Exam 12: UCC Sales and Lease Contracts and Warranties

Receipt of an electronic acknowledgment of an electronic communication establishes that the communication was received and establishes that the content sent corresponds to the content received.

If the parties to a sales contract do not agree to the time, place, and manner of delivery of the goods, the place for delivery is the seller's place of business.

A disclaimer of the implied warranty of merchantability must specifically mention the term merchantability for the implied warranty of merchantability to be disclaimed.

A ________ is a seller's or lessor's express or implied assurance to a buyer or lessee that the goods sold or leased meet certain quality standards.

Implied warranties of quality cannot be disclaimed.

Which of the following would contain the term "no-arrival, no-sale" in their contract?

As per the Statute of Frauds provisions, all contracts for the sale of goods costing $500 or more must be in writing.

A ________ is a transfer of the right to the possession and use of named goods for a set term in return for certain consideration.

In a destination contract, the ________ bears the risk of loss of the goods during their transportation.

The ________ refers to a model act that includes comprehensive laws that cover most aspects of commercial transactions

Pollard entered into a sales contract to purchase a specific Picasso painting from Jenson for $15 million. When Pollard tenders payment, Jenson refuses to sell the painting to the buyer. Which of the following legal rights to remedy can Pollard exercise to retrieve the Picasso painting from Jenson?

How does the UCC treat goods that were fraudulently obtained?

Only movable goods come under the scope of Article 2 of the UCC.

Who among the following is a good faith purchaser?

Whistle Cabs, a taxi service company, has been ordered by the traffic department to update their taximeters to digital ones. Whistle Cabs decides to contract with Running Electricals, who provide digital taximeters. But to acquire it on such short notice, Whistle Cabs approaches Goldmint Bank. Goldmint Bank purchases the taximeters, and the taximeters are delivered to Whistle Cabs. The contract between Whistle Cabs and Goldmint Bank allows the taxi service company to use the taximeters for a period of time by providing monthly rentals till that period is completed. What is the nature of the contract made between Goldmint, Whistle Cab, and Running Electricals?

A warranty that is created when a seller or lessor makes an affirmation that the goods he or she is selling or leasing meet certain standards of quality, description, performance, or condition is known as a(n)________ warranty.

A statement that negates express and implied warranties is known as a ________.

________ refers to a warranty that arises where a seller or lessor warrants that the goods will meet the buyer's or lessee's expressed needs.

Larry, a merchant seller, had contracted with Simon, to buy welding equipment. The contract stipulated that Larry would pick up the equipment from Simon's warehouse on the 14th day from the date of the contract. But Larry could not make the pick up on that date and before he could do so on the 15th day, the warehouse was burned down by miscreants. In this situation, who bears the risk of loss of the goods that were to be received by Larry?

A computer program or an electronic or other automated means used independently to initiate an action or respond to electronic records or performances in whole or in part, without review or action by an individual, is known as a(n)________.