Question 1

How did the Supreme Court of Nebraska interpret Section 2-607(3)(a) of the Uniform Commercial Code (UCC) in the Fitl v. Strek lawsuit?

Accepted Answer

The trial court had found that Fitl had ...

Question 2

If the subject matter of a contract is destroyed, the contract is discharged because performance is impossible.

Accepted Answer

A) True 
 B)False

Question 3

An oral sales contract of any amount is enforceable under the Convention on Contracts for the International Sale of Goods (CISG).

Accepted Answer

A) True 
 B)False

Question 4

Under the Uniform Commercial Code (UCC) , one of the remedies for the seller resulting from the buyer's breach includes the right to .

Accepted Answer

A)   recover the purchase price if the seller is unable to sell or dispose of goods
B)   revoke an acceptance of goods under certain circumstances
C)   recover damages after cancellation of the contract
D)   obtain specific performance when the goods are unique or remedy at law is inadequateE) B) and D)
F) A) and D)

Question 5

The Uniform Commercial Code (UCC) allows a buyer to accept any number of units of the goods and reject the rest if the goods fail to conform to the contract in any respect.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following statements is true about the sovereign acts doctrine?

Accepted Answer

A)   It allows one Congress to bind a later Congress.
B)   It does not allow the government to pass laws that discharge its preexisting contractual obligations.
C)   It allows Congress to pass legislation deliberately targeting its existing contractual obligations.
D)   It protects the government in a subsequent suit for breach of contract if a new law of general application indirectly affects a government contract.E) C) and D)
F) A) and D)

Question 7

The United Nations Commission on International Trade Law drafted the Convention on Contracts for the International Sale of Goods to promote diversity in the law addressing international transactions.

Accepted Answer

A) True 
 B)False

Question 8

Death or illness of a promisor whose personal performance is required to fulfill the contract when no substitute is possible can be used as a defense to nonperformance.

Accepted Answer

A) True 
 B)False

Question 9

What are the conditions that must be met to show an exception to the perfect tender rule under the United Nations Convention on Contracts for the International Sale of Goods (CISG)?

Accepted Answer

Under the United Nations Convention on C...

Question 10

Under the UCC, a sales contract of is enforceable if it is oral.

Accepted Answer

A)   no amount
B)   less than $5,000
C)   less than $500
D)   any amountE) None of the above
F) A) and B)

Question 11

The National Conference of Commissioners issued the Uniform Computer Information Transaction Act (UCITA).

Accepted Answer

A) True 
 B)False

Question 12

is a mutual agreement to rescind an original agreement and substitute a new one for it.

Accepted Answer

A)   Substituted agreement
B)   Condition precedent
C)   Accord and satisfaction
D)   NovationE) None of the above
F) B) and C)

Question 13

The right to revoke an acceptance of goods under certain circumstances is a remedy available to the buyer under the Uniform Commercial Code (UCC).

Accepted Answer

A) True 
 B)False

Question 14

An injunction is awarded when parties wish to correct the terms in an agreement so that they reflect the true understanding of the parties.

Accepted Answer

A) True 
 B)False

Question 15

With regard to remedies for a breach of contract, which of the following is not a recognized form of monetary damages?

Accepted Answer

A)   compensatory
B)   punitive
C)   nominal
D)   confiscatoryE) A) and B)
F) A) and C)

Question 16

Which of the following refers to discharge of a contract due to a situation that makes performance of that contract unreasonably expensive, injurious, or costly to a party?

Accepted Answer

A)   rescission
B)   commercial impracticability
C)   condition precedent
D)   condition subsequentE) B) and C)
F) B) and D)

Question 17

Which of the following statements refers to nominal damages?

Accepted Answer

A)   They are damages in excess of compensatory damages that the court awards for the sole purpose of deterring the defendant and others from doing the same act again.
B)   They are damages awarded to the party that is injured by a breach of contract but cannot establish actual damages.
C)   They are damages for nonperformance that are stipulated in a clause in the contract.
D)   They are damages designed to place the non-breaching party in the position that party would have enjoyed had the terms of the contract been performed.E) A) and B)
F) A) and C)

Question 18

An estimated of all international trade is conducted among the 70 nations that were signatories to the CISG as of April 2009.

Accepted Answer

A)   20 percent
B)   one-third
C)   45 percent
D)   two-thirdsE) B) and D)
F) B) and C)

Question 19

Novation changes the contractual duties of the substituted party.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following is a form of discharge by mutual agreement?

Accepted Answer

A)   condition subsequent
B)   novation
C)   condition precedent
D)   impossibility of performanceE) A) and C)
F) C) and D)

Exam 10: The Law of Contracts and Sales Ii

Death or illness of a promisor whose personal performance is required to fulfill the contract when no substitute is possible can be used as a defense to nonperformance.

Correct AnswerverifiedShow Answer

An estimated of all international trade is conducted among the 70 nations that were signatories to the CISG as of April 2009.

Correct AnswerverifiedShow Answer

An oral sales contract of any amount is enforceable under the Convention on Contracts for the International Sale of Goods (CISG).

Correct AnswerverifiedShow Answer

How did the Supreme Court of Nebraska interpret Section 2-607(3)(a) of the Uniform Commercial Code (UCC) in the Fitl v. Strek lawsuit?

Correct AnswerverifiedThe trial court had found that Fitl had ...View AnswerShow Answer

Which of the following statements is true about the sovereign acts doctrine?

Correct AnswerverifiedShow Answer

The right to revoke an acceptance of goods under certain circumstances is a remedy available to the buyer under the Uniform Commercial Code (UCC).

Correct AnswerverifiedShow Answer

What are the conditions that must be met to show an exception to the perfect tender rule under the United Nations Convention on Contracts for the International Sale of Goods (CISG)?

Correct AnswerverifiedUnder the United Nations Convention on C...View AnswerShow Answer

The Uniform Commercial Code (UCC) allows a buyer to accept any number of units of the goods and reject the rest if the goods fail to conform to the contract in any respect.

Correct AnswerverifiedShow Answer

If the subject matter of a contract is destroyed, the contract is discharged because performance is impossible.

Correct AnswerverifiedShow Answer

is a mutual agreement to rescind an original agreement and substitute a new one for it.

Correct AnswerverifiedShow Answer

The United Nations Commission on International Trade Law drafted the Convention on Contracts for the International Sale of Goods to promote diversity in the law addressing international transactions.

Correct AnswerverifiedShow Answer

Which of the following statements refers to nominal damages?

Correct AnswerverifiedShow Answer

The National Conference of Commissioners issued the Uniform Computer Information Transaction Act (UCITA).

Correct AnswerverifiedShow Answer

Under the UCC, a sales contract of is enforceable if it is oral.

Correct AnswerverifiedShow Answer

Which of the following is a form of discharge by mutual agreement?

Correct AnswerverifiedShow Answer

An injunction is awarded when parties wish to correct the terms in an agreement so that they reflect the true understanding of the parties.

Correct AnswerverifiedShow Answer

Under the Uniform Commercial Code (UCC) , one of the remedies for the seller resulting from the buyer's breach includes the right to .

Correct AnswerverifiedShow Answer

Which of the following refers to discharge of a contract due to a situation that makes performance of that contract unreasonably expensive, injurious, or costly to a party?

Correct AnswerverifiedShow Answer

With regard to remedies for a breach of contract, which of the following is not a recognized form of monetary damages?

Correct AnswerverifiedShow Answer

Novation changes the contractual duties of the substituted party.

Correct AnswerverifiedShow Answer

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The trial court had found that Fitl had ...
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Under the United Nations Convention on C...
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