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• 1 FINAL

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• usury laws are concerned with

  interest charged

• which is the most basic or common remedy available for the breach of a contract?

  monetary damages

• one of the main reasons that contracts involving minors are voidable at the minor's option

  to protect the minor from unscrupulous adults

• if a contract is not enforced on the basis of the statute of frauds, the court has based its decision on the presence of which type of fraud?

  any of these three types of fraud

• which of the following is true about the Uniform Commercial Code and the common law of contracts?

  a primary purpose of the Uniform Commercial Code is to eliminate, in contracts for the sale of goods, the differences from state to state that exist under the common law of contracts

• the one year period for determining whether a contract is required to be in writing under the statute of frauds is measured from the date that

  the contract is formed until its stated completion date. if it will take longer than one year, it must be in writing

• which of the following is generally true about exculpatory clauses?

  they are not valid with respect to intentional acts

• usually arises in settlement of a dispute under the original contract

  an accord and satisfaction

• in general who can can effectively accept an offer for a unilateral contract?

  any person who performs the action requested in the offer, so long as the offer had been communicated to that person prior to the performance of the act

• which of the following is not true concerning a minor?

  a minor must pay the agreed-upon price on a contract for necessaries