BUSFIN 3500 Midterm 2 Exam Actual
Questions and Answers 2026
contract -
correct answer ✅a promise that the law will enforce
Article II of the UCC -
correct answer ✅governs contracts for the sale of goods
good -
correct answer ✅tangible commodity capable of being
moved from place to place
objectively examining the parties' observable behavior - their words
and conduct -
correct answer ✅how contractual intent is determined
reasonable person test -
correct answer ✅determining if a person in the position of
the promisee would conclude that the promisor intended to be
legally bound
offer -
correct answer ✅manifestation of mutual assent made by
the offeror to the offeree
, BUSFIN 3500 Midterm 2 Exam Actual
Questions and Answers 2026
offeror -
correct answer ✅the party who makes the offer
offeree -
correct answer ✅the party to which the offer is made
objective theory of contracts -
correct answer ✅separates contracts from understandings
- supports trust in markets
- substitutes for private enforcement (violence) -
correct answer ✅importance of contract law
1. common law (judge-made (cases))
2. statues (UCC) -
correct answer ✅sources of contract law
1. made w contractual intent
2. definite enough for the court to enforce
Questions and Answers 2026
contract -
correct answer ✅a promise that the law will enforce
Article II of the UCC -
correct answer ✅governs contracts for the sale of goods
good -
correct answer ✅tangible commodity capable of being
moved from place to place
objectively examining the parties' observable behavior - their words
and conduct -
correct answer ✅how contractual intent is determined
reasonable person test -
correct answer ✅determining if a person in the position of
the promisee would conclude that the promisor intended to be
legally bound
offer -
correct answer ✅manifestation of mutual assent made by
the offeror to the offeree
, BUSFIN 3500 Midterm 2 Exam Actual
Questions and Answers 2026
offeror -
correct answer ✅the party who makes the offer
offeree -
correct answer ✅the party to which the offer is made
objective theory of contracts -
correct answer ✅separates contracts from understandings
- supports trust in markets
- substitutes for private enforcement (violence) -
correct answer ✅importance of contract law
1. common law (judge-made (cases))
2. statues (UCC) -
correct answer ✅sources of contract law
1. made w contractual intent
2. definite enough for the court to enforce
