Question 1

A buyer is insolvent under the UCC when he or she

Accepted Answer

A)  will not pay debts as they become due. 
B)  cannot pay debts when they become due. 
C)  wrongfully repudiates a contract. 
D)  cannot exercise the right of replevin. 
A)  will not pay debts as they become due. 
B)  cannot pay debts when they become due. 
C)  wrongfully repudiates a contract. 
D)  cannot exercise the right of replevin.

Question 2

If the seller delivers nonconforming goods to the buyer after time for performance is past, the buyer may:

Accepted Answer

A)  accept the nonconforming goods. 
B)  reject all the goods 
C)  accept any part of the goods and reject the rest. 
D)  all of these. 
A)  accept the nonconforming goods. 
B)  reject all the goods 
C)  accept any part of the goods and reject the rest. 
D)  all of these.

Question 3

The buyer may sue for specific performance for all sales contracts.

Accepted Answer

A) True 
 B)False

Question 4

The seller performs a sales contract by offering ____________________ goods to the buyer.

Accepted Answer

The answer of The seller performs a sales contract by...

Question 5

The buyer has the right to inspect goods before accepting them.

Accepted Answer

A) True 
 B)False

Question 6

If the seller breaches the contract but no real damages occur, a court is likely to award punitive damages to the buyer.

Accepted Answer

A) True 
 B)False

Question 7

The price at which goods are currently being sold is called the

Accepted Answer

A)  market price. 
B)  contract price. 
C)  cover. 
D)  tender price. 
A)  market price. 
B)  contract price. 
C)  cover. 
D)  tender price.

Question 8

Only consumers who buy items from merchants have the right to cover.

Accepted Answer

A) True 
 B)False

Question 9

If the seller breaches the contract prior to delivery of the goods, the buyer may cancel the contract and

Accepted Answer

A)  sue for damages. 
B)  cover. 
C)  exercise the right of specific performance or replevin. 
D)  select one or all of these remedies. 
A)  sue for damages. 
B)  cover. 
C)  exercise the right of specific performance or replevin. 
D)  select one or all of these remedies.

Question 10

One remedy that is not available to a seller is

Accepted Answer

A)  suing for breach of warranty. 
B)  stopping the goods in transit. 
C)  reclaiming the goods. 
D)  rescinding the contract. 
A)  suing for breach of warranty. 
B)  stopping the goods in transit. 
C)  reclaiming the goods. 
D)  rescinding the contract.

Exam 17: The Sales Contract: Performance, Breach, and Remedies for Breach

A buyer is insolvent under the UCC when he or she

If the seller delivers nonconforming goods to the buyer after time for performance is past, the buyer may:

The buyer may sue for specific performance for all sales contracts.

The seller performs a sales contract by offering ____________________ goods to the buyer.

The buyer has the right to inspect goods before accepting them.

If the seller breaches the contract but no real damages occur, a court is likely to award punitive damages to the buyer.

The price at which goods are currently being sold is called the

Only consumers who buy items from merchants have the right to cover.

If the seller breaches the contract prior to delivery of the goods, the buyer may cancel the contract and

One remedy that is not available to a seller is

Foundations of Law and the Role of Ethics in Business

The Legal System in the United States and Its Constitutional Foundation

Personal, Business, and Cyber Crimes and the American Criminal Justice System

Tort Law: Traditional Torts and Cyber Torts

Litigation and Alternatives for Settling Civil Disputes

Contract Law: a Beginning

Agreement: Offer and Acceptance

Consideration

Capacity

Legality

Memorialize Contracts in Writingstatute of Frauds

Transfer of Contract Rights and Duties

The Termination of Contracts: Discharge

The Termination of Contracts: Breach of Contract

Formation of Sales and Lease Contracts

The Sales Contract: Transfer of Title and Risk of Loss

Product Liability Law

Nature and Types of Negotiable Instruments

Issue, Transfer, Indorsement, and Discharge of Negotiable Instruments

Rights and Duties of Parties

Checks and the Banking System in the Twenty-First Century

Employer-Employee Relationship

Principal-Agent Relationship

Principal-Agent, Employer-Employee, and Third-Party Relationships

Sole Proprietorships, Partnerships, and Limited Liability Organizations

Corporations and Franchising

Government Regulation of Business

Basic Legal Concepts of Property

Renting Real Property

Buying and Selling Real Property

Nature and Types of Bailments

Wills, Intestacy, and Estate Planning

Protecting the Consumer and the Taxpayer

Protecting the Borrower

Protecting the Creditor

Property, Casualty and Automobile Insurance

Personal Insurance

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