Exam 19: Introduction to Sales and Leases

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The Code provides that its remedies shall be liberally administered to place the aggrieved party in a position as good as the one she would have occupied had the defaulting party fully performed.

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(True/False)

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Question 1

Correct Answer:

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True

Amendments to UCC Articles 2 and 2A were promulgated in 2003 to accommodate electronic commerce and to reflect developments in business and law and, as of 2011, these amendments had been adopted in all of the states.

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(True/False)

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Question 2

Correct Answer:

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False

What is a "merchant?" Identify four provisions in Article 2 that apply to merchants, but not to others.

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(Essay)

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Question 3

Correct Answer:

Verified

A merchant is a dealer in goods or a person who by his occupation holds himself out as having knowledge or skill peculiar to the goods or who employs a broker or agent whom he holds out as having such knowledge or skill.Sections relating to merchants include provisions on good faith; confirmation of oral contracts; firm offers; "battle of the forms"; warranty of title; warranty of merchantability; sales on approval; retention of possession of goods by seller; entrusting of goods; risk of loss; and duties after rightful rejection.

A lessee under a consumer lease and a buyer under a sale of goods are provided with the same protections against unconscionability under the UCC.

(True/False)

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Question 4

Albert has a contract to buy 100 tables from Bartholomew at a price of $50 a table.Five days before Bartholomew is to deliver the tables, he calls Albert to say that he is sorry but $50 won't cover his costs, and he will now need at least $75 a table.Albert agrees, because he needs the tables for his special sale.The modified contract is enforceable even though Albert isn't getting any new consideration, so long as Bartholomew is acting in good faith and the agreement to the new price is put in writing.

(True/False)

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Question 5

Which of the following is not true about auctions?

(Multiple Choice)

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Question 6

The definition of "goods" in the UCC may include timber, minerals, growing crops, or a building.

(True/False)

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Question 7

Which of the following is true regarding unconscionability under the Code?

(Multiple Choice)

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Question 8

List four areas of contract law where the common law of contracts and the law of sales differ.Give both the common law rule and the rule under Article 2.

(Essay)

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Question 9

The Code addresses the "battle of the forms" problem by comparing the fine print on each form and eliminating all conflicting terms.

(True/False)

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Question 10

A "merchant" is defined as a person who:

(Multiple Choice)

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Question 11

In determining whether a contract containing both a sale of goods and a service is a UCC contract or general contract, a majority of states follow the predominant purpose test.

(True/False)

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Question 12

The UCC definition of "unconscionable" is clear and unambiguous.

(True/False)

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Question 13

The doctrine of unconscionability has evolved through its application by the courts to include:

(Multiple Choice)

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Question 14

What does Article 2 say with regard to the following? a.Good faith. b.Unconscionability. c.Expansion of commercial practices.

(Essay)

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Question 15

A(n) __________ is a special type of lease transaction generally involving three parties instead of two.

(Multiple Choice)

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Question 16

In the case of Pittsley v.Houser, the court:

(Multiple Choice)

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Question 17

Mike inherited some antiques.Pat agrees to buy them.In the contract, Mike and Pat agree to value the antiques at whatever the Sotheby's representative says.If the valuation is much higher than either of them anticipated, Pat:

(Multiple Choice)

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Question 18

Contracts containing unconscionable clauses are void and unenforceable.

(True/False)

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Question 19

The CISG specifically excludes sales of:

(Multiple Choice)

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Question 20

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Exam 19: Introduction to Sales and Leases

The Code provides that its remedies shall be liberally administered to place the aggrieved party in a position as good as the one she would have occupied had the defaulting party fully performed.

Amendments to UCC Articles 2 and 2A were promulgated in 2003 to accommodate electronic commerce and to reflect developments in business and law and, as of 2011, these amendments had been adopted in all of the states.

What is a "merchant?" Identify four provisions in Article 2 that apply to merchants, but not to others.

A lessee under a consumer lease and a buyer under a sale of goods are provided with the same protections against unconscionability under the UCC.

Which of the following is not true about auctions?

The definition of "goods" in the UCC may include timber, minerals, growing crops, or a building.

Which of the following is true regarding unconscionability under the Code?

List four areas of contract law where the common law of contracts and the law of sales differ.Give both the common law rule and the rule under Article 2.

The Code addresses the "battle of the forms" problem by comparing the fine print on each form and eliminating all conflicting terms.

A "merchant" is defined as a person who:

In determining whether a contract containing both a sale of goods and a service is a UCC contract or general contract, a majority of states follow the predominant purpose test.

The UCC definition of "unconscionable" is clear and unambiguous.

The doctrine of unconscionability has evolved through its application by the courts to include:

What does Article 2 say with regard to the following? a.Good faith. b.Unconscionability. c.Expansion of commercial practices.

A(n) __________ is a special type of lease transaction generally involving three parties instead of two.

In the case of Pittsley v.Houser, the court:

Mike inherited some antiques.Pat agrees to buy them.In the contract, Mike and Pat agree to value the antiques at whatever the Sotheby's representative says.If the valuation is much higher than either of them anticipated, Pat:

Contracts containing unconscionable clauses are void and unenforceable.

The CISG specifically excludes sales of:

Introduction to Law

Business Ethicspart Ii: the Legal Environment of Business

Civil Dispute Resolution

Constitutional Law

Administrative Law

Criminal Law

Negligence and Strict Liabilitypart Iii: Contracts

Introduction to Contracts

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Contracts in Writing

Third Parties to Contracts

Performance, Breach, and Discharge

Contract Remediespart Iv: Sales

Performance

Transfer of Title and Risk of Loss

Product Liability: Warranties and Strict Liability

Sales Remediespart V: Negotiable Instruments

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits, Collections, and Funds Transferspart Vi: Agency

Relationship of Principal and Agent

Relationship With Third Partiespart Vii: Business Associations

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature and Formation of Corporations

Financial Structure of Corporations

Management Structure of Corporations

Fundamental Changes of Corporationspart Viii: Debtor and Creditor Relations

Secured Transactions and Suretyship

Bankruptcypart Ix: Regulation of Business

Securities Regulation

Intellectual Property

Employment Law

Antitrust

Accountants Legal Liability

Consumer Protection

International Business Lawpart X: Property

Introduction to Property, Property Insurance, Bailments, and Documents of Title

Interests in Real Property

Transfer and Control of Real Property

Trusts and Wills

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