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Exam 10: Contracts and Sales: Introduction and Formation

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Question 51

True/False

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A merchant's firm offer requires consideration to be valid.

A) True
B) False

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verified

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Question 52

Multiple Choice

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Walt's Pool World's fax to Pat's Pumps: "I'll take 10 4 hp pool pumps @ $175 each." Pat's Pumps' return fax: "Ok. Will deliver tomorrow AM." Pat and Walt:

A) do not have a contract because the faxes will not satisfy the statute of frauds.
B) do not have a contract because of the mirror image rule.
C) had a contract when Pat's fax was sent.
D) had a contract when Pat's fax was received.

E) C) and D)
F) All of the above

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Question 53

Multiple Choice

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To be valid, a UCC merchant's firm offer:

Alpha Enterprises sent an offer to Omega Enterprises. The offer read as follows: AVAILABLE FOR IMMEDIATE SHIPMENT: 600 WIRELESS NOKIA PHONES - MODEL HCG5321 (THE PHONE FROM "CHARLIE'S ANGELS") . PRICE IS $10 EACH. 30 DAYS, SAME AS CASH. ALL WARRANTIES IN EFFECT. THIS OFFER EXPIRES ON TUESDAY, MARCH 15, 2016. Omega sent the following letter in response on March 14, 2016, via overnight delivery: HAPPY TO ACCEPT YOUR OFFER ON THE NOKIA PHONES. SHIP IMMEDIATELY. There was a major snowstorm that hit the east coast on March 14, 2016, and Omega's letter did not arrive at Alpha's headquarters until March 18, 2016. Alpha had sold the phones to another company. Omega demanded the 600 phones for $10 each claiming that it had accepted the offer in time.

Which federal law governs the requirements on transfers of credit card balances?

The mailbox rule applies to:

Review the following language exchanged in e-mails:​ ​ John:  "I will buy your Apple phone for $200." Amanda:  "I can sell it, but I don't have the box." John:  "I will still take it without the box." Amanda:  "Okay." ​ Answer the following questions based on the exchange. ​Amanda formed a contract when she responded the first time because the box was immaterial.

Which of the following would violate federal laws governing credit cards?

In which of these situations does the mailbox rule apply?

Where is the new Consumer Financial Protection Bureau housed?

The UCC Battle of the Forms provision allows additional terms in an acceptance without invalidating the acceptance.

Describe the main factors in the creation of the recent subprime lending situation.

A force majeure clause would apply to which of these items?

The parol evidence rule does not apply in UCC contracts.

Massey Products had a contract to ship parts to a  manufacturer in Ukraine.  However, Russian forces were controlling the entry of goods into that country and Massey's delivery agent was turned around at the border, and Massey was unable to gain entry into the country.  Which of the following statements is correct?​

A bilateral contract requires two parties to act simultaneously in order for the contract to be valid.

A contract must be in a formal writing to satisfy the statute of frauds.

Regulation Z provides the details of compliance with the TILA.

The new UCC accepts website communications as sufficient for a writing.

Under the UCC and between merchants, additional terms in acceptance: