1. 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

2. 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

3. 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

4. Not all promises are contracts. True or False

5. 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

6. Sheldorado Aluminum Products sold an aluminum awning to Villette and installed it on the back of his home for use as a carport. There was no formal written contract, but there was a bill of sale. The day after installation, the awning began to leak. Six months later, after a snowstorm, the awning collapsed on top of Villette's new Mercedes Villette sued for the return of the $3,000 paid to Sheldorado. Should this contract be decided under the UCC or the common law? Why?