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ETS Major Field Test (Practice Test): Bachelor's Degree in Business

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The common characteristic possessed by all assets is

a) Long life
b) Great monetary value
c) Tangible nature
d) Future economic benefit
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Terms in this set (157)
Under the Uniform Commercial Code (UCC) statute of frauds, which of the following terms must be included in writing in order to satisfy the writing requirement?

a) The price of the goods.
b) The quantity of the goods.
c) The signatures and names of the buyer and the seller
d) The time and place for delivery
Which of the following is true with regard to an exculpatory clause?

a) An exculpatory clause excuses one party from liability for his/her own tortious conduct.

b) Where one party has a superior bargaining position that has enabled him/her to impose an exculpatory clause upon the other, the courts are inclined to nullify the provision.

c) An exculpatory clause may be unenforceable for unconscionability.

d) All of the above are true