An offer can be terminated by __________. (Points : 5) operation of law action of the parties detrimental reliance operation of law and also action of the parties 2. If a contractual promise is broken, the person to whom the promise was made, the __________, has certain legal rights against the person who made the promise, the ________. (Points : 5) promisee, promisor promisor, promisee perfector, perfectee perfectee, perfector 3. Which of the following is not an element of promissory estoppel? (Points : 5) A promise Unjustifiable reliance Foreseeability Injustice of result 4. Liquidated damages are damages that: (Points : 5) punish the breaching party. fluctuate with the market conditions. are an estimate of the damages likely to be sustained from the breach. none of the above 5. Which of the following does not generally make a contract voidable? (Points : 5) Fraud Duress Unilateral mistake of fact Misrepresentation 6. Fraud in the ________ occurs when a party is persuaded to sign one document thinking that it is another. (Points : 5) acceptance obligation factum inducement 7. A __________ is a provision specifying which country’s courts will have exclusive jurisdiction over any dispute involving a multinational contract. (Points : 5) choice-of-forum provision choice-of-law provision choice-of-court provision choice-of-law provision 8. Which of the following are damages that give the plaintiff the benefit of its bargain, putting the plaintiff in the case position it would have been in if the contract had been fulfilled? (Points : 5) Expectation damages Reliance damages Restitution damages In kind damages 9. If the promisee entered into the contract in order to discharge a duty he or she owed the third party, then the third party is a(n) ________ beneficiary. (Points : 5) express implied creditor donee 10. An agreement between two parties that provides that the seller will sell all of a product that he produces to the buyer is called a(n) (Points : 5) illusory promise requirements contract output contract fulfillment contract 11. Kiera and Ben entered into a contract whereby Ben would clean Kiera’s house once a week for eighteen months for $75 per week in a state that has adopted the Uniform Electronic Transactions Act. The transaction was done electronically, and both Kiera and Ben signed through the use of an electronic signature. Unfortunately, problems resulted when Ben failed to show up as scheduled. Ben told Kiera that the contract was not good because his signature was done electronically. Kiera told him that he was wrong and that he needs to get up to date with the modern age. Which of the following is correct regarding the dispute? (Points : 5) Ben is correct because electronic signatures are not recognized as valid under any circumstances. Ben is correct only if Kiera’s name was typed as opposed to being shown in handwriting-style (cursive) form. Kiera is correct that the signature is sufficient only if she can show that she and Ben had previously engaged in electronic transactions. Kiera is correct that her electronic signature is sufficient. 12. UCC Section 2-319 expressly authorizes the buyer and seller to allocate the risk of ________ between them as they see fit. (Points : 5) damages specific performance modification loss 13. A(n) ________ contract occurs when one party is induced to enter a contract on a “take it or leave it” basis. (Points : 5) adhesion merchants output requirement 14. Under the UCC, a failure to perform is excused under the doctrine of: (Points : 5) impossibility commercial impossibility commercial impracticability consumer impracticability 15. Under the Convention on Contracts for the International Sale of Goods (CISG), an offer becomes effective when: (Points : 5) the offeror sends it it reaches the offeree the offeree reads it the offeree replies 16. Which of the following is false regarding The Convention on Contracts for the International Sale of Goods? (Points : 5) The Convention does not apply to sales by auction. The Convention applies to oral as well as written contracts of sale. The Convention has a statute of frauds that applies to all countries that have ratified the Convention. Legal scholars are split on whether the Convention applies to e-commerce transactions. 17. Under the UCC statute of frauds, which of the following terms must be in a writing order to satisfy the statute? (Points : 5) The price The quantity The identity of the parties The time and place for delivery 18. Which of the following is true regarding the UCC? (Points : 5) The UCC does not regulate sales of goods by nonmerchants. The UCC regulates sales of goods by both merchants and nonmerchants, and the same set of rules always apply regardless of whether a merchant or nonmerchant is involved. The UCC regulates sales of goods by both merchants and nonmerchants, but different rules may apply to them. The UCC regulates sales of goods by nonmerchants only if more than $1,000 in sales is at issue, and the same set of rules apply to nonmerchants as well as merchants. 19. What are items of personal property that are attached to real property and cannot be removed without substantial damage called? (Points : 5) Connectors Relaters Entanglements Fixtures 20. Which of the following is not a type of warranty under the UCC? (Points : 5) Express Fitness for a particular purpose Merchantability Specific performance