Exam 8: Contracts for the Sale of Goods

While the common law recognizes commercial impracticability as a means to terminate a contract,the UCC rejects and does not recognize commercial impracticability.

If goods are to be picked up at the seller's place of business by the buyer and the seller is a merchant,the seller retains risk of loss until the buyer takes possession of the goods.

________ is the legal term for the right of ownership in goods.

The 2003 revisions to the UCC have only been adopted by about half of the states.

In a shipping contract,the seller is obligated to deliver the good into the "hands" of the buyer.

Which of the following items would be properly subject to a UCC sales contract?

UCC gap fillers will not be used and are not applicable to contracts when the contract clearly specifies a contract term or condition.

A party holds title to goods when the goods have come into existence and the goods are identified to the contract.

In a destination contract,risk of loss passes to the buyer:

For a writing to satisfy statute of frauds requirements under the UCC,it must include each of the following except:

Some courts have determined that the inclusion of an arbitration clause in an acceptance as a means of dispute resolution constitutes a material alteration of the offer in a merchant transaction.

The mirror image rule is not enforced under UCC standards.

Veggy Time,Inc.is a distributor of canned vegetables.They have been dealing with Fred Farmer for 10 years purchasing Fred's entire corn crop.Fred's farm is so large and productive that Veggy Time has exclusively bought all of their corn from Fred alone.Once again they have entered into a contract with Fred to purchase his entire 2011 crop and have no other corn sellers under contract.For the entire ten years,Fred has delivered 100,000 bushels of corn to Veggy Time.Unfortunately,due to an extraordinary amount of rain,Fred's fields are flooded and his crop is destroyed.In 2011,Fred can deliver only 10,000 bushels and Veggy Time is about to suffer a huge loss.Does Veggy Time have any rights against Fred to recover for their losses? What could Veggy Time do to mitigate their damages?

Which of the following contracts requires a written contract to be enforceable?

If a buyer knowingly accepts nonconforming goods,they may still sue the seller for monetary damages based on the nonconformity.

UCC rules regarding acceptance of goods and payment regarding installment contracts mandate that:

The United Nations Convention on Contracts for the International Sale of Goods (UNCISG)differs from the UCC in that:

The United Nations Convention on Contracts for the International Sale of Goods does not recognize a formal writing requirement similar to the UCC statute of frauds requirement.

The statute of frauds provides that certain sales contracts be evidenced by a written agreement.What type of sales contract does this requirement apply to and what constitutes a writing sufficient to evidence an enforceable contract?

With regard to consideration in a sales contract,the UCC differs from the common law in that: