Exam 18: Introduction to Sales and Lease Contracts

The UCC imposes special business standards on casual and inexperienced sellers and buyers.

A lessor is a party who transfers the right to the possession and use of goods under a lease.

Orange Manufacturing Corporation (OMC)orders twelve job-training and on-the-job safety videos from Plum Productions,Inc.,which delivers the videos to OMC.This is most likely 

Under the UCC,prompt shipment of goods is considered an acceptance of an offer to buy the goods.

Bert's Bagels & Nosh,Inc.,and other bakeries refer to a "baker's dozen" as consisting of a collection of thirteen baked goods.This is an example of 

A lessor is a party who acquires a right to the possession and use of goods under a lease.

Fact Pattern 18-1Olga enters into a contract to buy a refrigerator from a Prairie States Appliance store with the price to be paid in monthly installments. After thirty-six months of payments, Olga has paid more than twice the price of a similar stove. Eighteen payments remain due under the contract. -Refer to Fact Pattern 18-1.Under the UCC,the court can evaluate the contract to determine whether it was unreasonably unfair and one sided 

Katlyn pays Mobile Edge Electronics $500 for a tablet.Under the UCC,this is 

Under the "partial performance" exception to the UCC,an oral contract for goods worth more than $500 is enforceable if the goods are specially manufactured for a particular buyer.

A merchant is a person who deals in goods of the kind involved in the sales contract or who holds herself or himself out as having skill or knowledge peculiar to the practices or goods being purchased or sold.

Raul agrees to ship to Ben one hundred ceiling fans for $5,000.Raul initials his notes of the deal,which include the terms,and files the notes in his office.Ben initials his own notes of the deal,which include the terms,and files the notes in his office.Raul fails to ship the fans.Against Raul,as a contract,the deal is 

Rally Corporation enters into a contract to sell ski gear to SnoSportz Company,which sells a pair of the skis to Tyra,a consumer,who later sells them to Uli,another consumer.Article 2 of the UCC applies to the sales transactions between 

Under the UCC,parties to sales and lease contracts are NOT free to establish whatever terms they wish.

Mary owns a small real estate company that arranges apartment leases for college students.She leases an apartment for nine months to Sara,a new undergraduate in the area.On her son's eighteenth birthday,Mary gives him a gift of a car.On her daughter's sixteenth birthday,Mary gives her a gift of $500.Mary sells her home gym to her neighbor for $1,000.Article 2 of the UCC covers Mary's 

Under the UCC,the meaning of any agreement must be interpreted in light of commercial practices.

To be characterized as a "good" under the UCC,an item of property must be movable.

TalkTalk,Inc.,offers to buy from Voice Media Corporation (VMC)100,000 smartphones.Without notifying TalkTalk,VMC timely ships phones of a different quality.With respect to the offer and a possible contract,this shipment is an acceptance and 

County Dentists Clinic offers to buy from Dental & Medical Supplies Company a certain quantity of floss and other items for a certain price.Dental & Medical can accept the offer by 

The rules governing firm offers apply to all merchants.

Peter,an agent for Zippy Cars,Inc.,writes a letter to Cassandra on March 1 stating that he will sell her a 2011 Subaru Outback for $20,000 between March 1 and April 30.Peter's letter to Cassandra is