Exam 16: Sales and Lease Contracts: Performance, Warranties, and Remedies

Under Uniform Commercial Code Section 1-205(2),any practice that members of an industry expect to be part of their dealings is known as ________.

The Uniform Commercial Code assumes that the seller has valid title to the goods.

According to the Uniform Commercial Code,a delay in delivery or non-delivery,in whole or in part,is not a breach in circumstances in which performance has been made ________ because a contingency has occurred that was not contemplated when the parties reached the agreement.

Which of the following means that the seller has delivered the goods to a carrier,but the carrier has not yet turned them over to the buyer?

A seller's right to provide conforming goods when nonconforming goods were initially delivered is known as ________.

In order for goods to be merchantable,the goods must ________.

Which of the following usually requires that the seller deliver the particular goods identified in the contract?

The Uniform Commercial Code does not allow buyers and sellers to seek the remedy of specific performance when the goods are unique or a remedy at law is inadequate.

Which of the following represent the three basic categories of warranties?

Under which of the following circumstances will a court refuse to uphold modifications or limitations to remedies agreed upon by the parties?

Which of the following is true regarding whether a seller must provide a warranty under the Magnuson-Moss Act?

According to the Uniform Commercial Code,which of the following refers to the history of dealings between the parties in the particular contract at issue?

Stacy,located in Florida,is entering into a contract with Natasha,located in Russia,for the purchase of snow globes to sell to people who do not typically get to see snow.Stacy is familiar with the Uniform Commercial Code,but she is uneasy about what law would apply if she has a dispute with Natasha regarding the contract.She would like for Florida law to apply.Which of the following is the best advice to Stacy?

What does the Uniform Commercial Code provide for liquidated damages if the parties do not otherwise agree to them?

Boat Tow.Donnie went to a new car dealership and told the salesperson (who was not the manager)that he needed a new car that would both get good gas mileage and pull his big boat.The salesperson encouraged him to buy a smaller car that the salesperson promised would pull the boat.Donnie bought the car and used it to pull the boat.Unfortunately,the heavy pull on the car did significant damage to the car's engine.Donnie complained to the salesperson,who denied any liability.Donnie,who had taken half-a-semester of business law,informed the salesperson that along with the sale of the car he also received an express warranty and an implied warranty of merchantability,and that he could recover under either of those theories.Is Donnie correct that the car was sold with an implied warranty of merchantability?

According to the Uniform Commercial Code,a buyer or lessee may reject an installment of a particular item only if the defects substantially impair the value of the goods and cannot be cured.

Which of the following are damages for lost profits a buyer may recover in the event of a breach of contract?

Which of the following is needed in order for the implied warranty of merchantability to be applied?

Under Uniform Commercial Code Sections 2-513(1)and 2A-515(1),the seller or lessor must provide the buyer or lessee _____.

Marge ordered for her soccer team t-shirts with the name of the school shown on the front.The seller requested that Marge come in to inspect the first t-shirt before the others were made.Marge refused because she was too busy,and told the seller to go ahead and print the shirts.On receipt of the shirts,Marge discovered that the school name was misspelled.Does Marge have any rights against the seller,and why or why not?