Exam 19: Introduction to Sales and Leases

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Unless an auction is advertised or announced as being without reserve, the sale is with reserve, and the auctioneer may withdraw the goods at any time until he announces completion of the sale.

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Leases of personal property exceed $100 billion annually and are governed by Article 2A of the UCC.

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Under Article 2A:

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Karen has agreed to buy Sara's car, but the two have not agreed on the price.When there is no agreement as to price in a contract for a sale of goods, what effect does it have on the contract?

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The UCC modifies the common law rule by requiring additional consideration for the modification of a contract.

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In the Carter v.Tokai Financial Services, Inc.case, the agreement was found to:

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Which of the following is not true about a consumer lease under UCC Article 2A?

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