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Chris M.
Chris M., M.S.W. Social Work
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Question 1: An output contract is typically Illusory

Resolved Question:

Question 1: An output contract is typically




None of the above
Question 2: X signs a covenant not to compete with his employer, Y Sales Corporation. X has access to his employer’s confidential customer list. This covenant is enforceable if it

is not ancillary to the sale of a business..

is reasonable in terms of geographic area and time.

is supported by consideration.

requires both parties to obtain business licenses.
Question 3: Which of the following is true?

Because of the commerce clause, states do not have any power to regulate commerce.

In order for the federal government to have power to regulate commerce, that commerce must actually cross state lines.

The states’ police power gives states the power to regulate intrastate and certain interstate business occurring within their borders.

Although a state cannot regulate interstate commerce within its borders, it has full power to prevent interstate business activities within its borders.
Question 4: Which of the following is not grounds for the judicial dissolution of a partnership?

The partnership is losing substantial sums of money on a continuing basis.

The partners are beginning to disagree and quarrel on minor business matters.

A partner dies.

A partner commits serious misconduct.
Question 5: Jill invests $1,000 to buy 10 shares of Good Corporation. The corporation goes bankrupt having no assets and $l million in liabilities. The most Jill can lose is the $1,000 she invested. This is an example of the corporate characteristic of:

Limited liability.

Free transferability of shares.

Perpetual existence.

Centralized management.
Question 6: Which of the following practices is not a “bait and switch”?

Running out of the advertised product because the high demand was not anticipated.

Refusing to show customers the advertised product.

Discouraging employees from selling the advertised product.

Not having supplies of the advertised product on hand.
Question 7: Which of the following would constitute a valid acceptance?

The buyer tells the seller that the nonconforming goods which were shipped will be kept and paid for.

The buyer waits for three months before notifying the seller that the goods are nonconforming.

The buyer immediately resells the nonconforming goods.

A, B and C.
Question 8: Excel Corporation agrees to sell the latest version of its Go! computer game to National Retail Company. Excel delivers an outdated version of Go! (nonconforming goods). National’s possible remedies may include

recovering damages only.

rejecting part or all of the goods, or revoking acceptance only.

recovering damages, rejecting goods, or revoking acceptance.

none of the above.
Question 9: Under the UCC, between merchants, if a purported acceptance contains additional terms, there is an acceptance, and

The additional terms are not part of the contract.

The additional terms are part of the contract.

The additional terms do not become part of the contract if they materially alter the contract.

There is no contract.
Question 10: A provision under the UCC which affects merchants differently from nonmerchants is:

The effect of additional terms in an acceptance.

The firm offer rule.

The written confirmation rule.

All of the above.
Submitted: 5 years ago.
Category: Homework
Expert:  Chris M. replied 5 years ago.

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