Exam 16: Formation of Sales and Lease Contracts

Under the UCC,if an offer is received by mail,the acceptance ________.

The Uniform Commercial Code became quickly outdated as mass production and distribution of goods developed in the twentieth century.

What does "course of dealing" refer to when interpreting the express terms of a written statement?

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

Which of the following sources outside a contract is considered first while interpreting the express terms of a written contract?

The assortment of goods to a sales contract can be left as an open term.

On July 1,Seidel Motors,an automobile dealer offers to sell a luxury vehicle to Janet for $50,000.Seidel signs a written assurance to keep the contract open till July 30.A week later Seidel sells the car to another buyer.On July 30,Janet tenders $50,000 for the car.There has been a breach of contract.Compare and contrast Seidel's liability to Janet under the common law of contracts and firm offer rule.

Which of the following describes a mixed sale?

According to the UCC,an agreement modifying a sales or lease contract needs consideration to be binding.

A written modification to an oral contract is required if the oral modification to the contract ________.

The common law of contracts allows the offeror to revoke the offer any time prior to its acceptance.

An offeree may send an acceptance drafted in his own form contract in reply to the offeror's standard form contract.

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 provides 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?

The UCC-established rules for the formation of sales and lease contracts often differ considerably from the common law.

How does the Uniform Commercial Code regulate a contract if an agreed-upon standard for an open price term is not available at the time of delivery of goods?

Which of the following articles in the UCC deals with the sale of goods?

Which of the following acceptances is allowed for an offer under common law?

The ________ rule states that a merchant who offers to buy,sell,or lease goods and gives a written and signed assurance on a separate form that the offer will be held open cannot revoke the offer for the time stated or,if no time is stated,for a reasonable time.

Stelwire LLC,a vintage car dealer,offers to sell a 1964 Ford Thunderbolt for $80,000 to Ralph.Ralph accepts the offer and insists on adding a satellite radio to the car.This is a proposed addition to the contract.What is the nature of the contract between Ralph and Stelwire under the common law?

A shipment of nonconforming goods does not constitute an acceptance if the shipment is offered only as a(n)________.