Question 1

The UCC was created in ____.

Accepted Answer

A)  1980 
B)  1964 
C)  1952 
D)  1943 
E)  1935 
A)  1980 
B)  1964 
C)  1952 
D)  1943 
E)  1935 C

Question 2

Which of the following is true regarding material considered goods under the UCC?

Accepted Answer

A)  Minerals taken from real estate and sold by the owner, soil taken from real estate and sold by the owner, and the right to remove soil from real estate are all considered goods under the UCC. 
B)  Soil taken from real estate and sold by the owner is considered a good under the UCC, but neither minerals taken from real estate and sold by the owner nor the right to remove soil from real estate are considered goods under the UCC. 
C)  The right to remove soil from real estate is considered a good under the UCC, but neither minerals taken from real estate and sold by the owner nor soil taken from real estate and sold by the owner are considered goods under the UCC. 
D)  Minerals taken from real estate and sold by the owner and soil taken from real estate and sold by the owner are considered goods under the UCC, but the right to remove soil from real estate is not considered a good under the UCC. 
E)  Minerals taken from real estate and sold by the owner and the right to remove soil from real estate are considered goods under the UCC, but soil taken from real estate and sold by the owner is not considered a good under the UCC. 
A)  Minerals taken from real estate and sold by the owner, soil taken from real estate and sold by the owner, and the right to remove soil from real estate are all considered goods under the UCC. 
B)  Soil taken from real estate and sold by the owner is considered a good under the UCC, but neither minerals taken from real estate and sold by the owner nor the right to remove soil from real estate are considered goods under the UCC. 
C)  The right to remove soil from real estate is considered a good under the UCC, but neither minerals taken from real estate and sold by the owner nor soil taken from real estate and sold by the owner are considered goods under the UCC. 
D)  Minerals taken from real estate and sold by the owner and soil taken from real estate and sold by the owner are considered goods under the UCC, but the right to remove soil from real estate is not considered a good under the UCC. 
E)  Minerals taken from real estate and sold by the owner and the right to remove soil from real estate are considered goods under the UCC, but soil taken from real estate and sold by the owner is not considered a good under the UCC. D

Question 3

The mirror-image rule has been adopted by the UCC.

Accepted Answer

A) True 
 B)False  False

Question 4

Which of the following articles of the UCC governs sales contracts?

Accepted Answer

A)  2 
B)  2(
A)  
C)  4 
D)  4(
A)  
E)  6 
A)  2 
B)  2(
A)  
C)  4 
D)  4(
A)  
E)  6

Question 5

Under Article 2(a)of the UCC which of the following is defined as a transfer of the right to possession and use of goods for a term in return for consideration?

Accepted Answer

A)  A sale of goods 
B)  A lease 
C)  A transfer 
D)  A rental 
E)  A consignment 
A)  A sale of goods 
B)  A lease 
C)  A transfer 
D)  A rental 
E)  A consignment

Question 6

When courts interpret sales and lease contracts,how do they prioritize express terms,course of performance,course of dealing,and usage of trade?

Accepted Answer

A)  (1) Express terms, (2) Course of performance, (3) Course of dealing, and (4) Usage of trade 
B)  (1) Usage of trade, (2) Course of performance, (3) Course of dealing, and (4) Express terms 
C)  (1) Express terms, (2) Course of dealing, (3) Course of performance, and (4) Usage of trade 
D)  (1) Course of performance, (2) Course of dealing, (3) Express terms, and (4) Usage of trade 
E)  (1) Express terms, (2) Usage of trade, (3) Course of dealing, and (4) Course of performance 
A)  (1) Express terms, (2) Course of performance, (3) Course of dealing, and (4) Usage of trade 
B)  (1) Usage of trade, (2) Course of performance, (3) Course of dealing, and (4) Express terms 
C)  (1) Express terms, (2) Course of dealing, (3) Course of performance, and (4) Usage of trade 
D)  (1) Course of performance, (2) Course of dealing, (3) Express terms, and (4) Usage of trade 
E)  (1) Express terms, (2) Usage of trade, (3) Course of dealing, and (4) Course of performance

Question 7

Set for the circumstances under which the parol evidence rule would not apply and parties would be allowed to explain or supplement a written contract.

Accepted Answer

Courts,however,allow the parties to expl

Question 8

Which of the following is correct regarding Wallace's assertion that Fran cannot recover the cost of the caps?

Accepted Answer

A)  Wallace is correct. Fran cannot recover because she has nothing in writing. 
B)  Wallace is incorrect because the cost of the caps is insufficient to come within the requirement of a writing under the UCC. 
C)  Wallace is incorrect because Fran has witnesses. 
D)  Wallace is incorrect because Fran had already made the caps. 
E)  Wallace is incorrect both because Fran had already made the caps and also because she had witnesses. 
A)  Wallace is correct. Fran cannot recover because she has nothing in writing. 
B)  Wallace is incorrect because the cost of the caps is insufficient to come within the requirement of a writing under the UCC. 
C)  Wallace is incorrect because Fran has witnesses. 
D)  Wallace is incorrect because Fran had already made the caps. 
E)  Wallace is incorrect both because Fran had already made the caps and also because she had witnesses.

Question 9

What did the court in Reilly Foam Corp.v.Rubbermaid Corp.rule in regard to whether a quote is considered an offer under the UCC?

Accepted Answer

A)  That it is well recognized under the UCC that quotes are considered offers. 
B)  That it is well recognized under the UCC that quotes are not considered offers. 
C)  That the UCC does not apply at all to disputes involving quotes because quotes are not goods. 
D)  That generally quotes are not offers but that some price quotes are sufficiently detailed to be deemed offers. 
E)  That generally quotes are offers but that some price quotes are sufficiently vague to be deemed mere invitations to enter into negotiations or to submit offers. 
A)  That it is well recognized under the UCC that quotes are considered offers. 
B)  That it is well recognized under the UCC that quotes are not considered offers. 
C)  That the UCC does not apply at all to disputes involving quotes because quotes are not goods. 
D)  That generally quotes are not offers but that some price quotes are sufficiently detailed to be deemed offers. 
E)  That generally quotes are offers but that some price quotes are sufficiently vague to be deemed mere invitations to enter into negotiations or to submit offers.

Question 10

Which of the following is true in most states regarding whether the UCC applies to the contract Beau had with XYZ Carpet?

Accepted Answer

A)  Common law will be applied, not the UCC, because the contract was mixed. 
B)  The UCC will be applied, not common law, because the contract was mixed. 
C)  The court will apply the predominant-purpose test to determine whether the predominant purpose of the contract was the sale of goods in which case the UCC would apply. 
D)  The court will apply the service-warranty test to determine whether the predominant purpose of the contract was the provision of a service in which case the UCC would apply. 
E)  The court will apply the service-warranty test to determine whether the predominant purpose of the contract was the sale of goods in which case the UCC would apply. 
A)  Common law will be applied, not the UCC, because the contract was mixed. 
B)  The UCC will be applied, not common law, because the contract was mixed. 
C)  The court will apply the predominant-purpose test to determine whether the predominant purpose of the contract was the sale of goods in which case the UCC would apply. 
D)  The court will apply the service-warranty test to determine whether the predominant purpose of the contract was the provision of a service in which case the UCC would apply. 
E)  The court will apply the service-warranty test to determine whether the predominant purpose of the contract was the sale of goods in which case the UCC would apply.

Question 11

Contrast the requirement of consideration for modification of contracts under the common law and under the UCC.

Accepted Answer

Under the common law,when a contract is

Question 12

Which of the following articles of the UCC governs lease contracts?

Accepted Answer

A)  2 
B)  2(
A)  
C)  4 
D)  4(
A)  
E)  6 
A)  2 
B)  2(
A)  
C)  4 
D)  4(
A)  
E)  6

Question 13

Contracts for the sale or lease of goods may be formed even though some terms of the contract or lease are left open.

Accepted Answer

A) True 
 B)False

Question 14

Under the UCC,items are _____ if they exist physically.

Accepted Answer

A)  Merchandise 
B)  Real 
C)  Tangible 
D)  Movable 
E)  Saleable 
A)  Merchandise 
B)  Real 
C)  Tangible 
D)  Movable 
E)  Saleable

Question 15

Which of the following is true regarding Fran's assertion that she should be allowed to recover from the coach?

Accepted Answer

A)  Based upon the facts given, Fran cannot recover because the father, who was not a merchant in regards to the transaction and had not signed anything showing that he was to be charged for the shirts. 
B)  Fran can recover because she sent the father a confirming letter, and he did not object within 10 days of receipt. 
C)  Fran can recover because she sent the father a confirming letter, and he did not object within 20 days of receipt. 
D)  Fran can recover because the transaction was not covered by the UCC. 
E)  Fran can recover only if she can prove by testimony of a witness that the father received the confirming letter and read it. 
A)  Based upon the facts given, Fran cannot recover because the father, who was not a merchant in regards to the transaction and had not signed anything showing that he was to be charged for the shirts. 
B)  Fran can recover because she sent the father a confirming letter, and he did not object within 10 days of receipt. 
C)  Fran can recover because she sent the father a confirming letter, and he did not object within 20 days of receipt. 
D)  Fran can recover because the transaction was not covered by the UCC. 
E)  Fran can recover only if she can prove by testimony of a witness that the father received the confirming letter and read it.

Question 16

Which of the following is a special type of lease?

Accepted Answer

A)  Consumer and finance but not terminal 
B)  Finance but not consumer or terminal 
C)  Terminal and finance but not consumer 
D)  Terminal but not finance or consumer 
E)  Consumer but not finance or terminal 
A)  Consumer and finance but not terminal 
B)  Finance but not consumer or terminal 
C)  Terminal and finance but not consumer 
D)  Terminal but not finance or consumer 
E)  Consumer but not finance or terminal

Question 17

List what is required in order for an offer to be considered a firm offer under the UCC.Also discuss the effect if a firm offer is silent as to time and compare that with the result of silence as to time under the common law.

Accepted Answer

Under the UCC offers made by merchants a

Question 18

The National Conference of Commissioners on Uniform State Laws adopted the Uniform Internet Act to answer questions involving issues involving Internet sales.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following is false regarding the United Nations Convention on Contracts for the International Sale of Goods ("CISG")?

Accepted Answer

A)  Israel is a signatory of the CISG. 
B)  The United States applies the UCC but not the CISG. 
C)  The United Kingdom is not a signatory of the CISG and instead applies English common law. 
D)  The CISG is a treaty. 
E)  Mexico has signed the CISG. 
A)  Israel is a signatory of the CISG. 
B)  The United States applies the UCC but not the CISG. 
C)  The United Kingdom is not a signatory of the CISG and instead applies English common law. 
D)  The CISG is a treaty. 
E)  Mexico has signed the CISG.

Question 20

Which of the following is true regarding state rights in relation to the UCC?

Accepted Answer

A)  Because the UCC is a federal law, states have no rights to change it. 
B)  Each state is allowed to rewrite parts of the UCC to reflect the wishes of its state legislature. 
C)  States must adopt the UCC in full or not at all. 
D)  State legislatures may make changes to Article 2 of the UCC but not to any other articles. 
E)  State legislatures may make changes to Article 2(
A)  of the UCC but not to any other articles. 
A)  Because the UCC is a federal law, states have no rights to change it. 
B)  Each state is allowed to rewrite parts of the UCC to reflect the wishes of its state legislature. 
C)  States must adopt the UCC in full or not at all. 
D)  State legislatures may make changes to Article 2 of the UCC but not to any other articles. 
E)  State legislatures may make changes to Article 2(
A)  of the UCC but not to any other articles.

Exam 21: Introduction to Sales and Lease Contracts

The UCC was created in ____.

Which of the following is true regarding material considered goods under the UCC?

The mirror-image rule has been adopted by the UCC.

Which of the following articles of the UCC governs sales contracts?

Under Article 2(a)of the UCC which of the following is defined as a transfer of the right to possession and use of goods for a term in return for consideration?

When courts interpret sales and lease contracts,how do they prioritize express terms,course of performance,course of dealing,and usage of trade?

Set for the circumstances under which the parol evidence rule would not apply and parties would be allowed to explain or supplement a written contract.

Which of the following is correct regarding Wallace's assertion that Fran cannot recover the cost of the caps?

What did the court in Reilly Foam Corp.v.Rubbermaid Corp.rule in regard to whether a quote is considered an offer under the UCC?

Which of the following is true in most states regarding whether the UCC applies to the contract Beau had with XYZ Carpet?

Contrast the requirement of consideration for modification of contracts under the common law and under the UCC.

Which of the following articles of the UCC governs lease contracts?

Contracts for the sale or lease of goods may be formed even though some terms of the contract or lease are left open.

Under the UCC,items are _____ if they exist physically.

Which of the following is true regarding Fran's assertion that she should be allowed to recover from the coach?

Which of the following is a special type of lease?

List what is required in order for an offer to be considered a firm offer under the UCC.Also discuss the effect if a firm offer is silent as to time and compare that with the result of silence as to time under the common law.

The National Conference of Commissioners on Uniform State Laws adopted the Uniform Internet Act to answer questions involving issues involving Internet sales.

Which of the following is false regarding the United Nations Convention on Contracts for the International Sale of Goods ("CISG")?

Which of the following is true regarding state rights in relation to the UCC?

An Introduction to Dynamic Business Law

Business Ethics

The Uslegal System

Alternative Dispute Resolution

Constitutional Principles

International and Comparative Law

Crime and the Business Community

Tort Law

Negligence and Strict Liability

Product Liability

Liability of Accountants and Other Professionals

Intellectual Property

Introduction to Contracts

Agreement

Consideration

Capacity and Illegality

Reality of Assent

Contracts in Writing

Third Party Rights to Contracts

Performance,Breach of Contract,discharge,and Remedies

Title,Risk of Loss,and Insurable Interest

Performance and Obligations Under Sales and Lease Contracts

Remedies for Breach of Sales and Lease Contracts

Warranties

Negotiable Instruments: Negotiability and Transferability

Negotiation, Holder in Due Course, and Defenses

Liability,defenses,and Discharge

Checks and Electronic Fund Transfers

Secured Transactions

Other Creditors Remedies and Suretyship

Bankruptcy and Reorganization

Agency Formation and Duties

Liability to Third Parties and Termination

Forms of Business Organizations

Partnerships: Nature, Formation, and Operation

Partnerships: Termination and Limited Partnerships

Corporations: Formation and Financing

Corporations: Directors, Officers, and Shareholders

Corporations: Mergers, Consolidations, and Termination

Corporations: Securities and Investor Protection

Employment and Labor Law

Employment Discrimination

Administrative Law

Consumer Law

Environmental Law

Antitrust Law

The Nature of Property, Personal Property, and Bailments

Real Property

Landlord-Tenant Law

Insurance Law

Wills and Trusts

Filters