1. Which of the following is true of the laissez-faire economic theories that we
ID: 384717 • Letter: 1
Question
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?
Explanation / Answer
Please find answers to first 4 questions :
Answer o question 1 :
One of the guiding principles of capitalism, ,Laissez Fair tdoctrine claims that an economic system should be free from government intervention or moderation, and be driven only by the market forces. Centered on the belief that human beings are naturally motivated by self-interest and, when they are not interfered-with in their economic activities, a balanced system of production and exchange based on mutual benefit emerges.
ANSWER : B) THE COURTS WERE UNWILLING TO INTERFERE WITH PEOPLE’S PRIVATE AGREEMENTS OR DO ANYTHING THAT MIGHT INTERFERE WITH THE COUNTRY’S GROWING INDUSTRIALIZATION
Answer to question 2 :
Article 2 of the Uniform Commercial Code (UCC) applies to the sale of goods and offers parties a wide array of contractual rights, protections and limitations. However, Article 2 does not explicitly mention software. Most courts have held that computer software qualifies as a “good,”
UNDER THE UNIOFRM COMMERCIL CODE , THE SOFTWARE IS A GOOD
Answer to Question 3 :
The United Nations Convention on Contracts for the International Sale of Goods (CISG; the Vienna Convention)[1] is a treaty that is a uniform international sales law. It has been ratified by 88 states that account for a significant proportion of world trade, making it one of the most successful international uniform laws. The CISG allows exporters to avoid choice of law issues, as the CISG offers "accepted substantive rules on which contracting parties, courts, and arbitrators may rely
ANSWER : B) IT MAINLY AIMS TO UNIFY AND CODIFY AN INTERNATIONAL LAW OF SALES
Answer to Question 4 :
In contracts, a promise is essential to a binding legal agreement and is given in exchange for consideration, which is theinducement to enter into a promise. A promise is illusory when the promisor does not bind herself to do anything and,therefore, furnishes no consideration for a valid contract.
Thus a promise without a consideration is not a contract
NOT ALL PROMISES ARE CONTRACT : TRUE
ANSWER : B) THE COURTS WERE UNWILLING TO INTERFERE WITH PEOPLE’S PRIVATE AGREEMENTS OR DO ANYTHING THAT MIGHT INTERFERE WITH THE COUNTRY’S GROWING INDUSTRIALIZATION
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