Practice: Contracts & Sales Quiz Quiz | Regulation (REG)

Question 1

Which body of law generally governs contracts for the sale of goods?

Answer

Common law only

Answer

Article 2 of the Uniform Commercial Code (UCC)

Answer

Federal criminal law

Answer

The Internal Revenue Code

Question 2

Which of the following is generally governed by common law rather than the UCC?

Answer

Sale of office furniture

Answer

Sale of inventory

Answer

Sale of machinery

Answer

A consulting services agreement

Question 3

Which element is required for a valid contract?

Answer

Offer and acceptance

Answer

Written notarization in every case

Answer

Government approval

Answer

Court registration

Practice Quiz