Question 1

Purchase orders, cash register receipts, sales tickets, invoices, and similar papers satisfy the requirements as to a signature.

Accepted Answer

A) True 
 B)False  False

Question 2

To satisfy the Statute of Frauds, a writing must be made at the time of sale.

Accepted Answer

A) True 
 B)False  False

Question 3

When will several purchases made on the same day be deemed to be one purchase?

Accepted Answer

A) When all the goods are purchased at the same store. 
B) When the cost of all items added together exceeds $500. 
C) When the several items are added together as part of the same transaction. 
D) All same-day sales within a legal jurisdiction are deemed to be one single sale. 
A) When all the goods are purchased at the same store. 
B) When the cost of all items added together exceeds $500. 
C) When the several items are added together as part of the same transaction. 
D) All same-day sales within a legal jurisdiction are deemed to be one single sale. C

Question 4

Goods may be offered for sale in an auction with reserve or without reserve.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is true of oral contract payments?

Accepted Answer

A) In the case of part payment, an oral contract may be enforced for goods, for which payment has not been made and accepted. 
B) A check or promissory note tendered as payment, but refused by the seller, constitutes as an oral contract payment. 
C) Under the law of commercial paper, a check, or draft is an unconditional payment when delivered. 
D) An oral contract can be enforced if the buyer has made full payment on the contract. 
A) In the case of part payment, an oral contract may be enforced for goods, for which payment has not been made and accepted. 
B) A check or promissory note tendered as payment, but refused by the seller, constitutes as an oral contract payment. 
C) Under the law of commercial paper, a check, or draft is an unconditional payment when delivered. 
D) An oral contract can be enforced if the buyer has made full payment on the contract.

Question 6

In an auction, the auctioneer is the one who makes the offer.

Accepted Answer

A) True 
 B)False

Question 7

Explain nonresellable goods. ​

Accepted Answer

Goods that are specifically made for the

Question 8

In an auction, a bid is an offer, and not a contract, until the auctioneer accepts the bid.

Accepted Answer

A) True 
 B)False

Question 9

A writing for the sale of goods under the UCC need not indicate that a sale or contract to sell has been made.

Accepted Answer

A) True 
 B)False

Question 10

For whom does an auctioneer serve as agent?

Accepted Answer

A) buyer 
B) seller 
C) both buyer and seller 
D) neither buyer nor seller 
A) buyer 
B) seller 
C) both buyer and seller 
D) neither buyer nor seller

Question 11

Which of the following best describes the term "acceptance"?

Accepted Answer

A) It is the assent of a buyer to become the owner of specific goods. 
B) It is the assent of a seller to provide specific goods. 
C) It is taking repossession of goods by the seller once they have been sold. 
D) It is the acknowledgement of a fact during the course of the sale. 
A) It is the assent of a buyer to become the owner of specific goods. 
B) It is the assent of a seller to provide specific goods. 
C) It is taking repossession of goods by the seller once they have been sold. 
D) It is the acknowledgement of a fact during the course of the sale.

Question 12

Which of the following can be a writing sufficient to satisfy the Statute of Frauds?

Accepted Answer

A) unsigned purchase orders stating a quantity 
B) emails with an electronic signature stating a quantity 
C) a cash register receipt stating a quantity with no customer name 
D) unsigned invoices not stating a quantity 
A) unsigned purchase orders stating a quantity 
B) emails with an electronic signature stating a quantity 
C) a cash register receipt stating a quantity with no customer name 
D) unsigned invoices not stating a quantity

Question 13

​ An oral contract can be enforced only with respect to goods for which payment has been made and accepted.

Accepted Answer

A) True 
 B)False

Question 14

Writing is required when the person against whom enforcement of a sales contract is sought voluntarily admits, in the course of legal proceedings, to having made the sales contract.

Accepted Answer

A) True 
 B)False

Question 15

If a bid is made while the hammer is falling in acceptance of a prior bid, the auctioneer has the option to reopen the bid.

Accepted Answer

A) True 
 B)False

Question 16

​ Goods that are specifically made for the buyer and are of such an unusual nature that they are not suitable for trade in the ordinary course of the seller's business are called .

Accepted Answer

A) nonresellable goods 
B) auction goods 
C) resellable goods 
D) speciality goods 
A) nonresellable goods 
B) auction goods 
C) resellable goods 
D) speciality goods

Question 17

A signature can be initials, electronic or stamped, so long as it was made with necessary intent.

Accepted Answer

A) True 
 B)False

Question 18

No writing is required in the case of nonresellable goods.

Accepted Answer

A) True 
 B)False

Question 19

Macy's, an auction house, was slated to put up ten paintings for auction. During the course of the auction, the auctioneer announced that three of the paintings could be recalled at the discretion of the auction house. In such a scenario, the seven remaining paintings will be known as goods offered .

Accepted Answer

A) without terms 
B) without reserve 
C) with terms 
D) with reserve 
A) without terms 
B) without reserve 
C) with terms 
D) with reserve

Question 20

Which of the following is true of an auction sale?

Accepted Answer

A) A sale by auction for any amount is not valid if it is made orally. 
B) When an auctioneer makes and signs a memorandum of the sale, it binds only the bidder. 
C) Goods can only be offered for sale without reserve. 
D) There is no contract until and unless an auctioneer accepts a bidder's offer. 
A) A sale by auction for any amount is not valid if it is made orally. 
B) When an auctioneer makes and signs a memorandum of the sale, it binds only the bidder. 
C) Goods can only be offered for sale without reserve. 
D) There is no contract until and unless an auctioneer accepts a bidder's offer.

Exam 17: Formalities of a Sale

Purchase orders, cash register receipts, sales tickets, invoices, and similar papers satisfy the requirements as to a signature.

To satisfy the Statute of Frauds, a writing must be made at the time of sale.

When will several purchases made on the same day be deemed to be one purchase?

Goods may be offered for sale in an auction with reserve or without reserve.

Which of the following is true of oral contract payments?

In an auction, the auctioneer is the one who makes the offer.

Explain nonresellable goods. ​

In an auction, a bid is an offer, and not a contract, until the auctioneer accepts the bid.

A writing for the sale of goods under the UCC need not indicate that a sale or contract to sell has been made.

For whom does an auctioneer serve as agent?

Which of the following best describes the term "acceptance"?

Which of the following can be a writing sufficient to satisfy the Statute of Frauds?

​ An oral contract can be enforced only with respect to goods for which payment has been made and accepted.

Writing is required when the person against whom enforcement of a sales contract is sought voluntarily admits, in the course of legal proceedings, to having made the sales contract.

If a bid is made while the hammer is falling in acceptance of a prior bid, the auctioneer has the option to reopen the bid.

​ Goods that are specifically made for the buyer and are of such an unusual nature that they are not suitable for trade in the ordinary course of the seller's business are called .

A signature can be initials, electronic or stamped, so long as it was made with necessary intent.

No writing is required in the case of nonresellable goods.

Which of the following is true of an auction sale?

Introduction to Law

Courts and Court Procedures

Business Torts and Crimes

Government Regulation of Business

Nature and Classes of Contracts

Offer and Acceptance

Capacity to Contract

Consideration

Defective Agreements

Illegal Agreements

Written Contracts

Third Parties and Contracts

Termination of Contracts

Nature of Personal Property

Special Bailments

Sales of Personal Property

Transfer of Title and Risk in Sales Contracts

Warranties Product Liability and Consumer Protection

Nature of Negotiable Instruments

Essentials of Negotiability

Promissory Notes and Drafts

Negotiation and Discharge

Liabilities of Parties, Holders in Due Course and Defenses

Nature and Creation of an Agency

Operation and Termination of an Agency

Employer and Employee Relations

Employees Rights

Introduction to Business Organizations

Creation and Operation of a Partnership

Dissolution of a Partnership

Nature of a Corporation

Ownership of a Corporation

Management and Dissolution of a Corporation

Principles of Insurance

Types of Insurance

Security Devices

Bankruptcy

Nature of Real Property

Transfer of Real Property

Real Estate Mortgages

Landlord and Tenant

Wills Inheritances and Trust

Filters

Explain nonresellable goods.

An oral contract can be enforced only with respect to goods for which payment has been made and accepted.

Goods that are specifically made for the buyer and are of such an unusual nature that they are not suitable for trade in the ordinary course of the seller's business are called .