Question: Question 1 What is the relationship between the Uniform Commercial Code (UCC) and the Common Law of Contracts? The common law trumps the UCC The

Question 1

What is the relationship between the Uniform Commercial Code (UCC) and the Common Law of Contracts?

The common law trumps the UCC

The two bodies of law have no relationship

If the UCC is silent as to something, the common law will fill the gaps

The common law covers sale of goods, whereas the UCC covers services

Question 2

Which of the following would be the best example of adequate consideration for a contract?

A promise to forgive a past debt

If you are a thoughtful and kind person

A promise to pay you $100 if you mow my lawn

A promise to pay you back for buying dinner yesterday

Question 3

The limited liability company has many of the benefits of a sole proprietorship or partnership and many of the benefits of the corporation.

True

False

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