1) A delegation in a contract situation involves the transfer of:

Group of answer choices

rights or benefits

duties or obligations

money

legal options

2)Equitable remedies for a buyer include:

Group of answer choices

specific performance

reselling the goods

repeated performance

all of the above

3)In order to have liquated damages, the contract must have:

Group of answer choices

actual damages

a clause that permits liquidated damages

be in writing and notarized

none of the above

4)The Uniform Commercial Code (UCC) covers contracts for the sale of goods and services between merchants.

Group of answer choices

True

False

5)A Third Party Creditor Beneficiary can sue the promisor of the contract for breach of contract.

Group of answer choices

True

False

6)A Third Party Donee Beneficiary's rights vest when the contract is made, regardless of when the beneficiary becomes aware of the contract.

Group of answer choices

True

False

7)In a written letter, Constance offers to sell Anna a case of pickled herring for $75, with the exchange to take place on Monday at Noon. Anna verbally accepts the offer. This is an example of what type of contract?

Group of answer choices

Bilateral/Express/Formal

Bilateral/Express/Informal

Unilateral/Express/Formal

Unilateral/Implied/Informal

8)Carolyn and Rosa Lee enter into a contract which calls for Carolyn to buy Rosa Lee's collection of Nancy Drew books for $300. At the time they enter into the contract, Carolyn is 19 and Rosa Lee is 16. This contract is:

Group of answer choices

voidable by either Carolyn or Rosa Lee

void

voidable by Carolyn only

voidable by Rosa Lee only

Valid

9)Yuna tells Bruce that she will pay him $100 if he paints her house. This is an example of a bilateral contract.

Group of answer choices

True

False

10)The "Mirror Image Rule" states that in order to create an contract, the acceptance must match the terms of the offer.

Group of answer choices

True

False