Exam 19: Introduction to Sales and Leases

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?

Under the Code, a contract to sell or lease personal property is recognized whenever the parties manifest such an intent, even if they cannot identify a precise moment the contract was formed.

Shannon orally agrees to buy 500 telephone answering machines from Thomas for $25,000. Thomas delivers 300 answering machines to Shannon, who receives and accepts them. Which of the following is correct with regard to this transaction?

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.

A lease is the transfer of title to goods from seller to buyer for a price.

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

Which of the following transactions is governed by Article 2 of the UCC?

The Code addresses the "battle of the forms" problem by focusing on intent of the parties.

Under the Code, if the parties have reached no agreement on price, the price is a reasonable one at the time of making the contract.

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

Which of the following is correct with respect to "finance leases"?

Contracts containing unconscionable clauses are void and unenforceable.

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

The CISG specifically excludes sales of:

Discuss the concept of freedom of contract under Articles 2 and 2A of the UCC.

Under the CISG, which of the following would not always be considered a material alteration to an offer?

If a merchant makes a written offer to buy or sell goods, this will be irrevocable only if accompanied by consideration.

If the original agreement was oral, a subsequent oral modification, which brings the resulting contract within the statute of frauds, is binding on and enforceable by the parties.

The Code has made certain offers irrevocable without the offeree's giving any consideration for the promise to keep the offer open. These offers are known as:

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