

  • unilateral mistake of fact

  • unilateral mistake of value

Explicación

Pregunta 41 de 49

1

Cashing a check marked "paid in full" creates an accord and satisfaction under which circumstances?

Selecciona una de las siguientes respuestas posibles:

  • The check is for a lesser sum than the amount due on a liquidated debt

  • The check is for an unliquidated debt and both parties know of the dispute

  • The check is for any transaction governed by the Code

  • The check is in payment of a court judgment

Explicación

Pregunta 42 de 49

1

If an offer does not specify how long it will remain open, it will remain open for

Selecciona una de las siguientes respuestas posibles:

  • a reasonable period of time

  • one business day

  • one week

  • one month

Explicación

Pregunta 43 de 49

1

Frank put an ad in the local paper stating he had a 1998 Avalon with 110,000 miles for sale for $9,000. Which statement best describes the legal status of this ad?

Selecciona una de las siguientes respuestas posibles:

  • It is an offer to sell the car because it meets the requirement of definiteness

  • It is a firm offer to sell the car because it evidences a present commitment

  • It is an option offer to sell the car because it is communicated to multiple offerees

  • It is not an offer, but an announcement that he has a car to sell

Explicación

Pregunta 44 de 49

1

Which of the following is an illusory promise?

Selecciona una de las siguientes respuestas posibles:

  • "I will buy tickets to the World Series if the Yankees win the pennant."

  • "I will go with you to the donkey basketball game if I can't think of anything better to do."

  • "I will drive you to work if your car is still in the repair shop."

  • "I will buy your car if my husband likes it."

Explicación

Pregunta 45 de 49

1

Dell, a farmer, has an agreement to lease 500 acres from Wood for 3 years. Must this agreement be in writing to be enforceable?

Selecciona una de las siguientes respuestas posibles:

  • Yes, it is an interest in land and the lease is for more than one year

  • Yes, all leases of farmland are governed by the Statute of Purposes and must be in writing

  • No, all leases of farmland over 500 acres are governed by the Statute of Repose and may be oral

  • No, as soon as Dell plants crops a unilateral contract is formed that does not have to be in writing

Explicación

Pregunta 46 de 49

1

On June 25, Sam Seller mailed Ben Buyer an offer to sell his car to Ben for $10,000. The offer arrived on June 28. Ben put his acceptance in the mail on June 30, but, because of the long holiday, it did not arrive at Sam's home until July 7. Sam found a buyer who was willing to pay $11,000 for the car and mailed a revocation on June 27. Ben got the revocation on July 1. Was a contract formed between Sam and Ben? If so, on what date did it become effective?

Selecciona una de las siguientes respuestas posibles:

  • Yes, there is a contract that became effective on June 30, the day Ben mailed the acceptance.

  • Yes, there is a contract that became effective on July 7, the day the acceptance arrived

  • No, there is no contract because Ben received the revocation before Sam received the acceptance

  • No, there is no contract because the revocation was sent before Ben received the offer

Explicación

Pregunta 47 de 49

1

Quinn promises to sell his RV to Sid, who builds a structure behind his house in which to keep it. Quinn's attempt to renege on the promise is

Selecciona una de las siguientes respuestas posibles:

  • effective if Quinn did not ask Sid to build anything

  • effective if Quinn wants to sell the RV to someone else

  • not effective if Sid cannot obtain a similar RV for a similar price elsewhere

  • not effective if Sid is held to have detrimentally relied on the promise

Explicación

Pregunta 48 de 49

1

Ruth, a minor, charges groceries at Sam's Mart. Two days later, Ruth disaffirms the purchase. Ruth owes Sam's Mart

Selecciona una de las siguientes respuestas posibles:

  • the reasonable value of groceries

  • the retail value of the groceries

  • the wholesale value of the groceries

  • nothing

Explicación

Pregunta 49 de 49

1

Alpha Cable Company, a subcontractor, understates its bid on a project for Beta Communications, Inc., the general contractor, due to an addition error. Alpha can most likely

Selecciona una de las siguientes respuestas posibles:

  • recover damages from Beta for not catching the error

  • require Beta to pay the difference between the bid and the true cost

  • rescind the contract

  • none of the above

Explicación

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