Question 1

Which of the following is a provision of obligation of good-faith dealings under Section 1-203 of the Uniform Commercial Code (UCC)?

Accepted Answer

A)  Consideration is required for modification of a sales contract made in good faith. 
B)  In determining the intent a reasonable person would have had, due consideration is to be given to any practices which the parties have established between themselves. 
C)  Every contract or duty within this Act imposes an obligation of good faith in its performance or enforcement. 
D)  If the court finds the contract to have been unconscionable at the time it was made, the court may refuse to enforce the contract. 
E)  A proposal for concluding a contract addressed to one or more specific persons constitutes an offer if it is sufficiently definite and indicates the intention of the offeror. 
A)  Consideration is required for modification of a sales contract made in good faith. 
B)  In determining the intent a reasonable person would have had, due consideration is to be given to any practices which the parties have established between themselves. 
C)  Every contract or duty within this Act imposes an obligation of good faith in its performance or enforcement. 
D)  If the court finds the contract to have been unconscionable at the time it was made, the court may refuse to enforce the contract. 
E)  A proposal for concluding a contract addressed to one or more specific persons constitutes an offer if it is sufficiently definite and indicates the intention of the offeror.

Question 2

The lessor is the one who transfers the right to possession to the lessee.

Accepted Answer

A) True 
 B)False

Question 3

Under common law, consideration is _____.

Accepted Answer

A)  required to discharge a breaching party 
B)  not required for modification of a sales contract made in good faith 
C)  not required if one party wants to forgive another's breach by written waiver 
D)  not required for a "firm offer" 
E)  required if a contract is modified or terminated by the mere agreement of the parties 
A)  required to discharge a breaching party 
B)  not required for modification of a sales contract made in good faith 
C)  not required if one party wants to forgive another's breach by written waiver 
D)  not required for a "firm offer" 
E)  required if a contract is modified or terminated by the mere agreement of the parties

Question 4

Most of the Code's rules are not mandatory; rather the parties to the agreement may change or displace them.

Accepted Answer

A) True 
 B)False

Question 5

According to the Uniform Commercial Code (UCC), what is a lease? What are the two types of leases?

Accepted Answer

Section 2A-103(j) of the UCC defines a l

Question 6

The Uniform Commercial Code assumes that rules applicable to professionals ought to apply to the inexperienced buyer or seller also.

Accepted Answer

A) True 
 B)False

Exam 17: Introduction to Sales and Leases

Which of the following is a provision of obligation of good-faith dealings under Section 1-203 of the Uniform Commercial Code (UCC)?

The lessor is the one who transfers the right to possession to the lessee.

Under common law, consideration is _____.

Most of the Code's rules are not mandatory; rather the parties to the agreement may change or displace them.

According to the Uniform Commercial Code (UCC), what is a lease? What are the two types of leases?

The Uniform Commercial Code assumes that rules applicable to professionals ought to apply to the inexperienced buyer or seller also.

Introduction to Law and Legal Systems

Corporate Social Responsibility and Business Ethics

Courts and the Legal Process

Constitutional Law and Us Commerce

Administrative Law

Criminal Law

Introduction to Tort Law

Introduction to Contract Law

The Agreement

Real Assent

Consideration

Legality

Form and Meaning

Third-Party Rights

Discharge of Obligations

Remedies

Title and Risk of Loss

Performance and Remedies

Products Liability

Bailments and the Storage, Shipment, and Leasing of Goods

Nature and Form of Commercial Paper

Negotiation of Commercial Paper

Holder in Due Course and Defenses

Liability and Discharge

Legal Aspects of Banking

Consumer Credit Transactions

Secured Transactions and Suretyship

Mortgages and Nonconsensual Liens

Bankruptcy

Introduction to Property: Personal Property and Fixtures

Intellectual Property

The Nature and Regulation of Real Estate and the Environment

The Transfer of Real Estate by Sale

Landlord and Tenant Law

Estate Planning: Wills, Estates, and Trusts

Insurance

Relationships Between Principal and Agent

Liability of Principal and Agent; Termination of Agency

Partnerships: General Characteristics and Formation

Partnership Operation and Termination

Hybrid Business Forms

Corporation: General Characteristics and Formation

Legal Aspects of Corporate Finance

Corporate Powers and Management

Securities Regulation

Corporate Expansion, State and Federal Regulation of Foreign Corporations, and Corporate Dissolution

Antitrust Law

Unfair Trade Practices and the Federal Trade Commission

Employment Law

International Law

Liability and Regulation of Accountants

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