Question 1 (2 points) Question 1 Unsaved Andrew is employed as a Chief Financial Officer of EasyMone

Question 1 (2 points) Question 1 Unsaved
Andrew is employed as a Chief Financial Officer of EasyMoney
firm in New York City, for a salary of $200,000 per year on a three-year
contract. His employer terminates Andrew with two years left in the contract.
Andrew accepts employment as a financial analyst at a different firm that pays
$150,000 per year. Which of the following hold true in this scenario?
Question 1 options:

A) Andrew
cannot take any legal action against his formal employer after accepting
another job.

B) Andrew’s
former employer must pay Andrew two years’ worth of his former salary.

C) Andrew
can only sue to receive nominal damages.

D) Andrew can
sue his prior employer and recover $100,000.

Question 2 (2 points) Question 2 Unsaved
Monetary damages can be recovered only for material breach.
Question 2 options:

A) True

B) False
Question 3 (2 points) Question 3 Unsaved
Tender of performance discharges a party’s contractual
obligations.
Question 3 options:

A) True

B) False
Question 4 (2 points) Question 4 Unsaved
Material breach of a contract occurs when a party renders
considerable performance of his or her contractual obligations.
Question 4 options:

A) True

B) False
Question 5 (2 points) Question 5 Unsaved
Mitigation of damages is a nonbreaching party’s legal duty
toward avoiding or reducing damages caused by a breach of contract.
Question 5 options:

A) True

B) False

Question 6 (2 points) Question 6 Unsaved
Stelwire LLC, a vintage car dealer, advertises the sale of a
1964 Ford Thunderbolt. Ralph responds to the advertisement with an offer of
$80,000 for the car. Stelwire signs a written assurance to keep that offer open
to Ralph for a fortnight. Five days before the fortnight is up, Stelwire sells
the car to another buyer. At the end of the fortnight period, Ralph tenders
$80,000 for the car, but the car has already been sold. Ralph then buys the
same model car from another dealer for $90,000 and sues Stelwire for breach of
contract. The court rules that Stelwire is liable to Ralph for breach of
contract, and orders Stelwire to pay Ralph the difference of $10,000 he paid
extra to the second dealer for the car.

What was the nature of the contract between Ralph and
Stelwire?
Question 6 options:

A) counteroffer

B) open
terms contract

C) option
contract

D) lease
contract
Question 7 (2 points) Question 7 Unsaved
Course of performance between the parties is taken into
account when the express terms of their written contract are not clear.
Question 7 options:

A) True

B) False
Question 8 (2 points) Question 8 Unsaved
The firm offer rule allows the offeror to revoke an offer at
any point of time prior to the acceptance.
Question 8 options:

A) True

B) False
Save
Question 9 (2 points) Question 9 Unsaved
Article 5 of the UCC governs ________.
Question 9 options:

A) sales of
intangible goods

B) finance
leases

C) letters
of credit

D) general
provisions

Question 10 (2 points) Question 10 Unsaved
Miranda Airways, a commercial air carrier, has a contract
with Wurtherton Inc., an airplane manufacturer, to purchase a new plane. Due to
a sudden shortage of cash, Miranda Airways goes to MetrosBank. MetrosBank
issues a document to Wurtherton that if Miranda does not pay for the
transaction, MetrosBank would. Wurtherton considers the offer, and then sends
an acceptance with additional terms. The additional terms stipulates that
Miranda Airways could have the new airplane for a period of 10 years, and then
return it to Wurtherton. Miranda Airways agrees to the acceptance, and Wurtherton
hands the new airplane over to them.

What UCC rule was applied when Miranda Airways agreed to the
additional terms acceptance provided by Wurtherton?
Question 10 options:

A) firm offer
rule

B) mirror
image rule

C) battle of
the forms rule

D) gap-filling
rule
Question 11 (2 points) Question 11 Unsaved
Kenneth purchased a car from his local dealership, Quartent
Cars. However, since the car was not available in the color that Kenneth
favored, the sales contract stipulated that Kenneth could immediately pick up
the car from a nearby warehouse it was housed in. The warehouse was owned by
Mr. Henderson. Kenneth received the document of title for the car upon payment
and presented it to Mr. Henderson around a week later. But Mr. Henderson
informed Kenneth that the car was damaged during a fire in the warehouse.

If Mr. Henderson had refused the document of title provided
by Kenneth, who would have borne the risk of loss to the car?
Question 11 options:

A) The risk
is to be borne jointly by Quartent Cars and Kenneth.

B) The risk
is to be borne by Kenneth.

C) The risk
is to be borne by Quartent Cars.

D) The risk
is to be borne by Mr. Henderson.
Question 12 (2 points) Question 12 Unsaved
A shipment contract requires the seller to ship the goods to
the buyer via a common carrier.
Question 12 options:

A) True

B) False
Question 13 (2 points) Question 13 Unsaved
In which of the following cases is a buyer in breach of a
sales contract?
Question 13 options:

A) if the
buyer refuses to accept nonconforming goods

B) if the
buyer accepts noncorforming goods

C) if the
buyer refuses to accept conforming goods

D) if the
buyer asks replacements for defective goods
Question 14 (2 points) Question 14 Unsaved
Nebula Crystals, a firm in New York that manufactures
crystal figurines, was contracted by Ruth from Florida to deliver a thousand
such crystal figurines. The contract required the firm to deliver and tender
the goods alongside the vessel SS Dew Express at the New York harbor. Which of
the following shipment term expresses such conditions?
Question 14 options:

A) no-arrival,
no-sale

B) Ex-ship

C) F.A.S.
port of shipment

D) C.I.F.

Question 15 (2 points) Question 15 Unsaved
A document of title requires the seller to deliver the goods
at the buyer’s destination.
Question 15 options:

A) True

B) False

Question 16 (2 points) Question 16 Unsaved
Revocation of acceptance is not effective until the seller
or lessor is so notified.
Question 16 options:

A) True

B) False
Question 17 (2 points) Question 17 Unsaved
Blue Rorschach Inc. has an immediate requirement for 80
laptops and contracts with Zenzo Electronics 80 Dell laptops at $550 each. But
Zenzo Electronics breaches the contract and fails to deliver the laptops. Blue
Rorschach then immediately contracts Dell Computers, buys 100 laptops at $600
per laptop, and then sues Zenzo Electronics for the breach of contract.

What is the amount of legal damages that Blue Rorschach can
recover from Zenzo because of the breach of contract?
Question 17 options:

A) $4,400

B) $5,000

C) $4,000

D) $44,000

Question 18 (2 points) Question 18 Unsaved
The UCC alters the perfect tender rule with regard to
installment contracts.
Question 18 options:

A) True

B) False

Question 19 (2 points) Question 19 Unsaved
A(n) ________ is a sales contract that requires the seller
to deliver goods to the buyer’s place of business or another specified
location.
Question 19 options:

A) consignment
contract

B) option
contract

C) shipment
contract

D) destination
contract

Question 20 (2 points) Question 20 Unsaved
If the goods are rejected for nonconformance, the cost of
inspection can be recovered from the seller.
Question 20 options:

A) True

B) False

Question 21 (2 points) Question 21 Unsaved
A ________ is a warranty in which sellers of goods warrant
that the goods they sell are delivered free from any third-party security
interests, liens, or encumbrances that are unknown to the buyer.
Question 21 options:

A) warranty
of good title

B) warranty
of quiet possession

C) warranty
against infringements

D) warranty
of no security interests

Question 22 (2 points) Question 22 Unsaved
Implied warranties are expressly stated in the sales or
lease contract.
Question 22 options:

A) True

B) False

Question 23 (2 points) Question 23 Unsaved
Which of the following is true for display of warranty
disclaimers as ruled by the court?
Question 23 options:

A) It can be
implied as an understanding between the buyer and seller.

B) It should
be conspicuous and noticeable.

C) It need
only be present in the contract.

D) It must be
published in the local newspaper before actually being displayed..
Question 24 (2 points) Question 24 Unsaved
Sam expressed interest in buying a painting from Jasper, who
claimed that the painting was a family heirloom. Jasper’s asking price was
$15,000, but Sam was only willing to offer $13,000. Jasper told him that it was
a very old painting worth a fortune and that others would gladly pay $20,000
for it. He also told him that he was only selling it under its market value
because he needed the money immediately. He then implied that Sam could sell it
for a higher rate if he wanted.

Sam decided to buy the painting for $15,000 on the condition
that if he found that the painting was worth less than $15,000, Jasper would
have to take the painting back and refund Sam. Which of the following
warranties did this sales contract have?
Question 24 options:

A) an implied
warranty of merchantability

B) an
express warranty

C) a
statement of opinion

D) an implied
warranty of fitness

Question 25 (2 points) Question 25 Unsaved
Which of the following would constitute the creation of an
express warranty for goods?
Question 25 options:

A) description
of the goods

B) commendation
of the goods

C) prior
experience with the goods

D) affirmation
of the value of the goods

 

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