Question76) Jana finds a home priced at $180,000 that she would like to buy. Sh

76) Jana finds a home priced at $180,000 that she would like to buy. She is

concerned, however, about her ability to get a loan. Accordingly, she and

the seller reach agreement that Jana will buy the home if she can get a loan

for $180,000 within 45 days. What type of condition is this agreement?

a. An express condition.

b. A concurrent condition.

c. A condition precedent.

d. a and c.

e. a, b, and c.

77) When an employee breaches a fixed-term employment contract by quitting

before the end of the term, what can the employer recover as damages?

a. All amounts already paid to the employee under the contract.

b. Nothing, because courts do not order anyone to perform a job against his or

her will.

c. Only specific performance.

d. Only amounts paid to the employee for which the employee has not yet done

the work.

e. The costs of hiring a replacement employee plus any increase in salary paid

to the replacement employee.

78) The doctrine that places a duty on a non-breaching party to take reasonable

steps to reduce damages is called:

a. garnishment.

b. mitigation.

c. liquidation.

d. avoidance.

e. reciprocal duties.

79) Alice has a contract with a surgeon to have a medical procedure performed

on July 17. The surgeon notifies Alice on July 5 that he is in the Bahamas

and will be there until the end of August and will not be able to do the surgery. Which of the

following is true at this point?

a. Alice must give the surgeon 90 days in which to schedule the surgery after

July 17.

b. There will be no breach until July 17.

c. If Alice contracts with another surgeon prior to July 17, and this second surgeon is aware of Alice’s original contract, the second surgeon has no obligation to perform.

d. Alice must wait until July 17, and if the surgeon does not perform the procedure, then Alice can contract with another surgeon.

e. Alice is free to contract with another surgeon.

80) A construction contractor entered into a contract to build a family room addition onto

Harry’s home for $25,000. In order to encourage timely performance, the agreement provided

that the contractor would be penalized $5,000 as liquidated damages for each day that the project

was late in getting finished. The contractor was 30 days late in finishing the project, but

otherwise met the terms of the agreement. What is most likely in this situation?

a. The liquidated damages clause would not be enforced due to its being excessive.

b. The liquidated damages clause would not be enforced because the parties

made a mutual mistake about when the contract would be finished.

c. The liquidated damages clause would be enforced only if it can be shown that the contractor has made that much in profits over the past six months.

d. The liquidated damages clause would be enforced.

e. The liquidated damages clause would be limited to $25,000, the amount of the contract price.

81) The highest price paid to date for the purchase of a domain name has been

to purchase:

a. www.wine.com.

b. www.wallstreet.com.

c. www.sex.com.

d. www.rockandroll.com.

e. www.drugs.com.

82) Under the Uniform Computer Information Transactions Act, what is the effect

of putting additional terms into an acceptance delivered through an electronic agent?

a. The acceptance is treated as a counteroffer.

b. The additional terms are ignored and a contract is formed based on the original terms.

c. The acceptance is treated as a rejection.

d. The acceptance is treated is if it never occurred, leaving the original offer

open.

e. The additional terms become part of the agreement unless objected to within

10 days.

83) Licensing of informational rights can usually best be described as:

a. granting any rights to use the information, which can differ greatly in scope

and duration.

b. the right to temporarily use the domain name of another.

c. granting limited rights to use that cannot be simultaneously granted to others.

d. a lease of tangible personal property to the licensee.

e. a sale of the underlying intellectual property rights.

84) Under the Uniform Computer Information Transactions Act, how long does a

party have in which to commence a cause of action?

a. Two years after the breach was or should have been discovered, but not more

than five years after the breach actually occurred.

b. One year after the breach actually occurred only.

c. One year after the breach was or should have been discovered, but not more

than five years after the breach actually occurred.

d. Two years after the breach was or should have been discovered, but not more

than three years after the breach actually occurred.

e. One year after the breach was or should have been discovered, but not more

than four years after the breach actually occurred.

85) The parol evidence rule would not allow which of the following items into

evidence when interpreting a written contract?

a. Evidence based on prior conduct in similar contracts between the parties to

explain the meaning of an ambiguous term in the contract.

b. Evidence of an oral statement regarding the contract price made when the

written contract was signed that was different from the price in the written

contract.

c. Evidence of the meaning of a term in the parties’ line of business that differs

from the meaning of that term in everyday language.

d. Evidence of a price change agreed upon after the contract was signed.

e. All the above would be allowed into evidence under the parol evidence rule.

86) For the firm offer rule to apply, who must be a merchant?

a. The offeree.

b. The offeror.

c. Both the offeror and the offeree.

d. Neither the offeror nor the offeree.

e. The offeree only if the offeree is a corporation.

87) Susan decides to buy new carpet for her home. She goes to Carpet City and

chooses the carpet she likes. As part of the deal, Carpet City agrees to install

the carpet. The carpet is installed while Susan is at work. When she returns

home and sees it, Susan immediately notices problems. The carpet is not the

same quality of carpet she ordered, and the color is off. Does the UCC apply,

and why or why not?

a. The UCC does not apply because it does not apply to mixed contracts of

goods and services.

b. The UCC does not apply because the deal with Carpet City included service

that is not covered by the UCC.

c. The UCC applies because the predominant part of the transaction between

Susan and Carpet City was the sale of goods.

d. The UCC does not apply because Susan and Carpet City did not agree in writ-

ing before the carpet was installed that the UCC would apply.

e. The UCC applies because it applies to service contracts as well as to con-

tracts for the sale of goods.

88) Which of the following situations creates a sale that falls under UCC sales law

rules?

a. Katherine contracts to pay Mike $880.00 to have her bedroom painted.

$800.00 is for labor and $80.00 is for the paint.

b. All of the above are UCC sales contracts.

c. Katherine makes a contract to purchase a shed that requires assembly. The

contract price is for $8,000.00 which includes $400.00 for labor.

d. Abc rentals rents a cement mixer to Katherine.

e. Dr. Mackey agrees to teach at yahoo university for 1 year.

89) Seller who is located in Atlanta, Georgia contracted to sell a shipment of

peaches to the 1910 fruit gum company located in Buffalo, New York. The

peaches were sold f.o.b. Buffalo. Seller delivered the peaches to the proper

carrier in Atlanta and the peaches were destroyed during shipping. Under

these facts:

a. Seller and buyer share the risk of loss.

b. Seller bears the risk of loss and is responsible.

c. This is a trick question; goods can’t be shipped f.o.b. Buffalo.

d. Buyer bears the risk of loss and is responsible.

e. Neither the seller nor the buyer bear risk of loss, the carrier bears the risk of

loss.

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