Question 1

The UCC is divided into sections known as ________.

Accepted Answer

A) Articles 
B) Divisions 
C) Amendments 
D) Subsections 
E) Clauses 
A) Articles 
B) Divisions 
C) Amendments 
D) Subsections 
E) Clauses

Question 2

Which article of the UCC governs sales contracts?

Accepted Answer

A) 6 
B) 4 
C) 2 
D) 4A. 
E) 2A. 
A) 6 
B) 4 
C) 2 
D) 4A. 
E) 2A.

Question 3

Which article of the UCC governs lease contracts?

Accepted Answer

A) 6 
B) 2A. 
C) 4A. 
D) 4 
E) 2 
A) 6 
B) 2A. 
C) 4A. 
D) 4 
E) 2

Question 4

Is Morton's contract for PaperCo to purchase his trees covered by the UCC?

Accepted Answer

A) Yes,but only if Morton sells PaperCo the right to come onto his property and remove the trees. 
B) No,because the trees are part of the land and land sales are covered by common law. 
C) Yes,but only if PaperCo removes the trees. 
D) Yes,because Morton cut them down and then sold them to PaperCo. 
E) Yes,because trees are always considered goods. 
A) Yes,but only if Morton sells PaperCo the right to come onto his property and remove the trees. 
B) No,because the trees are part of the land and land sales are covered by common law. 
C) Yes,but only if PaperCo removes the trees. 
D) Yes,because Morton cut them down and then sold them to PaperCo. 
E) Yes,because trees are always considered goods.

Question 5

Under the UCC,lease contracts requiring payments of ________ or more must be in writing in order to be enforceable.

Accepted Answer

A) $5,000 
B) $1,000 
C) $500 
D) $100 
E) $1,500 
A) $5,000 
B) $1,000 
C) $500 
D) $100 
E) $1,500

Question 6

All states,except Louisiana,follow ________ common law.

Accepted Answer

A) Spanish 
B) English 
C) Italian 
D) French 
E) German 
A) Spanish 
B) English 
C) Italian 
D) French 
E) German

Question 7

What did the court in Reilly Foam Corp.v.Rubbermaid Corp.rule in regard to whether a quote is considered an offer under the UCC?

Accepted Answer

A) That it is well recognized under the UCC that quotes are not considered offers. 
B) That it is well recognized under the UCC that quotes are considered offers. 
C) That generally quotes are offers but that some price quotes are sufficiently vague to be deemed mere invitations to enter into negotiations or to submit offers. 
D) That the UCC does not apply at all to disputes involving quotes because quotes are not goods. 
E) That generally quotes are not offers but that some price quotes are sufficiently detailed to be deemed offers. 
A) That it is well recognized under the UCC that quotes are not considered offers. 
B) That it is well recognized under the UCC that quotes are considered offers. 
C) That generally quotes are offers but that some price quotes are sufficiently vague to be deemed mere invitations to enter into negotiations or to submit offers. 
D) That the UCC does not apply at all to disputes involving quotes because quotes are not goods. 
E) That generally quotes are not offers but that some price quotes are sufficiently detailed to be deemed offers.

Question 8

According to Exhibit 21-5 in the text,which terms can be interpreted by the UCC if left open in a contract?

Accepted Answer

A) Payment,delivery,time,but not price or duration. 
B) Time and duration,but not price,payment,or delivery. 
C) All terms except price. 
D) Delivery,time,and duration,but not price or payment. 
E) Price,payment,delivery,time,and duration. 
A) Payment,delivery,time,but not price or duration. 
B) Time and duration,but not price,payment,or delivery. 
C) All terms except price. 
D) Delivery,time,and duration,but not price or payment. 
E) Price,payment,delivery,time,and duration.

Question 9

How many states have failed to adopt any portion of the UCC?

Accepted Answer

A) 7 
B) 18 
C) 4 
D) 5 
E) 0 
A) 7 
B) 18 
C) 4 
D) 5 
E) 0

Exam 21: Introduction to Sales and Lease Contracts

The UCC is divided into sections known as ________.

Which article of the UCC governs sales contracts?

Which article of the UCC governs lease contracts?

Is Morton's contract for PaperCo to purchase his trees covered by the UCC?

Under the UCC,lease contracts requiring payments of ________ or more must be in writing in order to be enforceable.

All states,except Louisiana,follow ________ common law.

What did the court in Reilly Foam Corp.v.Rubbermaid Corp.rule in regard to whether a quote is considered an offer under the UCC?

According to Exhibit 21-5 in the text,which terms can be interpreted by the UCC if left open in a contract?

How many states have failed to adopt any portion of the UCC?

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 Legality

Legal Assent

Contracts in Writing

Third-Party Rights to Contracts

Discharge and Remedies

Title,risk of Loss,and Insurable Interest

Performance and Obligations Under Sales and Leases

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 Organization

Partnerships: Nature, formation, and Operation

Partnerships: Termination and Limited Partnerships

Corporations: Formation and Financing

Corporations: Directors, officers, and Shareholders

Corporations: Mergers, consolidations, terminations

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