Question 1 1 pts The Uniform Commercial Code does NOTrequire that the five (5) elements to be present as in Common Law Contracts. True O False Question 2 1 pts Will is planning on staying up late to study Business Law. He needs his coffee fix because the subject and professor are so boring. Will goes to gucci Kroger to buy some coffee because he knows Dunkin' Donuts is on super sale, $5.00 for a pound of coffee. Will gets to Kroger and is totally shocked that all the DD coffee is SOLD out. No cap. So, Will goes to the customer service desk and tells them he wants his DD coffee. Kroger's employee, Ms. Java Dripp, tells him no problem and gives him a written statement saying that Kroger will honor the price once a new shipment comes in. This is an example of: Consideration, because Kroger was so considerate A firm offer An option It doesn't matter because there was not an offer or an acceptance. Question 3 1 pts If fraud is found in a contract, the contract is void. O True False Question 4 1 pts Restitution interest is designed to do what? To put the injured party in a position he or she would have been in if both sides fully performed their obligations Put the injured party in the postion he or she would have been in had the parties never entered into a contract Return to the injured party a benefit that he or she on the other party, which it would be unjust to leave with that person None of these Question 5 1 pts Which of these is an example of a unilateral contract? Ricky agrees to buy all of his office supplies from Staples in exchange for a steep discount. Todd posts flyers around town offering 100 dollars to anyone who returns his lost cat. Jack finds the cat, returns it to Todd, and Todd pays Jack 100 dollars. Tim offers to pay James 20 dollars to paint a room in his house. James agrees, paints the room, and collects his 20 dollars. Ryan hires Kyle to drive him around downtown so he can go out drinking. In exchange Ryan pays Kyle thirty dollars Question 6 1 pts Judge is certifiably insane (just ask Sophia), but he hides it well. He thinks everything he sees is a fantasy creature, and he goes about rescuing damsels and tilting at windmills. Given Judge's diminished capacity, if he enters into a contract it likely will be None of these Voidable by an independent psychiatrist Voidable by either Judge or the other party Voidable by the other party Voidable by Judge Question 7 1 pts A promise, by M&M's business entity, to buy all of the chocolate it needs next year at an established price from Dan, the chocolate czar of Virginia, would be an This is not a valid contract because quantity is not included, and quantity is required under the UCC Unenforceable, illusory contract Enforceable, output contract Enforceable, requirements contract Unenforceable promise based on past consideration Question 8 1 pts Ethan hires Vienna to paint a portrait of his poodle, "Mack." The painting is to be done to Ethan's personal satisfaction pursuant to the written contract. Upon completion of the painting, which of the following will be true? Ethan may refuse to accept the painting only if a reasonable person would not like it. Ethan may refuse to accept the painting if he really does not like it. Ethan may refuse to accept the painting if he cannot afford to pay for it. Ethan may not refuse to accept the painting. Question 9 1 pts Illegality does what to a contract? O Makes it void O Makes it voidable O Makes it executory Makes it bilateral Question 10 1 pts Timmy signs a contract with Toyota to buy a new truck. Timmy is 17. After he turns 18 he ratifies the contract. After ratifying the contract he changes his mind and wants to disaffirm the contract. He is allowed to do this. True O False