Question 1

If a firm offer is silent as to time,the UCC assumes ______.

Accepted Answer

A)  A one-year irrevocability period 
B)  A six-month irrevocability period 
C)  A four-month irrevocability period 
D)  A three-month irrevocability period 
E)  A one-week irrevocability period 
A)  A one-year irrevocability period 
B)  A six-month irrevocability period 
C)  A four-month irrevocability period 
D)  A three-month irrevocability period 
E)  A one-week irrevocability period

Question 2

Regarding the "Case Opener," which of the following best represents the decision on whether the cell towers at issue constituted goods?

Accepted Answer

A)  That the contract involving the purchase of the cell towers was predominately for the purchase of real estate and that the towers were, therefore, not goods. 
B)  That the contract involving the purchase of the cell towers predominately involved cellular telephone service and that the towers were, therefore, not goods. 
C)  That the contract involving the purchase of the cell towers was not for goods because the towers were not easily movable. 
D)  That the contract involving the purchase of the cell towers was predominately for goods because common law was applied by contract. 
E)  That the contract involving the purchase of the cell towers was predominantly for the sale of goods for reasons including that the towers had physical property and could be moved. 
A)  That the contract involving the purchase of the cell towers was predominately for the purchase of real estate and that the towers were, therefore, not goods. 
B)  That the contract involving the purchase of the cell towers predominately involved cellular telephone service and that the towers were, therefore, not goods. 
C)  That the contract involving the purchase of the cell towers was not for goods because the towers were not easily movable. 
D)  That the contract involving the purchase of the cell towers was predominately for goods because common law was applied by contract. 
E)  That the contract involving the purchase of the cell towers was predominantly for the sale of goods for reasons including that the towers had physical property and could be moved.

Question 3

Under Article 2 of the UCC which of the following consists of the passing of title from the seller to the buyer for a price?

Accepted Answer

A)  A lease 
B)  A transaction 
C)  A transfer of use 
D)  A sale 
E)  A negotiated transfer 
A)  A lease 
B)  A transaction 
C)  A transfer of use 
D)  A sale 
E)  A negotiated transfer

Question 4

Under the UCC contracts for the sale of goods must be in writing in order to be enforceable if they are valued at ______ or more.

Accepted Answer

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

Question 5

Under the UCC,courts allow parties to explain or supplement a written contract with which of the following?

Accepted Answer

A)  Additional terms that are consistent with the terms in the agreement, evidence that helps the court interpret the agreement, and any evidence as to price. 
B)  Evidence that helps the court interpret the agreement, but not additional terms that are consistent with the terms in the agreement or any evidence as to price. 
C)  Any evidence as to price, but not additional terms that are consistent with the terms in the agreement or evidence that helps the court interpret the agreement. 
D)  Additional terms that are consistent with the terms in the agreement, but not evidence that helps the court interpret the agreement or any evidence as to price. 
E)  Additional terms that are consistent with the terms in the agreement and evidence that helps the court interpret the agreement, but not any evidence as to price. 
A)  Additional terms that are consistent with the terms in the agreement, evidence that helps the court interpret the agreement, and any evidence as to price. 
B)  Evidence that helps the court interpret the agreement, but not additional terms that are consistent with the terms in the agreement or any evidence as to price. 
C)  Any evidence as to price, but not additional terms that are consistent with the terms in the agreement or evidence that helps the court interpret the agreement. 
D)  Additional terms that are consistent with the terms in the agreement, but not evidence that helps the court interpret the agreement or any evidence as to price. 
E)  Additional terms that are consistent with the terms in the agreement and evidence that helps the court interpret the agreement, but not any evidence as to price.

Question 6

Which of the following was the result in Eureka Water Company v.Nestle Waters North America Inc.,the case in the text involving whether a trade name is considered a good or nongood?

Accepted Answer

A)  The court ruled that a trade name is a good. 
B)  The court ruled that a trade name is not a good. 
C)  The court ruled that a trade name is a good if other items that are clearly goods are involved in a contractual dispute; otherwise, it is a nongood. 
D)  The court ruled that a trade name is a good if it was considered a good in other previously settled disputes between the same parties; otherwise, it is a nongood. 
E)  The court ruled that a trade name is a good if it is the only matter involved in a dispute between parties; otherwise, it is a nongood. 
A)  The court ruled that a trade name is a good. 
B)  The court ruled that a trade name is not a good. 
C)  The court ruled that a trade name is a good if other items that are clearly goods are involved in a contractual dispute; otherwise, it is a nongood. 
D)  The court ruled that a trade name is a good if it was considered a good in other previously settled disputes between the same parties; otherwise, it is a nongood. 
E)  The court ruled that a trade name is a good if it is the only matter involved in a dispute between parties; otherwise, it is a nongood.

Question 7

Are there any steps Fran should take in small claims court,or before she goes,regarding the customer who ordered the plain T-shirts?

Accepted Answer

A)  No, because once the parties are in court, positions of the parties are frozen. 
B)  No, because once the parties are in court, only the judge can add evidence. 
C)  Yes, she should attempt to get the customer to admit to the judge that he ordered the T-shirts. 
D)  Yes, she should dismiss the case before she is charged with sanctions. 
E)  Yes, she should dismiss the case before she is charged with the other party's attorney fees. 
A)  No, because once the parties are in court, positions of the parties are frozen. 
B)  No, because once the parties are in court, only the judge can add evidence. 
C)  Yes, she should attempt to get the customer to admit to the judge that he ordered the T-shirts. 
D)  Yes, she should dismiss the case before she is charged with sanctions. 
E)  Yes, she should dismiss the case before she is charged with the other party's attorney fees.

Question 8

Under the UCC,when is an acceptance effective?

Accepted Answer

A)  When dispatched. 
B)  When received. 
C)  When received only if acceptance by electronic means is made, otherwise on dispatch. 
D)  When dispatched only if the U.S. mail is used, otherwise on receipt. 
E)  When dispatched only when the telephone is used, otherwise on receipt. 
A)  When dispatched. 
B)  When received. 
C)  When received only if acceptance by electronic means is made, otherwise on dispatch. 
D)  When dispatched only if the U.S. mail is used, otherwise on receipt. 
E)  When dispatched only when the telephone is used, otherwise on receipt.

Question 9

Under the UCC lease contracts that require payments of ______ or more must be in writing in order to be enforceable.

Accepted Answer

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

Question 10

Which of the following is true regarding whether the agreement between Susie and Kim for the sale of dresses satisfied the writing requirement of the UCC?

Accepted Answer

A)  The agreement is likely binding because under the UCC, if two merchants have an oral agreement, a written memo from either party to the other is deemed to satisfy the statute of frauds, even if it is not acknowledged by the receiving party. If it is not objected to within 10 days of receipt, the oral agreement, memorialized by the memo, is binding. 
B)  The agreement is likely binding because under the UCC, if two merchants have an oral agreement, there is no requirement of a writing so long as another witness is willing to confirm that within 10 days of the agreement, one of the parties memorialized the agreement by a memorandum to the file, even if it was not sent to the other party. 
C)  The agreement is binding because the UCC has no requirement of a writing under any circumstances. 
D)  The agreement is not binding because Kim never signed anything by which she agreed to the terms of the oral agreement. 
E)  The agreement is not binding because Susie did not send Kim a registered letter memorializing the oral conversation as is required by the UCC. 
A)  The agreement is likely binding because under the UCC, if two merchants have an oral agreement, a written memo from either party to the other is deemed to satisfy the statute of frauds, even if it is not acknowledged by the receiving party. If it is not objected to within 10 days of receipt, the oral agreement, memorialized by the memo, is binding. 
B)  The agreement is likely binding because under the UCC, if two merchants have an oral agreement, there is no requirement of a writing so long as another witness is willing to confirm that within 10 days of the agreement, one of the parties memorialized the agreement by a memorandum to the file, even if it was not sent to the other party. 
C)  The agreement is binding because the UCC has no requirement of a writing under any circumstances. 
D)  The agreement is not binding because Kim never signed anything by which she agreed to the terms of the oral agreement. 
E)  The agreement is not binding because Susie did not send Kim a registered letter memorializing the oral conversation as is required by the UCC.

Question 11

A consumer lease is the same thing as a finance lease.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following is true regarding the holding of the court in The Travelers Property Casualty Company of America and Hellmuth Obata & Kassabaum Inc.,v.Saint-Gobain Technical Fabrics Canada Limited,the case in the text involving whether the statute of frauds barred enforcement of a contract and also whether the United Nations Convention on Contracts of the International Sale of Goods (CISG)applied to a contract in view of the fact that a particular state's law was referenced in the contract?

Accepted Answer

A)  That the CISG did not apply because the contract referred to provisions of the UCC and that the statute of frauds contained within the UCC barred enforcement of the contract. 
B)  That the CISG did not apply because a construction of an arena, which would result in a type of realty, was concerned and that the statute of frauds contained within the UCC barred enforcement of the contract. 
C)  That the CISG did not apply because significant provisions in the contract were left unwritten but that the statute of frauds was inapplicable. 
D)  That the CISG applied and that oral discussions could have formed a contract. 
E)  That the CISG applied and that no contract could have resulted because of the lack of a writing. 
A)  That the CISG did not apply because the contract referred to provisions of the UCC and that the statute of frauds contained within the UCC barred enforcement of the contract. 
B)  That the CISG did not apply because a construction of an arena, which would result in a type of realty, was concerned and that the statute of frauds contained within the UCC barred enforcement of the contract. 
C)  That the CISG did not apply because significant provisions in the contract were left unwritten but that the statute of frauds was inapplicable. 
D)  That the CISG applied and that oral discussions could have formed a contract. 
E)  That the CISG applied and that no contract could have resulted because of the lack of a writing.

Question 13

Under Article 2 of the UCC which of the following is defined as tangible things which are movable at the time of identification to the contract for sale?

Accepted Answer

A)  Articles 
B)  Merchandise 
C)  Goods 
D)  Attachments 
E)  Saleable things 
A)  Articles 
B)  Merchandise 
C)  Goods 
D)  Attachments 
E)  Saleable things

Question 14

Which of the following was offered as a treaty that countries could sign,indicating their willingness to allow this treaty to govern international business-to-business sales contracts?

Accepted Answer

A)  The International Convention of Contracts for International Sales 
B)  The Federation Convention on the Uniform Commercial Code 
C)  The Worldwide Federation Convention on the Sale of Goods 
D)  The United Nations Convention on Contracts for the International Sale of Goods 
E)  The International Agreement on the Sale of Goods 
A)  The International Convention of Contracts for International Sales 
B)  The Federation Convention on the Uniform Commercial Code 
C)  The Worldwide Federation Convention on the Sale of Goods 
D)  The United Nations Convention on Contracts for the International Sale of Goods 
E)  The International Agreement on the Sale of Goods

Question 15

The UCC requires that consideration be provided for the modification of sales and lease contracts.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following is true regarding what meets the UCC definition of a good?

Accepted Answer

A)  Real estate, corporate stocks, copyrights, and trade fixtures all meet the definition of a good under the UCC. 
B)  Corporate stocks, real estate, and copyrights meet the definition of a good under the UCC, but trade fixtures do not. 
C)  Trade fixtures meet the definition of a good under the UCC, but real estate, corporate stocks, and copyrights do not. 
D)  Copyrights meet the definition of a good under the UCC, but real estate, corporate stocks, and trade fixtures do not. 
E)  Real estate, trade fixtures, and corporate stocks meet the definition of a good under the UCC, but copyrights do not. 
A)  Real estate, corporate stocks, copyrights, and trade fixtures all meet the definition of a good under the UCC. 
B)  Corporate stocks, real estate, and copyrights meet the definition of a good under the UCC, but trade fixtures do not. 
C)  Trade fixtures meet the definition of a good under the UCC, but real estate, corporate stocks, and copyrights do not. 
D)  Copyrights meet the definition of a good under the UCC, but real estate, corporate stocks, and trade fixtures do not. 
E)  Real estate, trade fixtures, and corporate stocks meet the definition of a good under the UCC, but copyrights do not.

Question 17

The UCC recognizes the concept of unconscionability.

Accepted Answer

A) True 
 B)False

Question 18

Discuss when a party may be considered a "merchant" under the UCC.

Accepted Answer

The UCC defines merchant as a person who

Question 19

A contract that combines a good with a service is a ______ sale.

Accepted Answer

A)  Combined 
B)  Mixed 
C)  Service 
D)  Goods 
E)  Total 
A)  Combined 
B)  Mixed 
C)  Service 
D)  Goods 
E)  Total

Question 20

What actions does the UCC provide that a court can take if it discovers that a contract or lease provision or the contract or lease as a whole is unconscionable?

Accepted Answer

A)  The contract is void. 
B)  The court can only refuse to enforce the contract or lease in total. 
C)  The court can only refuse to enforce the parts of the contract or lease that are unfair. 
D)  The court either can refuse to enforce the contract or lease or can enforce the parts of the contract or lease that are fair. 
E)  The court has no power to enforce the lease and must award the innocent party punitive damages. 
A)  The contract is void. 
B)  The court can only refuse to enforce the contract or lease in total. 
C)  The court can only refuse to enforce the parts of the contract or lease that are unfair. 
D)  The court either can refuse to enforce the contract or lease or can enforce the parts of the contract or lease that are fair. 
E)  The court has no power to enforce the lease and must award the innocent party punitive damages.

Exam 21: Introduction to Sales and Lease Contracts

If a firm offer is silent as to time,the UCC assumes ______.

Regarding the "Case Opener," which of the following best represents the decision on whether the cell towers at issue constituted goods?

Under Article 2 of the UCC which of the following consists of the passing of title from the seller to the buyer for a price?

Under the UCC contracts for the sale of goods must be in writing in order to be enforceable if they are valued at ______ or more.

Under the UCC,courts allow parties to explain or supplement a written contract with which of the following?

Which of the following was the result in Eureka Water Company v.Nestle Waters North America Inc.,the case in the text involving whether a trade name is considered a good or nongood?

Are there any steps Fran should take in small claims court,or before she goes,regarding the customer who ordered the plain T-shirts?

Under the UCC,when is an acceptance effective?

Under the UCC lease contracts that require payments of ______ or more must be in writing in order to be enforceable.

Which of the following is true regarding whether the agreement between Susie and Kim for the sale of dresses satisfied the writing requirement of the UCC?

A consumer lease is the same thing as a finance lease.

Under Article 2 of the UCC which of the following is defined as tangible things which are movable at the time of identification to the contract for sale?

Which of the following was offered as a treaty that countries could sign,indicating their willingness to allow this treaty to govern international business-to-business sales contracts?

The UCC requires that consideration be provided for the modification of sales and lease contracts.

Which of the following is true regarding what meets the UCC definition of a good?

The UCC recognizes the concept of unconscionability.

Discuss when a party may be considered a "merchant" under the UCC.

A contract that combines a good with a service is a ______ sale.

What actions does the UCC provide that a court can take if it discovers that a contract or lease provision or the contract or lease as a whole is unconscionable?

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

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