Question 1

Which of the following is not a sale of goods?

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 2

With regard to transactions between merchants,failure to repudiate a confirming letter within ten (10)days after receipt binds the non-signing merchant,just as if he had signed the letter or a contract.

Accepted Answer

A) True 
 B)False

Question 3

The CISG governs all contracts between parties in the countries that have ratified it.

Accepted Answer

A) True 
 B)False

Question 4

A gift is a free transfer of the title to property.

Accepted Answer

A) True 
 B)False

Question 5

A bailment is a special form of sale in which possession is transferred to a bailee.

Accepted Answer

A) True 
 B)False

Question 6

A firm offer is effective only if the merchant receives consideration to keep the offer open.

Accepted Answer

A) True 
 B)False

Question 7

An agreement to periodically deliver home-heating oil to a residential customer that does not indicate the duration of the contract

Accepted Answer

A)  is enforceable for a reasonable period of time. 
B)  lasts for one delivery only. 
C)  is not a legally-enforceable contract. 
D)  constitutes a bulk transfer. 
A)  is enforceable for a reasonable period of time. 
B)  lasts for one delivery only. 
C)  is not a legally-enforceable contract. 
D)  constitutes a bulk transfer.

Question 8

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 9

Article 2 of the Uniform Commercial Code applies to the sale of:

Accepted Answer

A)  corporate stocks. 
B)  U.S.Treasury bonds. 
C)  goods. 
D)  insurance policies. 
A)  corporate stocks. 
B)  U.S.Treasury bonds. 
C)  goods. 
D)  insurance policies.

Question 10

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 11

Defenses raised in a suit based on a sales contract differ greatly from defenses used in regard to any other type of contract.

Accepted Answer

A) True 
 B)False

Question 12

An offer to buy or sell goods may be accepted in any manner that is reasonable under the circumstances.

Accepted Answer

A) True 
 B)False

Question 13

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.

Exam 23: Nature and Form of Sales

Which of the following is not a sale of goods?

With regard to transactions between merchants,failure to repudiate a confirming letter within ten (10)days after receipt binds the non-signing merchant,just as if he had signed the letter or a contract.

The CISG governs all contracts between parties in the countries that have ratified it.

A gift is a free transfer of the title to property.

A bailment is a special form of sale in which possession is transferred to a bailee.

A firm offer is effective only if the merchant receives consideration to keep the offer open.

An agreement to periodically deliver home-heating oil to a residential customer that does not indicate the duration of the contract

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

Article 2 of the Uniform Commercial Code applies to the sale of:

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.

Defenses raised in a suit based on a sales contract differ greatly from defenses used in regard to any other type of contract.

An offer to buy or sell goods may be accepted in any manner that is reasonable under the circumstances.

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

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

Securities Regulation

Accountants Liability and Malpractice

Management of Corporations

Real Property

Environmental Law and Land Use Controls

Leases

Decedents Estates and Trusts

Filters