Question 1

Which of the following is true regarding Kim's statement that the UCC does not apply in the retail arena?

Accepted Answer

A)  Kim is correct in that the UCC does not apply in the retail arena. 
B)  Kim is partially correct. The UCC does not apply in the retail arena if the parties have had significant past dealings under common law. 
C)  Kim is partially correct. The UCC does not apply in the retail arena if the parties are located in the same state. 
D)  Kim is partially correct. The UCC does not apply in the retail arena if the contract at issue is for an amount under $10,000. 
E)  Kim is incorrect. 
A)  Kim is correct in that the UCC does not apply in the retail arena. 
B)  Kim is partially correct. The UCC does not apply in the retail arena if the parties have had significant past dealings under common law. 
C)  Kim is partially correct. The UCC does not apply in the retail arena if the parties are located in the same state. 
D)  Kim is partially correct. The UCC does not apply in the retail arena if the contract at issue is for an amount under $10,000. 
E)  Kim is incorrect.

Question 2

Which of the following is true regarding the sources of laws that interpret sales contracts?

Accepted Answer

A)  Three sources of laws that interpret sales contracts exist: state common law, the Uniform Commercial Code, and state statutory law. 
B)  Two sources of laws that interpret sales contracts exist: state common law and the Uniform Commercial Code. 
C)  Two sources of laws that interpret sales contracts exist: the Uniform Commercial Code and state statutory law. 
D)  Two sources of laws that interpret sales contracts exist: state common law and state statutory law. 
E)  The Uniform Commercial code is the only source of law interpreting sales contracts. 
A)  Three sources of laws that interpret sales contracts exist: state common law, the Uniform Commercial Code, and state statutory law. 
B)  Two sources of laws that interpret sales contracts exist: state common law and the Uniform Commercial Code. 
C)  Two sources of laws that interpret sales contracts exist: the Uniform Commercial Code and state statutory law. 
D)  Two sources of laws that interpret sales contracts exist: state common law and state statutory law. 
E)  The Uniform Commercial code is the only source of law interpreting sales contracts.

Question 3

What kind of offer did the manager at ABC Carpet make to Beau?

Accepted Answer

A)  An unenforceable offer 
B)  A firm offer 
C)  A consideration offer 
D)  An illusory offer 
E)  A mirror offer 
A)  An unenforceable offer 
B)  A firm offer 
C)  A consideration offer 
D)  An illusory offer 
E)  A mirror offer

Question 4

A contract or contract provision is said to be ______ if it is so unfair that a court would be unreasonable if it enforced the contract.

Accepted Answer

A)  Unconscionable 
B)  Unreasonable 
C)  Voidable 
D)  Viable 
E)  Ancillary 
A)  Unconscionable 
B)  Unreasonable 
C)  Voidable 
D)  Viable 
E)  Ancillary

Question 5

Which of the following was the result in the case in the text,Novamedix Limited v.NDM Acquisition Corporation and Vesta Healthcare Inc.,in which the plaintiff claimed that a settlement agreement was a contract for the sale of goods breached by the defendant because a type of medical slipper involved in the settlement agreement could not be resold?

Accepted Answer

A)  That the transaction would not be treated as a contract for the sale of goods because the predominant purpose of the settlement agreement was to settle a patent infringement lawsuit. 
B)  That the transaction would not be treated as a contract for the sale of goods because it was a mixed type of transaction. 
C)  That the transaction would not be treated as a contract for the sale of goods because of the involvement of medical treatment issues. 
D)  That the transaction would be treated as a contract for the sale of goods because the essential nature of the agreement was the exchange of slippers for the release of a legal right. 
E)  That the transaction would be treated as a contract for the sale of goods because it was a mixed type of transaction. 
A)  That the transaction would not be treated as a contract for the sale of goods because the predominant purpose of the settlement agreement was to settle a patent infringement lawsuit. 
B)  That the transaction would not be treated as a contract for the sale of goods because it was a mixed type of transaction. 
C)  That the transaction would not be treated as a contract for the sale of goods because of the involvement of medical treatment issues. 
D)  That the transaction would be treated as a contract for the sale of goods because the essential nature of the agreement was the exchange of slippers for the release of a legal right. 
E)  That the transaction would be treated as a contract for the sale of goods because it was a mixed type of transaction.

Exam 21: Introduction to Sales and Lease Contracts

Which of the following is true regarding Kim's statement that the UCC does not apply in the retail arena?

Which of the following is true regarding the sources of laws that interpret sales contracts?

What kind of offer did the manager at ABC Carpet make to Beau?

A contract or contract provision is said to be ______ if it is so unfair that a court would be unreasonable if it enforced the contract.

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