Reference no: EM131224020

1. Which of the following is the most accurate statement?
A Article 2 of the Uniform Commercial Code represents majority law to be used to determine the outcome of disputes involving any commercial contract.
B Article 2 of the Uniform Commercial Code represents majority law to be used to determine the outcome of disputes involving a contract for the sale of goods.
C Article 2 of the Uniform Commercial Code represents majority law to be used to determine the outcome of disputes involving a contract for the sale of goods, but only if the parties are merchants.
D Article 2 of the Uniform Commercial Code does not represent majority law.

2. A contract in which one or more of the parties has the power to terminate the legal relations created by the contract is best referred to as:
A An implied in fact contract.
B An implied in law contract.
C A voidable contract.
D A quasi-contract.

3. How can an offer to buy goods be effectively accepted?
A Only by shipping the goods.
B Only by promising to ship the goods.
C By either a shipment of conforming goods or a promise to ship the goods.
D By either a shipment of conforming or non-conforming goods or a promise to ship the goods.

4. In a sale of goods contract, how will the courts respond to a failure of the parties to specify a quantity of goods?
A Courts will use one of the gap-filler provisions of the UCC to fill in the missing term.
B Courts will use standard practices in the relevant trade or profession to fill in the missing term.
C Courts will use a reasonableness standard to fill in the missing term.
D Courts will not enforce the contract because it is missing a material term.

5. Which of the following is the most accurate statement as to the role of a judge and jury in a court of law?
A A judge is to determine questions of law and a jury is to determine questions of fact.
B A judge is to determine questions of fact and a jury is to determine questions of law.
C A jury is to decide questions of law and fact, but a judge is empowered to override the jury's determination.
D A judge is to decide questions of law and fact based on the recommendations of the jury.

6. If an offer is unclear as to the proper manner of acceptance, how can the offer be accepted?
A Only in the same manner used to communicate the potential offer.
B Only by a promise to perform.
C Only by performance of the requested act.
D In any manner reasonable under the circumstances.

7. Each provision of the Uniform Commercial Code is followed by official comments. What is the legal effect of the official comments?
A While most states have enacted into law the provisions of the UCC, most have not enacted into law the official comments.
B Most states have enacted into law both the provisions of the UCC and the official comments.
C Most courts will not consult the official comments for guidance since they have not been enacted into law in most jurisdictions.
D The official comment carry the same legal authority within a particular jurisdiction is do the provisions of the UCC.

8. An employer contracts with an employee for the employee for a designated salary, stating that the employment will be "permanent." What is the legal effect of the employment contract?"
A The contract would fail for indefiniteness as to a material term.
B The employee is entitled to work so long as the employee is able to do the work and the employer continues in the business for which the employee was hired.
C An at will employment contract exists between the parties.
D The employee can sue in quantum meruit since no valid contract was ever formed.