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5 Written questions

5 Matching questions

  1. Ways to keep an offer open
  2. Auction Without Reserve
  3. Bilateral Contract
  4. Firm Offer (UCC)
  5. Unilateral Contract
  1. a 1. Extend an offer past the original expiration date
    2. Common Law Jurisdiction: Option Contract
    3. UCC: Firm Offer Rule
  2. b The auctioneer must accept any offer they receive
  3. c Contracts where there is a promise in exchange for an act
  4. d A merchant offers another to keep an offer open for a state period of time, not to exceed 3 months or 90 days, and no consideration is needed
  5. e A promise in exchange for a promise

5 Multiple choice questions

  1. 1. A minor cannot validly contract, unless an emancipated minor
    2. The contract can be considered valid or not valid at the option of the minor
  2. Before
  3. One may freely assign any known right that he/she is entitled to
  4. If ___ at the time of negotiations, the contract is considered invalid
  5. Receipts, cards, bank statements, text messages, etc. - APPLIES TO ALL STATUTES OF FRAUD

5 True/False questions

  1. UCCUniform Commercial Code


  2. Fitness for a Particular Purpose (FFPP)The sale of goods
    1. Goods
    2. Good faith
    3. Merchant
    4. Offer
    5. Acceptance
    6. Consideration
    7. Defenses
    8. Warranties


  3. Risk of LossWho owns title and when does title transfer?


  4. Implied ContractDesigned to keep an offer open for a stated period of time or a reasonable period of time


  5. Void ContractOffer, acceptance, and consideration


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