1. Not all promises are contracts. True or False
2. The United Nations Convention on Contracts for the International Sale of Goods applies to any party, be it a merchant or a nonmerchant.
True or False
3. A voidable contract is one that may be canceled by only one of the parties
True or False
4 Ingrid and Michael want to buy a house. As they don't have sufficient money, they plan to steal their neighbor's car and sell it to make money. This is a valid contract
True or False
5. In a unilateral contract, one of the parties makes a promise and the other party performs an act in exchange for that promise
True or False
6. A contract is implied when the parties directly state its terms at the time the contract is formed
True or False
7. Which of the following is true about a contract?
A. It need not necessarily be an agreement
B. It need not necessarily be entered into by parties having capacity to contract
C. "It must be voluntarily entered into, and it is to perform a legal act."
D. It must always be supported by consideration
8. Which of the following is true of the laissez-faire economic theories that were prevalent in the 19th century?
A. People in business were unable to limit or shift many of their economic risks by placing clauses in their contracts.
B. The courts were unwilling to interfere with people's private agreements or to do anything that might interfere with the country's growing industrialization
C. These theories were never considered a part of the public policy in the 19th century
D. People in business had to face a lot of restrictions while planning the kind of economy that increasing industrialization required
9. Bill downloaded an antivirus software from the Internet. Under the Uniform Commercial Code (UCC), the software is a:
A. good
B. service
C. good-faith warranty
D. mixture of goods and services
10. Which of the following is true of the United Nations Convention on Contracts for the International Sale of Goods (CISG)?
A. It requires contracts for the sale of goods in excess of $300 to be in writing
B. It mainly aims to unify and codify an international law of sales
C. It focuses on which terms of the offer and acceptance are the same
D. It applies to commercial and consumer transactions