Question 1

Bagels Inc. and other bakeries refer to a "baker's dozen" as consisting of a collection of thirteen baked goods. According to the UCC, this is

Accepted Answer

A)  a course of dealing.
B)  a course of performance.
C)  none of the choices.
D)  a usage of trade.E) A) and B)
F) C) and D)

Question 2

If a contract for a sale of goods leaves the quantity term open, there is a basis for determining a remedy.

Accepted Answer

A) True 
 B)False

Question 3

When the parties to a contract for a sale of goods do not specify a payment term, and the parties are unaware of the UCC's rules, those rules do not apply.

Accepted Answer

A) True 
 B)False

Question 4

Under the UCC, merchant's choice is the test to determine whether a contract is primarily for the sale of goods or services.

Accepted Answer

A) True 
 B)False

Question 5

The UCC provides that a sale or lease contract will fail for indefiniteness if more than one of its terms is left open.

Accepted Answer

A) True 
 B)False

Question 6

Jade offers to sell Khan a collection of baseball cards. To qualify as a sale under the UCC, Khan's payment must be

Accepted Answer

A)  split into more than one installment.
B)  in cash, or its equivalent, or in other goods or services.
C)  specified on an invoice and evidenced by a receipt.
D)  the fair market value of the goods.E) B) and D)
F) None of the above

Question 7

Clean Machines Company makes washing machines. Over the phone, Clean offers to sell Dealer Appliance Outlet one hundred model EZ2000 washers at a price of $150 per unit. Clean says that it will keep the offer open for ninety days. Dealer responds that within two or three weeks it will decide whether to accept. One week later, Clean faxes, and Dealer receives, notice that the offer is withdrawn. Dealer immediately phones Clean to accept the $150-per-unit offer. When Clean refuses to deliver at that price, Dealer files a suit. Clean asserts, first, that there is no contract and, second, that if there is a contract, it is unenforceable. Discuss Clean's assertions.

Accepted Answer

Clean's contention that there is no cont...

Question 8

Elle sells a motorcycle to Fran for $5,000, a bike to Gwen for $600, a pool table to Holly for $200, and three shares of stock to Inez for $100. Article 2 of the UCC does not apply to the sale of

Accepted Answer

A)  the motorcycle.
B)  the bike.
C)  the pool table.
D)  the stock.E) C) and D)
F) All of the above

Question 9

Embers Corporation orders twelve fire extinguishers from Firefighting Inc., which delivers the equipment. This is most likely

Accepted Answer

A)  a gift.
B)  a lease of goods.
C)  a sale of goods.
D)  a contract for services.E) None of the above
F) B) and D)

Question 10

Dona offers to sell her used sofa, chair, coffee table, end table, and lamp to Etta for $700. Etta responds that she will pay that price if Dona's TV set is included. Neither party is a merchant. Their contract is formed according to

Accepted Answer

A)  the new terms of the acceptance.
B)  whatever is reasonable.
C)  the terms of the original offer.
D)  none of the terms.E) None of the above
F) A) and D)

Question 11

Mara and Nim enter into a contract for a sale of orchids that requires payment within thirty days of delivery. Under the UCC, the payment term in the contract

Accepted Answer

A)  removes the entire transaction from the UCC.
B)  is superseded by the UCC rule that payment is due on delivery.
C)  is fully enforceable.
D)  is not enforceable because it does not specify a definite date.E) A) and B)
F) All of the above

Question 12

Mining Corporation purchases the business assets of Open Pit Inc., including its equipment and supplies, for an agreed-to price, payable in installments. Under the UCC, this transaction is

Accepted Answer

A)  a contract for services.
B)  a sublease.
C)  a lease.
D)  a sale.E) None of the above
F) A) and D)

Exam 20: Sales and Lease Contracts

Jade offers to sell Khan a collection of baseball cards. To qualify as a sale under the UCC, Khan's payment must be

Correct Answer
verified

Mining Corporation purchases the business assets of Open Pit Inc., including its equipment and supplies, for an agreed-to price, payable in installments. Under the UCC, this transaction is

Correct Answer
verified

Bagels Inc. and other bakeries refer to a "baker's dozen" as consisting of a collection of thirteen baked goods. According to the UCC, this is

Correct Answer
verified

Under the UCC, merchant's choice is the test to determine whether a contract is primarily for the sale of goods or services.

Correct Answer
verified

If a contract for a sale of goods leaves the quantity term open, there is a basis for determining a remedy.

Correct Answer
verified

Correct Answer
verified
Clean's contention that there is no cont...
View Answer

Dona offers to sell her used sofa, chair, coffee table, end table, and lamp to Etta for $700. Etta responds that she will pay that price if Dona's TV set is included. Neither party is a merchant. Their contract is formed according to

Correct Answer
verified

When the parties to a contract for a sale of goods do not specify a payment term, and the parties are unaware of the UCC's rules, those rules do not apply.

Correct Answer
verified

Embers Corporation orders twelve fire extinguishers from Firefighting Inc., which delivers the equipment. This is most likely

Correct Answer
verified

Elle sells a motorcycle to Fran for $5,000, a bike to Gwen for $600, a pool table to Holly for $200, and three shares of stock to Inez for $100. Article 2 of the UCC does not apply to the sale of

Correct Answer
verified

The UCC provides that a sale or lease contract will fail for indefiniteness if more than one of its terms is left open.

Correct Answer
verified

Mara and Nim enter into a contract for a sale of orchids that requires payment within thirty days of delivery. Under the UCC, the payment term in the contract

Correct Answer
verified

Exam 20: Sales and Lease Contracts

Jade offers to sell Khan a collection of baseball cards. To qualify as a sale under the UCC, Khan's payment must be

Correct AnswerverifiedShow Answer

Mining Corporation purchases the business assets of Open Pit Inc., including its equipment and supplies, for an agreed-to price, payable in installments. Under the UCC, this transaction is

Correct AnswerverifiedShow Answer

Bagels Inc. and other bakeries refer to a "baker's dozen" as consisting of a collection of thirteen baked goods. According to the UCC, this is

Correct AnswerverifiedShow Answer

Under the UCC, merchant's choice is the test to determine whether a contract is primarily for the sale of goods or services.

Correct AnswerverifiedShow Answer

If a contract for a sale of goods leaves the quantity term open, there is a basis for determining a remedy.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedClean's contention that there is no cont...View AnswerShow Answer

Dona offers to sell her used sofa, chair, coffee table, end table, and lamp to Etta for $700. Etta responds that she will pay that price if Dona's TV set is included. Neither party is a merchant. Their contract is formed according to

Correct AnswerverifiedShow Answer

When the parties to a contract for a sale of goods do not specify a payment term, and the parties are unaware of the UCC's rules, those rules do not apply.

Correct AnswerverifiedShow Answer

Embers Corporation orders twelve fire extinguishers from Firefighting Inc., which delivers the equipment. This is most likely

Correct AnswerverifiedShow Answer

Elle sells a motorcycle to Fran for $5,000, a bike to Gwen for $600, a pool table to Holly for $200, and three shares of stock to Inez for $100. Article 2 of the UCC does not apply to the sale of

Correct AnswerverifiedShow Answer

The UCC provides that a sale or lease contract will fail for indefiniteness if more than one of its terms is left open.

Correct AnswerverifiedShow Answer

Mara and Nim enter into a contract for a sale of orchids that requires payment within thirty days of delivery. Under the UCC, the payment term in the contract

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Clean's contention that there is no cont...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified