Question 1

A contract for the sale of goods is enforceable even if the price is "open."

Accepted Answer

A) True 
 B)False

Question 2

Goods physically existing and owned by a seller at the time of a transaction are called existing goods.

Accepted Answer

A) True 
 B)False

Question 3

The provisions of Article 6 concerning bulk transfers are designed to protect creditors.

Accepted Answer

A) True 
 B)False

Question 4

An agreement to modify a contract for the sale of goods that is not supported by consideration: ______.

Accepted Answer

A) ​is only binding if supported by consideration. 
B) is binding as long as it's voluntary. 
C) ​is only binding if the original contract is invalid. 
D) ​is binding only if enforced by a court. 
A) ​is only binding if supported by consideration. 
B) is binding as long as it's voluntary. 
C) ​is only binding if the original contract is invalid. 
D) ​is binding only if enforced by a court.

Question 5

A merchant cannot revoke a firm offer to buy or sell goods if the merchant has:

Accepted Answer

A) ​promised to keep the offer open. 
B) declared in the presence of two or more reputable witnesses that the offer will be kept open. 
C) ​received consideration to keep the offer open. 
D) ​stated in a signed letter that the offer would not be revoked for a specified period of time. 
A) ​promised to keep the offer open. 
B) declared in the presence of two or more reputable witnesses that the offer will be kept open. 
C) ​received consideration to keep the offer open. 
D) ​stated in a signed letter that the offer would not be revoked for a specified period of time.

Question 6

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 7

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

Accepted Answer

A) True 
 B)False

Question 8

A writing that is offered to satisfy the statute of frauds must have been written for that purpose.

Accepted Answer

A) True 
 B)False

Question 9

Carol, who is planning to move out of town, offers to sell her sofa to her friend Betty for $750.Betty says, "I'll take it, and I would like you to throw in the coffee table along with it." Under Article 2 of the UCC, Carol and Betty have:

Accepted Answer

A) ​no contract, because of the mirror image rule. 
B) no contract because Carol did not accept Betty's counteroffer. 
C) ​a contract for both the sofa and coffee table. 
D) ​a contract for the sofa only. 
A) ​no contract, because of the mirror image rule. 
B) no contract because Carol did not accept Betty's counteroffer. 
C) ​a contract for both the sofa and coffee table. 
D) ​a contract for the sofa only.

Question 10

Any modification of a sales contract between merchants must be supported by some form of consideration.

Accepted Answer

A) True 
 B)False

Question 11

Harvested crops would be an example of ______.

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 12

The sale of goods is governed which article of the Uniform Commercial Code?

Accepted Answer

A) ​Article 6 
B) Article 8 
C) ​Article 2 
D) ​Article 4 
A) ​Article 6 
B) Article 8 
C) ​Article 2 
D) ​Article 4

Question 13

A sales agreement that does not satisfy the statute of frauds is:

Accepted Answer

A) ​a quasi contract. 
B) criminal. 
C) unenforceable.​ 
D) ​unlawful. 
A) ​a quasi contract. 
B) criminal. 
C) unenforceable.​ 
D) ​unlawful.

Question 14

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.

Question 15

If a contract calls for both rendering services and supplying materials to be used in performing the services, the contract is classified according to its dominant element.

Accepted Answer

A) True 
 B)False

Question 16

An oral contract to sell specially manufactured goods is enforceable if the goods cannot be sold to other buyers, and the manufacturer has made a substantial progress in manufacturing the goods.

Accepted Answer

A) True 
 B)False

Question 17

Newlog, which had developed a new process for making artificial logs, entered into an oral contract with Specialty Manufacturing.The contract provided that Specialty would manufacture a special part that Newlog needed to make its artificial log machinery.The contract provided that Specialty would make the part to Newlog's specifications.Newlog orally agreed to pay $5,000 for the part.Specialty made the part to Newlog's specifications, but Newlog refused to pay, claiming that the oral contract was unenforceable because of the statute of frauds.Is Newlog correct?

Accepted Answer

No. Judgment will be for Specialty. The

Question 18

The UCC has adopted the common law 'mirror image' rule.

Accepted Answer

A) True 
 B)False

Question 19

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 these. 
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 these.

Question 20

An output or requirement contract is not enforceable unless the parties include an estimate of prospective amounts.

Accepted Answer

A) True 
 B)False

Exam 22: Nature and Form of Sales

A contract for the sale of goods is enforceable even if the price is "open."

Goods physically existing and owned by a seller at the time of a transaction are called existing goods.

The provisions of Article 6 concerning bulk transfers are designed to protect creditors.

An agreement to modify a contract for the sale of goods that is not supported by consideration: ______.

A merchant cannot revoke a firm offer to buy or sell goods if the merchant has:

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

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

A writing that is offered to satisfy the statute of frauds must have been written for that purpose.

Carol, who is planning to move out of town, offers to sell her sofa to her friend Betty for $750.Betty says, "I'll take it, and I would like you to throw in the coffee table along with it." Under Article 2 of the UCC, Carol and Betty have:

Any modification of a sales contract between merchants must be supported by some form of consideration.

Harvested crops would be an example of ______.

The sale of goods is governed which article of the Uniform Commercial Code?

A sales agreement that does not satisfy the statute of frauds is:

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

If a contract calls for both rendering services and supplying materials to be used in performing the services, the contract is classified according to its dominant element.

An oral contract to sell specially manufactured goods is enforceable if the goods cannot be sold to other buyers, and the manufacturer has made a substantial progress in manufacturing the goods.

The UCC has adopted the common law 'mirror image' rule.

The CISG:

An output or requirement contract is not enforceable unless the parties include an estimate of prospective amounts.

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

Crimes

Torts

Intellectual Property Rights and the Internet

The Legal Environment of International Trade

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 Negotiable Instruments 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

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