Question 1

A contract involving both services and goods is classified as a contract for the sale of goods if:

Accepted Answer

A) the services are to be performed upon the goods. 
B) the services cannot be performed unless the goods are supplied. 
C) no charge is made for the services. 
D) the sale of goods is the dominant aspect of the transaction. 
A) the services are to be performed upon the goods. 
B) the services cannot be performed unless the goods are supplied. 
C) no charge is made for the services. 
D) the sale of goods is the dominant aspect of the transaction. D

Question 2

When the price of the goods is $500 or more,a writing signed by the defendant is required in all cases.

Accepted Answer

A) True 
 B)False  False

Question 3

Which term is not required in a writing in order to satisfy the statute of frauds?

Accepted Answer

A) language indicating that a sale or contract to sell has been made 
B) the price of the goods 
C) the quantity of goods involved in the transaction 
D) the signature of the defendant 
A) language indicating that a sale or contract to sell has been made 
B) the price of the goods 
C) the quantity of goods involved in the transaction 
D) the signature of the defendant B

Question 4

The term "course of dealing" refers to the language and customs of an industry.

Accepted Answer

A) True 
 B)False

Question 5

A transfer of possession,but not title,is called:

Accepted Answer

A) a bailment. 
B) an option to purchase. 
C) a gift 
D) all of the above. 
A) a bailment. 
B) an option to purchase. 
C) a gift 
D) all of the above.

Question 6

__________ represents a pattern of performance between the parties to a contract.

Accepted Answer

A) Course of dealing 
B) Usage of trade 
C) Course of trade 
D) Usage of dealing 
A) Course of dealing 
B) Usage of trade 
C) Course of trade 
D) Usage of dealing

Question 7

The parol evidence rule does not apply to the sale of goods.

Accepted Answer

A) True 
 B)False

Question 8

Additional terms in acceptance of an offer for non-merchants:

Accepted Answer

A) automatically result in rejection of the offer. 
B) forms a contract based on the original offer 
C) forms a contract that includes the additional terms. 
D) none of the above. 
A) automatically result in rejection of the offer. 
B) forms a contract based on the original offer 
C) forms a contract that includes the additional terms. 
D) none of the above.

Question 9

The UCC permits a court to refuse to enforce a sales contract that it finds to be unconscionable.

Accepted Answer

A) True 
 B)False

Question 10

A sales contract must be evidenced by a writing if the sales price of goods is equal to or more than:

Accepted Answer

A) $100. 
B) $1,000. 
C) $500. 
D) $5,000. 
A) $100. 
B) $1,000. 
C) $500. 
D) $5,000.

Question 11

An agreement to modify a contract for the sale of goods:

Accepted Answer

A) is only binding if supported by consideration. 
B) has to be voluntary in order to be enforceable. 
C) is only binding if the original contract is invalid. 
D) all of the above. 
A) is only binding if supported by consideration. 
B) has to be voluntary in order to be enforceable. 
C) is only binding if the original contract is invalid. 
D) all of the above.

Question 12

Gonzalez Manufacturing negotiated by telephone to purchase approximately $7,000 worth of digital video recorders from Video Imports.The final details were worked out by telephone calls on April 2nd.On April 4th,Video sent Gonzalez a confirmation of their telephone agreement,which included pertinent details.Meanwhile,on April 3rd,Gonzalez was offered a better deal than Video's and accepted it.Upon arrival of the confirmation on April 6th,Gonzalez ignored it and did nothing further until May 1st,the date before Video was to deliver.On May 1st,Gonzalez informed Video that their contract was an unenforceable oral contract and that delivery would not be accepted.
When attempts to amicably settle the matter failed,Video sued Gonzalez for breach of contract.Decide.

Accepted Answer

Ordinarily,a sales contract of $5,000 or

Question 13

Consumer leases:

Accepted Answer

A) must always be evidenced by a writing. 
B) are always three- party transactions. 
C) require the lessor to make all usual warranties made by a seller in a sale of goods.. 
D) all of the above. 
A) must always be evidenced by a writing. 
B) are always three- party transactions. 
C) require the lessor to make all usual warranties made by a seller in a sale of goods.. 
D) all of the above.

Question 14

A contract of indefinite duration may be terminated by notice from either party to the other party.

Accepted Answer

A) True 
 B)False

Question 15

UCC Article 2 applies not only to contracts for the sale of familiar items of personal property,such as automobiles or chairs,but also to the transfer of commodities,such as oil,gasoline,milk,and grain.

Accepted Answer

A) True 
 B)False

Question 16

A merchant is about to transfer his entire inventory as part of an annual clearance action.This transfer is called a bulk transfer.

Accepted Answer

A) True 
 B)False

Question 17

The CISG:

Accepted Answer

A) governs all contracts between parties in countries that have ratified it. 
B) applies only to goods bought for personal,family or household uses. 
C) applies to contracts in which the predominant part of the obligation is the supply of labor or other services. 
D) none of the above. 
A) governs all contracts between parties in countries that have ratified it. 
B) applies only to goods bought for personal,family or household uses. 
C) applies to contracts in which the predominant part of the obligation is the supply of labor or other services. 
D) none of the above.

Question 18

All goods other than those existing and owned by a seller at the time of a transaction are called:

Accepted Answer

A) existing goods. 
B) tangible goods. 
C) future goods. 
D) intangible goods. 
A) existing goods. 
B) tangible goods. 
C) future goods. 
D) intangible goods.

Question 19

To satisfy the statute of frauds,the writing must be signed and must include the price of the goods.

Accepted Answer

A) True 
 B)False

Question 20

A contract that has elements of both goods and services is always classified as a contract for the sale of goods.

Accepted Answer

A) True 
 B)False

Exam 23: Nature and Form of Sales

A contract involving both services and goods is classified as a contract for the sale of goods if:

When the price of the goods is $500 or more,a writing signed by the defendant is required in all cases.

Which term is not required in a writing in order to satisfy the statute of frauds?

The term "course of dealing" refers to the language and customs of an industry.

A transfer of possession,but not title,is called:

__________ represents a pattern of performance between the parties to a contract.

The parol evidence rule does not apply to the sale of goods.

Additional terms in acceptance of an offer for non-merchants:

The UCC permits a court to refuse to enforce a sales contract that it finds to be unconscionable.

A sales contract must be evidenced by a writing if the sales price of goods is equal to or more than:

An agreement to modify a contract for the sale of goods:

Consumer leases:

A contract of indefinite duration may be terminated by notice from either party to the other party.

UCC Article 2 applies not only to contracts for the sale of familiar items of personal property,such as automobiles or chairs,but also to the transfer of commodities,such as oil,gasoline,milk,and grain.

A merchant is about to transfer his entire inventory as part of an annual clearance action.This transfer is called a bulk transfer.

The CISG:

All goods other than those existing and owned by a seller at the time of a transaction are called:

To satisfy the statute of frauds,the writing must be signed and must include the price of the goods.

A contract that has elements of both goods and services is always classified as a contract for the sale of goods.

The Nature and Sources of Law

The Court System and Dispute Resolution

Business Ethics, social Forces, and the Law

The Constitution As the Foundation of the Legal Environment

Government Regulation of Competition and Prices

Administrative Agencies

The Legal Environment of International Trade

Crimes

Torts

Intellectual Property Rights

Cyberlaw

Nature and Classes of Contracts: Contracting on the Internet

Formation of Contracts: Offer and Acceptance

Capacity and Genuine Assent

Consideration

Legality and Public Policy

Writing, electronic Forms, and Interpretation of Contracts

Third Persons and Contracts

Discharge of Contracts

Breach of Contract and Remedies

Personal Property and Bailments

Legal Aspects of Supply Chain Management

Title and Risk of Loss

Product Liability: Warranties and Torts

Obligations and Performance

Remedies for Breach of Sales Contracts

Kinds of Instruments, parties, and Negotiability

Transfers of Negotiable Instruments and Warranties of Parties

Liability of the Parties Under Negotiable Instruments

Checks and Funds Transfers

Nature of the Debtor-Creditor Relationship

Consumer Protection

Secured Transactions in Personal Property

Bankruptcy

Insurance

Agency

Third Persons in Agency

Regulation of Employment

Equal Employment Opportunity Law

Types of Business Organizations

Partnerships

LPs, LLCs, and LLPs

Corporate Formation

Shareholder Rights in Corporations

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Accountants Liability and Malpractice

Management of Corporations

Real Property

Environmental Law and Land Use Controls

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