1. Generally if the contract does not specify otherwise, if a farmer’s crops are destroyed by adverse weather, then his or her obligations under any outstanding contracts will be
a. discharged.
b. enforced.
c. enforced only to the extent of requiring the farmer to find alternative suppliers to satisfy his or her contractual obligations.
d. none of the above.
2. Alpha Company and Beta, Inc., enter into an e-contract. A dispute arises, and Alpha files a suit against Beta. Like most courts to date, the court that hears this suit will probably apply a
a. Article 2 of the Uniform Commercial Code.
b. Article 2B of the Uniform Commercial Code.
c. nontraditional e-commerce law principles.
d. traditional common law principles.
3. Which of the following refers to a situation in which the creditor takes the collateral, discharges the debtor, and has no right to seek any deficiency?
a) Exoneration
b) Blockbusting
c) Subrogation
d) Judicial sale
e) Strict foreclosure
4. Under statutes enacted in many states, a mortgagor has one last chance to recover his property, even after foreclosure. This is known as the right of:
a) redemption.
b) subrogation.
c) exoneration.
d) acceleration.
e) redlining