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BMGT 380 FINAL EXAM (SUMMER 2016)

BMGT 380 FINAL EXAM (SUMMER 2016)

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1.  Johann and Barton contract for the sale of goods. Later Johann, who is 15 years old, decided to cancel the contract on grounds of incapacity. Which of the following is true, assuming that neither Johann nor Barton is a merchant?a.        The common law capacity rules apply, because Article 2 of the UCC has no rules on the subject in such a case.b.        The common law capacity rules supersede the UCC rules in all contracts for sale of goods, even if neither Johann nor Barton is a merchant.c.         UCC, Article 2, capacity rules apply, because this is a contract for the sale of goods and UCC rules applies to all contracts for sale of goods.d.        The Restatement (Second) of Contract rules apply; the UCC does not apply because neither Johann nor Barton are merchants, and because the Restatement (Second) supersedes any common law precedent.
2.  Contractor and Owner contracted for Contractor to build a house for Owner for $150,000 to be completed by December 24.  Later, without terminating the first contract, Contractor and Owner agreed to change their agreement by writing and signing an addendum to the original contract so that Owner will now pay $175,000 for the house to be built.  In return, Contractor promised to build exactly the same house, but to complete it 2 weeks earlier - by December 10.
Assuming that all other elements of the contract are lawful and present in this situation, this second addendum contract:


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