Exam 12: UCC Sales and Lease Contracts and Warranties

The ________ rule permits certain open terms to be "read into" a sales or lease contract.

The ________ is a model act passed in 1949 that includes comprehensive laws that cover most aspects of commercial transactions.

Which of the following sales would be covered by Article 2 of the UCC?

Give an account of express warranties.

Which of the following does Article 2A of the Uniform Commercial Code govern?

What is the passage of title to goods?

Which of the following is true of additional terms being added under the UCC?

A person who transfers the right of possession and use of goods under a lease is known as the ________.

Revised Article 2A (Leases)includes provisions that recognize the importance of electronic lease contracts.

The implied warranty of fitness for a particular purpose applies only to merchants.

A finance lease involves a lessor leasing money to a lessee.

________ are damages that will be paid upon a breach of contract that are established in advance.

Which of the following would constitute the creation of an express warranty for goods?

In a finance lease, the lessor manufactures and supplies the goods of the contract.

In a lease contract, the title of goods is passed from the lessor to the lessee.

A contract is only created when the offeror receives the offeree's acceptance.

The term ________ refers to a situation in which a thief acquires no title to goods he or she steals.

What of the following is true of an "as is" disclaimer?

A title for goods obtained by a seller through fraud, impersonation, or a dishonored check is referred to as a ________.

Article 2 of the UCC governs ________.