Exam 18: Introduction to Sales and Lease Contracts

Rita,the manager of the State University (SU) soccer team,orally agrees to lease a certain number of specially made SU banners from Top Banners,Inc.This lease is enforceable only if Top has made a substan?tial start on making the banners and

Peter,an agent for Zippy Cars,Inc.,writes a letter to Cassandra on March 1 stating that he will sell her a 2011 Subaru Outback for $20,000 between March 1 and April 30.Peter's letter to Cassandra is

Rally Corporation enters into a contract to sell ski gear to SnoSportz Company,which sells a pair of the skis to Tyra,a consumer,who later sells them to Uli,another consumer.Article 2 of the UCC applies to the sales transactions between

Margaret,who is not an expert on horses,offers to sell a horse,a saddle blanket,and a bridle to her neighbor Betty for $2,000.Betty signs the bill of sale and pays the $2,000,but says that she wants a saddle as well.If Margaret does not give Betty a saddle along with the other goods and Betty files suit against Margaret for breach of contract,the court will probably

According to the UCC,one open term will cause a sales con?tract to fail for indefiniteness.

Dave leases a bulldozer from Construction Rentals,Inc.Wilson from Construction Rentals delivers the bulldozer to Dave,but does not collect any money.Sally from Construction Rentals picks up the bulldozer from Dave and collects the payment for the lease from Dave on behalf of Construction Rentals.In this situation the lessee is

Quinn enters into a series of agreements with Reba involving a sale of a Suite Dreams Motel,including the land,building,furnishings,shares of stock in Suite Dreams Company,and a contract with Trudy to create an ad campaign.Reba suspects that Quinn may be misrepresenting the facts.The UCC Statute of Frauds governs

Article 2 of the UCC covers any transaction that creates a lease of goods.

All oral contracts are enforceable under the UCC.

Jacob offers to sell Bill a valuable collection of baseball cards.In order for the transaction between Jacob and Bill to be considered a sale under the UCC,Bill

A court can refuse to enforce a contract that the court deems to have been unconscionable at the time it was made.

Under the UCC,an agreement modifying a contract needs no considera?tion to be binding.

Under the UCC,an oral contract for a sale of goods is enforceable once payment has been made and accepted.

Jamie is redoing his kitchen and decides he needs a floor sander to complete the job.Jamie tells Rachel,his neighbor,that he needs a floor sander.Rachel tells Jamie to call Home Repair Rentals,Inc.Home Repair Rentals leases Jamie a floor sander.In this transaction the lessor is

Gail enters into a contract with Hi-Price Appliances,Inc.In a suit be?tween the parties over payment under the contract,Gail claims that a certain clause is unconscionable.If the court agrees,it may

Wilbert has a lot of property that he wishes to sell.He sells his car to John for $5,000.He sells his bike to Shelby for $600.He sells his extensive DVD collection to Dixie May for $1,000.He sells a patent to a device for organizing digital music files to Gary for $400.Which of Wilbert's sales is NOT covered by Article 2 or 2A of the UCC?

Jackson owns an antiques store.He sells a grand piano to Fred for $5,000,a old jukebox to Sam for $499,an antebellum chest of drawers to Josephine for $659 and a gold ring to Wendy for $999.Which of Jackson's sales must be in writing to be enforceable?

Under the "partial performance" exception to the UCC,an oral contract for goods worth more than $500 is enforceable if the goods are specially manufactured for a particular buyer.

No oral contract is enforceable under the UCC.

Over the course of a year,Retail Marketers,Inc.,sells goods from its inventory and one of its warehouses.In exchange,Retail receives checks and other items that substitute for cash,which Retail uses to repay a loan from Savings Bank.Article 2 of the UCC governs