Exam 15: Formation and Performance of Sales and Lease Contracts

When is an insurable interest in the buyer created in a simple delivery contract?

In a goods-in-bailment contract,when is an insurable interest created?

Which of the following are types of conditional sales contracts?

List five situations in which a buyer receives only voidable title in a contract for the sale of goods transaction.

Under Article 2(A)of the Uniform Commercial Code,a person who transfers the right to possession and use of goods under a lease is a(n)________.

In a common-carrier delivery contract,the common carrier is:

Under the Uniform Commercial Code,contracts for the sale of goods must be in writing in order to be enforceable if they are priced at ________.

A goods-in-________ contract involves goods that are in some kind of storage,so the seller cannot transfer physical possession of them.

A conditional sales contract is a type of contract that occurs when the purchased goods are in some kind of storage under the control of a third party,such as a warehouseman.

What type of agreement do contracting parties have when the sale itself is contingent on approval?

A sale-on-approval contract occurs when the seller and buyer agree that the buyer may return the goods at a later time.

With a ________ contract,the buyer and seller typically execute an agreement,and the buyer leaves with the goods.

In terms of conditional sales contracts,a contract is a(n)________ contract if the seller allows the buyer to take possession of the goods before deciding whether to complete the contract by making the purchase.

The Uniform Commercial Code does not require a contract modification to be supported by new consideration.

What type of interest occurs when there is a right to insure goods against any risk exposure such as damage or destruction?

Under Article 2(A)of the Uniform Commercial Code,"a transfer of the right to possession and use of goods for a term in return for consideration" is a(n)________.

With a simple delivery contract in which the seller is a merchant,which party sustains the loss if,through no fault of either party,the goods are destroyed through fire prior to delivery to the buyer?

Federal law governs the formation of sales and lease contracts.

Which of the following states has adopted only portions of the Uniform Commercial Code that do not conflict with its historically French-based code law?

A contract is a sale-or-return contract if the seller allows the buyer to take possession of the goods before deciding whether to complete the contract by making the purchase.