BUL 5810 UPDATED ACTUAL QUESTIONS
AND CORRECT ANSWERS
COMPREHENSIVE STUDY GUIDE FULL
SOLUTION
●● Article 2 of the UCC governs the:
Answer: sale of goods
●● "Sale" is defined as:
Answer: the transfer of title from seller to buyer.
●● Goods are defined as:
Answer: tangible personal property (personal property is all property
other than an interest in land)
●● International Contracts involve additional issues beyond those in
domestic contracts, such as:
Answer: differences in language, legal systems, and currency.
●● T or F: The United Nations Convention on Contracts for the
International Sales of Goods (CISG) governs all contracts for
international sales of goods between parties located in different nations
that have ratified the CISG.
,Answer: True
●● What is a contract?
Answer: A binding agreement that the courts will enforce.
●● Failure to perform a contractual obligation properly is known as a:
Answer: breach
●● The parties to a contract must manifest by words or conduct that they
have agreed to enter into a contract; this is known as:
Answer: Mutual Assent
●● Each party to a contract must intentionally exchange a legal benefit
or incur a legal detriment as an inducement to the other party to make a
return exchange; this is according to the principle of:
Answer: consideration.
●● T or F: The purpose of a contract may be criminal, tortious, or
otherwise against public policy.
Answer: False
●● The parties to a contract must have contractual ________________.
Answer: capacity
, ●● An express contract is:
Answer: an agreement that is stated in words, either orally or in writing.
●● An implied (in fact) contract is:
Answer: a contract in which the agreement of the parties is inferred from
their conduct.
●● A contract in which both parties exchange promises is called a:
Answer: bilateral contract
●● A contract in which only one party makes a promise, and that
promise is exchanged for an act or a forbearance to act, is called a:
Answer: unilateral contract
●● A valid contract is one that:
Answer: meets all of the requirements of a binding contract.
●● A void contract is no contract at all and has no:
Answer: legal effect
●● A contract capable of being made void is known as:
Answer: voidable
AND CORRECT ANSWERS
COMPREHENSIVE STUDY GUIDE FULL
SOLUTION
●● Article 2 of the UCC governs the:
Answer: sale of goods
●● "Sale" is defined as:
Answer: the transfer of title from seller to buyer.
●● Goods are defined as:
Answer: tangible personal property (personal property is all property
other than an interest in land)
●● International Contracts involve additional issues beyond those in
domestic contracts, such as:
Answer: differences in language, legal systems, and currency.
●● T or F: The United Nations Convention on Contracts for the
International Sales of Goods (CISG) governs all contracts for
international sales of goods between parties located in different nations
that have ratified the CISG.
,Answer: True
●● What is a contract?
Answer: A binding agreement that the courts will enforce.
●● Failure to perform a contractual obligation properly is known as a:
Answer: breach
●● The parties to a contract must manifest by words or conduct that they
have agreed to enter into a contract; this is known as:
Answer: Mutual Assent
●● Each party to a contract must intentionally exchange a legal benefit
or incur a legal detriment as an inducement to the other party to make a
return exchange; this is according to the principle of:
Answer: consideration.
●● T or F: The purpose of a contract may be criminal, tortious, or
otherwise against public policy.
Answer: False
●● The parties to a contract must have contractual ________________.
Answer: capacity
, ●● An express contract is:
Answer: an agreement that is stated in words, either orally or in writing.
●● An implied (in fact) contract is:
Answer: a contract in which the agreement of the parties is inferred from
their conduct.
●● A contract in which both parties exchange promises is called a:
Answer: bilateral contract
●● A contract in which only one party makes a promise, and that
promise is exchanged for an act or a forbearance to act, is called a:
Answer: unilateral contract
●● A valid contract is one that:
Answer: meets all of the requirements of a binding contract.
●● A void contract is no contract at all and has no:
Answer: legal effect
●● A contract capable of being made void is known as:
Answer: voidable
