Question 1

What did the court in Reilly Foam Corp. v. Rubbermaid Corp. rule in regard to whether a quote is considered an offer under the UCC?

Accepted Answer

A)  That it is well recognized under the UCC that quotes are considered offers. 
B)  That it is well recognized under the UCC that quotes are not considered offers. 
C)  That the UCC does not apply at all to disputes involving quotes because quotes are not goods. 
D)  That generally quotes are not offers but that some price quotes are sufficiently detailed to be deemed offers. 
E)  That generally quotes are offers but that some price quotes are sufficiently vague to be deemed mere invitations to enter into negotiations or to submit offers. 
A)  That it is well recognized under the UCC that quotes are considered offers. 
B)  That it is well recognized under the UCC that quotes are not considered offers. 
C)  That the UCC does not apply at all to disputes involving quotes because quotes are not goods. 
D)  That generally quotes are not offers but that some price quotes are sufficiently detailed to be deemed offers. 
E)  That generally quotes are offers but that some price quotes are sufficiently vague to be deemed mere invitations to enter into negotiations or to submit offers.

Question 2

Contrast the requirement of consideration for modification of contracts under the common law and under the UCC.

Accepted Answer

Under the common law, when a contract is

Question 3

Henry and Alva are merchants under the UCC entering into a contract. Under the UCC, how may an acceptance be made by Henry and Alva?

Accepted Answer

A)  Only by a writing. 
B)  Orally as long as it is followed up by a writing. 
C)  Only by electronic communications. 
D)  By fax or mail only, not electronic communications. 
E)  By any reasonable means of communication. 
A)  Only by a writing. 
B)  Orally as long as it is followed up by a writing. 
C)  Only by electronic communications. 
D)  By fax or mail only, not electronic communications. 
E)  By any reasonable means of communication.

Question 4

Most states employ some variation of the ________ in order to resolve contract issues in cases in which a tangible good is mixed with something intangible

Accepted Answer

A)  Mixed-purpose test 
B)  Use of purpose test 
C)  Goods-services test 
D)  Predominant-purpose test 
E)  Ability to use test 
A)  Mixed-purpose test 
B)  Use of purpose test 
C)  Goods-services test 
D)  Predominant-purpose test 
E)  Ability to use test

Question 5

Under the UCC, when will additional terms negate acceptance of a sales contract?

Accepted Answer

A)  When acceptance is made expressly conditional on assent to the additional terms. 
B)  When acceptance is made expressly conditional on assent to the mirror image rule. 
C)  When acceptance is made expressly conditional on assent to the parol evidence rule. 
D)  Additional terms never cancel the acceptance of a sales contract. 
E)  Adding terms to a sales contract always cancels acceptance of a contract. 
A)  When acceptance is made expressly conditional on assent to the additional terms. 
B)  When acceptance is made expressly conditional on assent to the mirror image rule. 
C)  When acceptance is made expressly conditional on assent to the parol evidence rule. 
D)  Additional terms never cancel the acceptance of a sales contract. 
E)  Adding terms to a sales contract always cancels acceptance of a contract.

Exam 21: Introduction to Sales and Lease Contracts

What did the court in Reilly Foam Corp. v. Rubbermaid Corp. rule in regard to whether a quote is considered an offer under the UCC?

Contrast the requirement of consideration for modification of contracts under the common law and under the UCC.

Henry and Alva are merchants under the UCC entering into a contract. Under the UCC, how may an acceptance be made by Henry and Alva?

Most states employ some variation of the ________ in order to resolve contract issues in cases in which a tangible good is mixed with something intangible

Under the UCC, when will additional terms negate acceptance of a sales contract?

An Introduction to Dynamic Business Law

Business Ethics

The Us Legal System

Alternative Dispute Resolution

Constitutional Principles

International and Comparative Law

Crime and the Business Community

Tort Law

Negligence and Strict Liability

Product Liability

Liability of Accountants and Other Professionals

Intellectual Property

Introduction to Contracts

Agreement

Consideration

Capacity and Legality

Legal Assent

Contracts in Writing

Third-Party Rights to Contracts

Discharge and Remedies

Title, Risk of Loss, and Insurable Interest

Performance and Obligations Under Sales and Leases

Remedies for Breach of Sales and Lease Contracts

Warranties

Negotiable Instruments: Negotiability and Transferability

Negotiation, Holder in Due Course, and Defenses

Liability, Defenses, and Discharge

Checks and Electronic Fund Transfers

Secured Transactions

Other Creditors Remedies and Suretyship

Bankruptcy and Reorganization

Agency Formation and Duties

Liability to Third Parties and Termination

Forms of Business Organization

Partnerships: Nature, Formation, and Operation

Partnerships: Termination and Limited Partnerships

Corporations: Formation and Financing

Corporations: Directors, Officers, and Shareholders

Corporations: Mergers, Consolidations, Terminations

Corporations: Securities and Investor Protection

Employment and Labor Law

Employment Discrimination

Administrative Law

Consumer Law

Environmental Law

Antitrust Law

The Nature of Property, Personal Property, and Bailments

Real Property

Landlord-Tenant Law

Insurance Law

Wills and Trusts

Filters