TB11e 10

31145 Words Jan 2nd, 2015 125 Pages
Chapter 10

Contracts

TEST BANK

1. The ______________ evolved in commerce over the centuries.
a. law of contracts
b. law of commerce
c. law of trade
d. law of documents
e. law of freedom

ANSWER: a (page 262)

National: AACSB Analytic; Communication; AICPA BB-Legal

2. The ______________ evolved in commerce over the centuries.
a. law of invention
b. law of commerce
c. law of trade
d. law of documents
e. none of the other choices are correct

ANSWER: e (page 262)

National: AACSB Analytic; Communication; AICPA BB-Legal

3. The ________________ means that there are also responsibilities imposed on parties who commit to binding relationships in contracts. a. freedom of speech b. freedom of contract c. freedom of sales d.
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an unwritten code concerning contract law
e. a document detailing the rules for engaging in international commerce

ANSWER: c (page 263)

National: AACSB Analytic; Communication; AICPA BB-Legal

16. The Restatement (2d) of Contracts is:
a. Britain’s legal code concerning contracts
b. an amendment to the Constitution
c. a document detailing the rules for engaging in international commerce
d. an unwritten code concerning contract law
e. none of the other choices are correct

ANSWER: e (page 263)

National: AACSB Analytic; AICPA BB-Legal

17. The Uniform Commercial Code (UCC) was designed to:
a. prevent copyright violations
b. increase the number of inventions patented by U.S. inventors
c. promote uniformity of the laws relating to commercial sales of goods
d. promote inter-state trade
e. promote intra-state trade

ANSWER: c (page 263)

National: AACSB Analytic; Communication; AICPA BB-Legal

18. The Uniform Commercial Code (UCC) was designed to:
a. prevent copyright violations
b. increase the number of inventions patented by U.S. inventors
c. promote intra-state trade
d. promote inter-state trade
e. none of the other choices are correct

ANSWER: e (page 263)

National: AACSB Analytic; AICPA BB-Legal

19. The code that was designed to promote uniformity of the laws relating to commercial sales of goods is known as: a. the Uniform Commercial Code b. the Universal Commercial Code c. the Commercial Code of the United States of America d. the Commercial Code e. the

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