LSB 3213 Exam 2 – Holden Questions
with 100% Correct | Rated A+
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?
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.
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, 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
A meeting of the mind requires
A)the court to determine that both parties entered into a wise agreement.
B)both parties to compromise in reaching a final agreement.
C)both parties to make a fair offer.
D)a true understanding, and acceptance, of the terms of the offer. - ✔✔D
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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
with 100% Correct | Rated A+
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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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,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?
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.
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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, 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
A meeting of the mind requires
A)the court to determine that both parties entered into a wise agreement.
B)both parties to compromise in reaching a final agreement.
C)both parties to make a fair offer.
D)a true understanding, and acceptance, of the terms of the offer. - ✔✔D
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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
