Exam 17: Performance of Sales, Leases and E-Contracts

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John contracts to buy $600 of medical supplies from Tim.The contract states the shipping term is ex-ship.The goods are lost in transport.Tim argues that a shipment contract was created and therefore he is not responsible for the lost shipment.John argues that a destination contract was created and therefore he is not responsible.Who is right and why?

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Question 1

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When does title pass in a lease contract?

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Question 2

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Matt owns a manufacturing plant that makes widgets.Matt will manufacture the next set of widgets on June 1.On January 2,Sarah makes a contract to buy 100 widgets,once they are made.On June 1,Matt makes the widgets.On June 10,Matt ships Sarah's 100 widgets.On June 12,Sarah pays for the widgets.Sarah receives the widgets on June 15.When are Sarah's 100 widgets identified?

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Question 3

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One way to create a shipment contract is to include the term Ex-ship.

(True/False)

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Question 4

Under common law,parties to a contract can decide who will bear the risk of loss.

(True/False)

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Question 5

A seller has breached the contract if they deliver nonconforming goods.

(True/False)

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Question 6

When does a seller's insurable interest terminate?

(Multiple Choice)

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Question 7

A seller and buyer have just agreed that the buyer will purchase 1,000 of the widgets from the thousands that the seller has in its warehouse.The buyer will pick them up at the seller's warehouse.The day before the buyer is to pick them up,the seller's employee sets the 1,000 widgets aside.What is the significance of setting the buyer's widgets aside?

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Question 8

A person with voidable title can pass good title to a good faith purchaser or good faith subsequent lessee.

(True/False)

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Question 9

Under the UCC,who bears the risk of loss depends on who holds title to the goods.

(True/False)

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Question 10

A good faith purchaser for value can receive goods with void title.

(True/False)

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Question 11

Which term can be used to create a destination contract?

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Question 12

In a sale on approval,the title remains with the seller until the buyer accepts the goods.

(True/False)

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Question 13

Do Revised Article 2 (Sales)and Revised Article 2A (Leases)change any of the risk of loss rules?

(Multiple Choice)

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Question 14

Someone who leases goods that were stolen gets no title to the goods.

(True/False)

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Question 15

Under the UCC,who holds the risk of loss in an ordinary lease during transit?

(Multiple Choice)

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Question 16

Under the UCC,a consignment is treated as what type of conditional sale?

(Multiple Choice)

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Question 17

Which of the following statements is not true regarding the identification of goods?

(Multiple Choice)

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Question 18

In a finance lease the risk of loss passes to the lessee on the receipt of goods.

(True/False)

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Question 19

To whom can a thief pass good title to stolen goods?

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Question 20

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Exam 17: Performance of Sales, Leases and E-Contracts

When does title pass in a lease contract?

One way to create a shipment contract is to include the term Ex-ship.

Under common law,parties to a contract can decide who will bear the risk of loss.

A seller has breached the contract if they deliver nonconforming goods.

When does a seller's insurable interest terminate?

A person with voidable title can pass good title to a good faith purchaser or good faith subsequent lessee.

Under the UCC,who bears the risk of loss depends on who holds title to the goods.

A good faith purchaser for value can receive goods with void title.

Which term can be used to create a destination contract?

In a sale on approval,the title remains with the seller until the buyer accepts the goods.

Do Revised Article 2 (Sales)and Revised Article 2A (Leases)change any of the risk of loss rules?

Someone who leases goods that were stolen gets no title to the goods.

Under the UCC,who holds the risk of loss in an ordinary lease during transit?

Under the UCC,a consignment is treated as what type of conditional sale?

Which of the following statements is not true regarding the identification of goods?

In a finance lease the risk of loss passes to the lessee on the receipt of goods.

To whom can a thief pass good title to stolen goods?

Legal Heritage and the Information Age

Constitutional Law for Business and E-Commerce

Courts and Jurisdiction

Judicial, Alternative, Administrative, and E-Dispute Resolution

Torts and Strict Liability

Criminal Law and Cyber Crimes

Intellectual Property and Cyber Piracy

Ethics and Social Responsibility of Business

Nature of Traditional and E-Contracts

Agreement and Consideration

Capacity and Legality

Genuineness of Assent and Statute of Frauds

Third-Party Rights and Discharge

Breach of Contract and Remedies

Digital Law and E-Commerce

Formation of Sales, Lease, and E-Contracts

Remedies for Breach of Sales and Lease Contracts

Warranties and Product Liability

Creation and Transfer of Negotiable Instruments

Holder in Due Course and Liability of Parties

Banking System, E-Money, and Financial Reform

Credit and Secured Transactions

Bankruptcy and Reorganization

Agency Law

Small Business, Entrepreneurship, and Partnerships

Corporate Formation and Financing

Corporate Governance and Sarbanes-Oxley Act

Corporate Acquisitions and Multinational Corporations

Limited Liability Company and Limited Liability Partnership

Franchise and Special Forms of Business

Investor Protection,E-Securities Transactions,and Wall Street Reform

Antitrust Law

Consumer Safety, Consumer Financial Protection, and Environmental Protection

Labor, Worker Protection, Employment, and Immigration Law

Equal Opportunity in Employment

Personal Property, Bailment, and Insurance

Real Property, Landlord-Tenant Law, and Land Use Regulation

Family Law, Wills, and Trusts

Accountants' Liability

International and World Trade Law

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