Exam 16: Formation of Sales and Lease Contracts

A person who deals in the goods of the kind involved in a transaction is referred to as a ________.

Under the UCC,an offeree's acceptance must be on the same terms as the offer.

If the parties to a contract do not agree on payment terms,and a delivery is authorized and made by way of document of title,payment is due at the ________.

A ________ is defined as the passing of title of goods from a seller to a buyer for a price.

A ________ is a document that is issued by a bank on behalf of a buyer who purchases goods on credit from a seller that guarantees that if the buyer does not pay for the goods,then the bank will pay the seller.

Discuss how the UCC's regulation of additional terms differs from the common law of contracts.

According to the firm offer rule,an offeror is restricted from revoking a contract prior to its acceptance for a period of ________.

Which of the following is true of a finance lease?

Miranda Airways,a commercial air carrier,has a contract with Wurtherton,Inc.,an airplane manufacturer,to purchase a new plane.Due to a sudden shortage of cash,Miranda Airways goes to MetrosBank.MetrosBank issues a document to Wurtherton that if Miranda does not pay for the transaction,MetrosBank would.Wurtherton considers the offer,and then sends an acceptance with additional terms.The additional terms stipulates that Miranda Airways could have the new airplane for a period of 10 years,and then return it to Wurtherton.Miranda Airways agrees to the acceptance,and Wurtherton hands the new airplane over to them.What is the nature of the contract between Miranda Airways and Wurtherton?

The shipment of conforming goods signals an acceptance of a buyer's offer.

Article 2 of the UCC contains provisions that either apply only to merchants or impose a greater duty on merchants.

Kimberley,a merchant-seller in Kansas,had an oral contract to sell goods to Jane,a merchant-buyer in Memphis for $100,000.Two days after contracting,Kimberley sends a sufficient written confirmation of the agreed-upon transaction to Jane.Jane,who has reason to know the contents of the written confirmation,fails to object to the contents of the confirmation immediately.Two weeks after receiving the written confirmation,Jane receives a delivery of the goods from Kimberley.Jane immediately sends an objection to the confirmation to Kimberley.Which of the following is true of the contract between Kimberley and Jane?

According to the UCC,an indefinite contract can be enforced if ________.

What is the function of the gap-filling rule used under the UCC?

The UCC does not allow for open terms in a sales or lease contract.

Article 5 of the UCC governs ________.

A contract is created when ________.

In which of the following cases do additional terms contained in an acceptance become part of the contract as per the battle of the forms rule?

Nina has her missing teeth replaced with dentures in a local hospital.Cooper Dental Materials Inc.supplies dentures to the hospital with a two-year warranty on the dentures.The dentures cost Nina 10 percent of the total costs she incurred in the hospital services.A few months later,Nina's dentures get worn out.Is there a transaction of goods in this sale? Can Nina sue the hospital for a breach of the implied warranty?

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 ________.