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.

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

Under Article 2A:

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

The CISG governs only the formation of the contract of sales and the rights and obligations of the seller and buyer. It does not cover the validity of the contract or any of its provisions.

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

Categorizing a transaction as a lease rather than a security interest:

Discuss the similarities or possible differences between the parol evidence rule under the common law of contracts and the parol evidence rule found in Article 2.

Which of the following is not true about auctions?

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.

A contract to purchase stocks and bonds is governed by Article 2 of the UCC.

If a contract does not comply with the statute of frauds, it is void.

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.

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

The case of Construction Associates, Inc. v. Fargo Water Equipment Co. illustrates the doctrine of:

The common law "mirror image" rule has been modified by the Code.

Davis Co. and Ruby Creations enter an oral contract providing that Ruby will deliver three dozen dresses to Davis at $20 per dress. The next day, Davis sent Ruby a letter signed by Davis's purchasing agent confirming the quantity and item, but not mentioning the price. Which of the following is true?

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

If a UCC contract does not contain all the terms necessary to carry it out, there will be no contract.

Under the CISG, contracts for the sale of goods do not have to be evidenced by a writing to be enforceable, unless one of the parties has its place of business in a country that provides otherwise.