Question 1

The purpose of Article 2 of the UCC is to modernize, clarify, simplify, and make uniform the law of sales.

Accepted Answer

A) True 
 B)False

Question 2

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:

Accepted Answer

A)  has to buy at the price set by the Sotheby representative. 
B)  has to buy, but at what Pat and Mike believe was a reasonable price. 
C)  has no obligation to buy the antiques. 
D)  can treat the contract as canceled. 
A)  has to buy at the price set by the Sotheby representative. 
B)  has to buy, but at what Pat and Mike believe was a reasonable price. 
C)  has no obligation to buy the antiques. 
D)  can treat the contract as canceled.

Question 3

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.

Accepted Answer

A) True 
 B)False

Question 4

Who among the following is most likely not considered a merchant according to Article 2 of the UCC?

Accepted Answer

A)  Jim who owns a wholesale auto parts business. 
B)  Tom who, as a hobby, builds and sells birdhouses on the weekends. 
C)  Kay who sells her 3-year-old fishing boat to her neighbor. 
D)  Jan, who is not knowledgeable about selling sailboats, but who employs an experienced expert in the trade. 
A)  Jim who owns a wholesale auto parts business. 
B)  Tom who, as a hobby, builds and sells birdhouses on the weekends. 
C)  Kay who sells her 3-year-old fishing boat to her neighbor. 
D)  Jan, who is not knowledgeable about selling sailboats, but who employs an experienced expert in the trade.

Question 5

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.

Accepted Answer

There are at least nine possible answers

Question 6

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

Accepted Answer

A) True 
 B)False

Exam 19: Introduction to Sales and Leases

The purpose of Article 2 of the UCC is to modernize, clarify, simplify, and make uniform the law of sales.

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:

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.

Who among the following is most likely not considered a merchant according to Article 2 of the UCC?

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 UCC definition of "unconscionable" is clear and unambiguous.

Introduction to Law

Business Ethics

Civil Dispute Resolution

Constitutional Law

Administrative Law

Criminal Law

Intentional Torts

Negligence and Strict Liability

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 Remedies

Performance

Transfer of Title and Risk of Loss

Product Liability: Warranties and Strict Liability

Sales Remedies

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits, Collections, and Funds Transfers

Relationship of Principal and Agent

Relationship With Third Parties

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 Corporations

Secured Transactions and Suretyship

Bankruptcy

Securities Regulation

Intellectual Property

Employment Law

Antitrust

Accountants Legal Liability

Consumer Protection

Environmental Law

International Business Law

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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