1. Which of the following is a false statement

A) If a contract for the sale of goods does not include a price term, it nonetheless may still be enforceable pursuant to the Uniform Commercial Code.

B) If a contract for the sales of goods does not include the exact terms for payment, it normally will be unenforceable since it is impermissibly vague.

C) When an offer for the sale of goods does not specify a means of acceptance, the offer usually can be accepted by any manner reasonable under the circumstances.

D)A warranty is an assurance by the buyer to the seller that he or she will pay valid and good consideration for a product.

 

2. Central Data Corporation and Digital, Inc., are competitors. They form a joint venture to research, develop, and produce new software for a particular line of computers. This joint venture is

A) a per se violation of the Sherman Act

B) exempt from the antitrust laws.

C) subject to continuing review by the appropriate federal agency.

D) subject to the Rule of Reason.

 

3. Which of the following is a true statement?

A) Building contractors and subcontractors are usually not independent contractors.

B) An agency relationship can be formed only in a witnessed and signed writing since it is a high-level business relationship.

C) There generally does not need to be a written agreement between the principal and agent in order to create an agency relationship.

D) An agent does not owe to his or her principal a duty to act in good faith.

 

4. Unless the amendment is one the board may adopt without shareholder action, amendment of the articles of incorporation:

A) may affect such provisions as would be lawful and proper at the time the amendment is adopted.

B) must be approved by a majority of the votes entitled to be cast on the amendment by any voting group with respect to which the amendment would create dissenters' rights.

C) must be approved by the votes required of every other voting group entitled to vote on the amendment

D) All of the above