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BUSI 2001 Final Exam Week 6

1. Except as provided by statute, oral contracts are just as enforceable as written contracts.
2. Full performance is the most common method by which contracts are discharged.
3. One of the elements necessary to establish fraud is a false statement or concealment of a material fact.
4. The UCC requires all parties to enter a sales contract to perform their obligations in good faith.
5. The term goods include intangible personal property such as shares of stock.
6. A check is an instrument that is payable on demand.
7. Gambling is a legal form of playing for stakes, such as in a lottery.
8. The parol evidence rule states that terms of a written contract can be changed by prior oral or written agreements.
9. If the subject matter essential to the performance of the contract is destroyed through no fault of either party, the contract is considered discharged.
10. When money damages do not adequately and fairly compensate for a loss, the injured party can sue for specific performance or request a court to issue an injunction.
11. In seeking damages, the victim of a breach of contract has a duty to
12. Jones sued Smith for breach of contract. The court awarded Jones damages of $1. This award is known as
13. The statute of limitations Selected Answer: Correct Answer:
14. The most common form of a negotiable instrument is
15. A promissory note must contain
16. A check that contains the words three hundred fifty dollars and the figures $3.50 is
17. Government regulation of business is designed to protect
18. Antitrust regulation at the federal level is based on the
19. The power to regulate interstate commerce comes from
20. Which of the following contracts is not covered by Article 2 of the UCC?
21. When Rosco was unable to pay the $1,000 he owed Lyden, Lyden agreed to let Rosco paint Lyden’s house in payment. When Rosco finished painting the house, his original obligation was discharged by
22. An agreement to rob a bank is an example of a
23. Which of the following is not required to be in writing?
24. A contract for the sale of goods or merchandise for $495.00 is
25. Usury laws provide protection in a contract that is
26. An example of a licensing statute is one that
27. When Johnson finished painting Bristol’s house as agreed, Bristol paid him in full. Their contract was discharged by
28. A condition by which competition is suppressed by act or agreement is
29. Intrastate commerce refers to a business that
30. When a clause in a non-compete contract is too restrictive, most courts generally