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Exam 12: Contracts and Sales: Introduction and Formation

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Question 1

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A contract must be in a formal writing to satisfy the statute of frauds.

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Question 2

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The Equal Credit Opportunity Act was passed to ensure equal credit opportunity regardless of past credit history.

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Quasi contracts are implied-in-law contracts.

The mailbox rule applies to:

Under both UCC and common law, a counteroffer:

A record, such as an e-mail or fax, now satisfies the writing requirement under both the UCC and common law.

Under common law, a counteroffer is also a rejection.

The spouse of a credit applicant must disclose his or her credit information if the credit application is for the applicant's business operations.

The solicitation of credit card customers is not regulated by the federal government.

Fred Twain sends the following e­mail to Ralph Barnes: "Will sell you my 2006 Audi A4 for $23,500, will carry or take cash. This offer to remain open until November 11, 2007." Ralph responds, "I know how much you love that car. I'll think about it." On November 12, 2007, Ralph e­mails Fred and writes, "Fred, I am ready to buy your car." Fred responds, "Ralph, I sold the car this morning because I didn't hear from you."

The liability limitation for credit card holders who report a loss or theft is $50.

Day 1: Mike sends Tina a letter offer to sell his fish tank to her for $125. Day 2: Tina faxes Mike an acceptance. Day 2: Mike receives Tina's fax. Day 3: Mike calls Tina to revoke his offer. Mike and Tina:

Which of these can be a valid contract agreement under ESIGN?

A UCC offer is valid with the subject matter stated even though no price is given.

E-Sign requires that there be faxes or written verification of electronic contracts.

Which of the following is/are governed by the UCC?

A contract for the sale of a car for $700, under the old UCC, must be in writing to be enforceable.

Alpha Enterprises sent an offer to Omega Enterprises. The offer read as follows: AVAILABLE FOR IMMEDIATE SHIPMENT: 600 WIRELESS NOKIA PHONES - MODEL HCG5321 (THE PHONE FROM "CHARLIE'S ANGELS") . PRICE IS $10 EACH. 30 DAYS, SAME AS CASH. ALL WARRANTIES IN EFFECT. THIS OFFER EXPIRES ON TUESDAY, MARCH 15, 2004. Omega sent the following letter in response on March 14, 2002, via overnight delivery: HAPPY TO ACCEPT YOUR OFFER ON THE NOKIA PHONES. SHIP IMMEDIATELY. There was a major snowstorm that hit the east coast on March 14, 2004, and Omega's letter did not arrive at Alpha's headquarters until March 18, 2004. Alpha had sold the phones to another company. Omega demanded the 600 phones for $10 each claiming that it had accepted the offer in time.

Which of the following contracts would have to have some form or writing or record to be enforced?

Under the CISG, acceptance is effective only upon receipt.