Question 1

Jasmine agrees to purchase 1500 tons of recycled glass from Louie,the price to be determined at the time of delivery.Is such an agreement enforceable? Compare the common law with Article 2 of the UCC.

Accepted Answer

Yes,the agreement is enforceable under A...

Question 2

Which of the following contracts is most likely to be declared unconscionable?

Accepted Answer

A)  A consumer sales contract which charges 300 times the fair market value of the goods.
B)  A consumer sales contract which limits the consumer's remedies to repair or replacement.
C)  A contract between wholesaler and retailer which adds delivery charges at 15% of the costs of the goods.
D)  A sales contract between wholesaler and retailer which limits remedies such as consequential damages.E) A) and D)
F) A) and C)

Question 3

Stanziano Construction needs a backhoe to complete a project.If it pays Hofmann Rentals for temporary use of the equipment,the transaction will be governed by:

Accepted Answer

A)  Article 2 of UCC.
B)  Article 2A of the UCC.
C)  Article 3 of the UCC.
D)  bulk transfer law.E) C) and D)
F) B) and D)

Question 4

Harriett raises and sells hippos.In order to keep her hippos happy and healthy,she feeds them Hippo Chow,which she buys from the local pet store.Under the UCC,Harriett is:

Accepted Answer

A)  a merchant of both hippos and Hippo Chow.
B)  a merchant of hippos,but not of Hippo Chow.
C)  a merchant of Hippo Chow,but not of hippos.
D)  not a merchant of either hippos or Hippo Chow.E) A) and B)
F) B) and C)

Question 5

Rachel Retailer sends a preprinted purchase order offering to buy goods from Snidley Supplier.Snidley acknowledges Rachel's offer with a preprinted acceptance form.The terms of the two forms do not mirror each other.To analyze whether an enforceable contract exists,one must first determine whether the new language in the acceptance is an additional term or a different term.

Accepted Answer

A) True 
 B)False

Question 6

The UCC has abolished the common law requirement of consideration in all contracts involving the sale of goods.

Accepted Answer

A) True 
 B)False

Question 7

Under the UCC,a merchant is frequently held to a higher standard of conduct than a non-merchant.

Accepted Answer

A) True 
 B)False

Question 8

UCC Section 2-204 provides three important rules that enable parties to make a contract quickly and informally.These include all but which of the following?

Accepted Answer

A)  The parties may make a contract in any manner sufficient to show that they reached an agreement.
B)  A writing sufficient under the statute of frauds may be a simple memo,a letter,or informal note,but need not itself be a contract.
C)  The UCC will enforce a deal even though it is difficult to say exactly when it was formed.
D)  A court may enforce a bargain even though one or more terms were left open.E) B) and D)
F) C) and D)

Question 9

Uncle Brandon promises to give his motorcycle to you at the end of the month.This transaction is governed by UCC,Article 2,because a motorcycle is within the definition of "goods."

Accepted Answer

A) True 
 B)False

Question 10

In which of the following situations is the seller a merchant under Article 2 of the UCC?

Accepted Answer

A)  Paul,a full-time college student,sold his textbooks to State Bookstore.
B)  Randall,a part-time college student and full-time father,sold his textbooks to a friend.
C)  Zompa Inc. ,a toy manufacturer,contracted to sell dolls to TonTon Department Store.
D)  In all of the above situations the seller is a merchant.E) B) and D)
F) None of the above

Question 11

Long's Department Store contracted to buy 1,000 drop-waist velour dresses in heather gray from Durham.Subsequently,Durham called and asked to ship mink-colored dresses instead of heather gray.Long agreed,in writing,to the change.Which statement is correct?

Accepted Answer

A)  The modification is not enforceable since there was no consideration for the change.
B)  The modification is not enforceable since the parties are merchants.
C)  The modification is enforceable.
D)  Whether the modification is enforceable depends on the gap-filler rule.E) None of the above
F) B) and C) C

Question 12

In a breach of contract the injured seller may resell goods not accepted by the buyer.If the resale is commercially reasonable,the seller may recover the difference between the resale price and contract price,but cannot recover incidental damages.

Accepted Answer

A) True 
 B)False

Question 13

In a mixed contract involving goods and services,Article 2 of the UCC will govern if the predominant purpose is the sale of goods.

Accepted Answer

A) True 
 B)False  True

Question 14

Jones contracts to buy a computer from Martin for $1500.The contract calls for Martin to service the computer quarterly for the first year and to tutor Jones on how to use the software.Is this contract covered by the UCC or common law?

Accepted Answer

Article 2 governs contracts for the sale...

Question 15

If the seller has made a substantial beginning in manufacturing customized goods,then an oral contract may be enforceable regardless of the amount of money involved in the contract.

Accepted Answer

A) True 
 B)False

Question 16

Newt,a gun dealer,offers to sell a rare civil war musket to Rush,another dealer,for "$15,000,insurance and shipping paid by buyer." Rush responds,"I accept.Insurance and shipping costs divided equally between seller and buyer." The parties:

Accepted Answer

A)  do not have a contract since the acceptance violated the mirror image rule.
B)  do not have a contract since Rush's response was a counteroffer.
C)  have a contact and,in the majority of states,the terms of the offeree control.
D)  have a contract and,in the majority of states,the different terms will cancel each other out.E) All of the above
F) A) and C) D

Question 17

The stated purpose(s) of Article 2 of the UCC is/are:

Accepted Answer

A)  to simplify the law governing sales.
B)  to permit the continued development of business practices through custom and usage.
C)  to make the laws governing sales uniform among the various states.
D)  All of the above are correct.E) A) and B)
F) A) and D)

Question 18

Megan agrees to sell Nancy her Rolex watch but they do not specify a price.In such a case,the court would not enforce the agreement because all of the essential terms are not present.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following types of property would be classified as "goods" under Article 2 of the UCC?

Accepted Answer

A)  Cash in hand.
B)  A stock certificate.
C)  A computer.
D)  A membership to a health club.E) A) and D)
F) A) and C)

Question 20

Discuss the importance of the UCC to the law of sales.Include who created the UCC,how it becomes law,and the stated purposes of the statute.

Accepted Answer

The UCC is the major statute regulating ...

Exam 19: Introduction to Sales

Jasmine agrees to purchase 1500 tons of recycled glass from Louie,the price to be determined at the time of delivery.Is such an agreement enforceable? Compare the common law with Article 2 of the UCC.

Correct Answer
verified
Yes,the agreement is enforceable under A...
View Answer

Which of the following contracts is most likely to be declared unconscionable?

Correct Answer
verified

Stanziano Construction needs a backhoe to complete a project.If it pays Hofmann Rentals for temporary use of the equipment,the transaction will be governed by:

Correct Answer
verified

Harriett raises and sells hippos.In order to keep her hippos happy and healthy,she feeds them Hippo Chow,which she buys from the local pet store.Under the UCC,Harriett is:

Correct Answer
verified

Correct Answer
verified

The UCC has abolished the common law requirement of consideration in all contracts involving the sale of goods.

Correct Answer
verified

Under the UCC,a merchant is frequently held to a higher standard of conduct than a non-merchant.

Correct Answer
verified

UCC Section 2-204 provides three important rules that enable parties to make a contract quickly and informally.These include all but which of the following?

Correct Answer
verified

Uncle Brandon promises to give his motorcycle to you at the end of the month.This transaction is governed by UCC,Article 2,because a motorcycle is within the definition of "goods."

Correct Answer
verified

In which of the following situations is the seller a merchant under Article 2 of the UCC?

Correct Answer
verified

Long's Department Store contracted to buy 1,000 drop-waist velour dresses in heather gray from Durham.Subsequently,Durham called and asked to ship mink-colored dresses instead of heather gray.Long agreed,in writing,to the change.Which statement is correct?

Correct Answer
verified
C

In a breach of contract the injured seller may resell goods not accepted by the buyer.If the resale is commercially reasonable,the seller may recover the difference between the resale price and contract price,but cannot recover incidental damages.

Correct Answer
verified

In a mixed contract involving goods and services,Article 2 of the UCC will govern if the predominant purpose is the sale of goods.

Correct Answer
verified
True

Jones contracts to buy a computer from Martin for $1500.The contract calls for Martin to service the computer quarterly for the first year and to tutor Jones on how to use the software.Is this contract covered by the UCC or common law?

Correct Answer
verified
Article 2 governs contracts for the sale...
View Answer

If the seller has made a substantial beginning in manufacturing customized goods,then an oral contract may be enforceable regardless of the amount of money involved in the contract.

Correct Answer
verified

Newt,a gun dealer,offers to sell a rare civil war musket to Rush,another dealer,for "$15,000,insurance and shipping paid by buyer." Rush responds,"I accept.Insurance and shipping costs divided equally between seller and buyer." The parties:

Correct Answer
verified
D

The stated purpose(s) of Article 2 of the UCC is/are:

Correct Answer
verified

Megan agrees to sell Nancy her Rolex watch but they do not specify a price.In such a case,the court would not enforce the agreement because all of the essential terms are not present.

Correct Answer
verified

Which of the following types of property would be classified as "goods" under Article 2 of the UCC?

Correct Answer
verified

Discuss the importance of the UCC to the law of sales.Include who created the UCC,how it becomes law,and the stated purposes of the statute.

Correct Answer
verified
The UCC is the major statute regulating ...
View Answer

Exam 19: Introduction to Sales

Jasmine agrees to purchase 1500 tons of recycled glass from Louie,the price to be determined at the time of delivery.Is such an agreement enforceable? Compare the common law with Article 2 of the UCC.

Correct AnswerverifiedYes,the agreement is enforceable under A...View AnswerShow Answer

Which of the following contracts is most likely to be declared unconscionable?

Correct AnswerverifiedShow Answer

Stanziano Construction needs a backhoe to complete a project.If it pays Hofmann Rentals for temporary use of the equipment,the transaction will be governed by:

Correct AnswerverifiedShow Answer

Harriett raises and sells hippos.In order to keep her hippos happy and healthy,she feeds them Hippo Chow,which she buys from the local pet store.Under the UCC,Harriett is:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The UCC has abolished the common law requirement of consideration in all contracts involving the sale of goods.

Correct AnswerverifiedShow Answer

Under the UCC,a merchant is frequently held to a higher standard of conduct than a non-merchant.

Correct AnswerverifiedShow Answer

UCC Section 2-204 provides three important rules that enable parties to make a contract quickly and informally.These include all but which of the following?

Correct AnswerverifiedShow Answer

Uncle Brandon promises to give his motorcycle to you at the end of the month.This transaction is governed by UCC,Article 2,because a motorcycle is within the definition of "goods."

Correct AnswerverifiedShow Answer

In which of the following situations is the seller a merchant under Article 2 of the UCC?

Correct AnswerverifiedShow Answer

Long's Department Store contracted to buy 1,000 drop-waist velour dresses in heather gray from Durham.Subsequently,Durham called and asked to ship mink-colored dresses instead of heather gray.Long agreed,in writing,to the change.Which statement is correct?

Correct AnswerverifiedC

In a breach of contract the injured seller may resell goods not accepted by the buyer.If the resale is commercially reasonable,the seller may recover the difference between the resale price and contract price,but cannot recover incidental damages.

Correct AnswerverifiedShow Answer

In a mixed contract involving goods and services,Article 2 of the UCC will govern if the predominant purpose is the sale of goods.

Correct AnswerverifiedTrue

Jones contracts to buy a computer from Martin for $1500.The contract calls for Martin to service the computer quarterly for the first year and to tutor Jones on how to use the software.Is this contract covered by the UCC or common law?

Correct AnswerverifiedArticle 2 governs contracts for the sale...View AnswerShow Answer

If the seller has made a substantial beginning in manufacturing customized goods,then an oral contract may be enforceable regardless of the amount of money involved in the contract.

Correct AnswerverifiedShow Answer

Newt,a gun dealer,offers to sell a rare civil war musket to Rush,another dealer,for "$15,000,insurance and shipping paid by buyer." Rush responds,"I accept.Insurance and shipping costs divided equally between seller and buyer." The parties:

Correct AnswerverifiedD

The stated purpose(s) of Article 2 of the UCC is/are:

Correct AnswerverifiedShow Answer

Megan agrees to sell Nancy her Rolex watch but they do not specify a price.In such a case,the court would not enforce the agreement because all of the essential terms are not present.

Correct AnswerverifiedShow Answer

Which of the following types of property would be classified as "goods" under Article 2 of the UCC?

Correct AnswerverifiedShow Answer

Discuss the importance of the UCC to the law of sales.Include who created the UCC,how it becomes law,and the stated purposes of the statute.

Correct AnswerverifiedThe UCC is the major statute regulating ...View AnswerShow Answer

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Yes,the agreement is enforceable under A...
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C

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True

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Article 2 governs contracts for the sale...
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D

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Correct Answer
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Correct Answer
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The UCC is the major statute regulating ...
View Answer