Question 1

Fresh Dairy, Inc., is the offeror and Gelato Ice Cream Company is the offeree under a unilateral sales contract in which Hector's Helado Corporation is also interested. Gelato is not notified of Fresh Dairy's performance within a reason-able time. Gelato

Accepted Answer

A)   may treat the offer as having lapsed.
B)   must assume that Fresh Dairy has started to perform.
C)   must contact Fresh Dairy.
D)   must notify Hector's.E) A) and B)
F) A) and C)

Question 2

UCC Article 2A covers leases of goods and is similar in many respects to Article 2.

Accepted Answer

A) True 
 B)False

Question 3

Refined Metals Company and Superior Fabrication, Inc., enter into a contract under which Refined agrees to deliver a certain quantity of sheet metal to Superior each month. The contract does not include a price term. In a suit between the parties over the price, a court will

Accepted Answer

A)   determine a reasonable price.
B)   impose the lowest market price.
C)   impose the highest market price.
D)   return the parties to the positions they held before the contract.E) B) and D)
F) B) and C)

Question 4

A contract for the lease of goods involving total payments of $500 or more needs to be in writing to be enforceable.

Accepted Answer

A) True 
 B)False

Question 5

Medico Inc. enters into a contract to sell medical supplies to New Hospital Corporation, which sells some of the items to Physicians Clinic, which later sells them to Oscar, a patient and consumer. Article 2 of the UCC applies to the sales transactions between

Accepted Answer

A)   Medico, New Hospital, Physicians Clinic, and Oscar .
B)   Medico and New Hospital only.
C)   Medico, New Hospital, and Physicians Clinic only.
D)   Physicians Clinic and Oscar only.E) B) and C)
F) A) and D)

Question 6

To be characterized as a "good" under the UCC, an item of property must be movable and tangible.

Accepted Answer

A) True 
 B)False

Question 7

iSharp, Inc., and Jenene, the owner of a Kitchen Time shop, orally agree to a sale of knives and other utensils for $12,000. Jenene gives iSharp a check for $4,000 as a partial payment. This contract is

Accepted Answer

A)   enforceable to the extent of $4,000.
B)   fully enforceable because it is for specially selected goods.
C)   fully enforceable because it is oral.
D)   not enforceable.E) C) and D)
F) B) and C)

Question 8

A lease is an agreement to transfer the right to possess and use goods for a period of time in exchange for payment.

Accepted Answer

A) True 
 B)False

Question 9

In contrast to standards that apply to consumers, the UCC imposes on merchants

Accepted Answer

A)   only the predominant-factor test.
B)   special rules.
C)   no rules.
D)   the same rules.E) None of the above
F) B) and D)

Question 10

In certain situations, the UCC imposes special rules on merchants.

Accepted Answer

A) True 
 B)False

Question 11

Jacob offers to sell Bill a collection of baseball cards. For their transaction to be a sale under the UCC, Bill

Accepted Answer

A)   must pay for the cards in cash.
B)   must pay for the cards with services.
C)   may pay for the cards with cash, goods, or services.
D)   must pay the fair market value of the cards.E) B) and D)
F) B) and C)

Question 12

Under the UCC, an oral contract subject to the Statute of Frauds will be enforceable if there is evidence of partial performance.

Accepted Answer

A) True 
 B)False

Exam 17: Introduction to Sales and Lease Contracts

Medico Inc. enters into a contract to sell medical supplies to New Hospital Corporation, which sells some of the items to Physicians Clinic, which later sells them to Oscar, a patient and consumer. Article 2 of the UCC applies to the sales transactions between

Correct Answer
verified

UCC Article 2A covers leases of goods and is similar in many respects to Article 2.

Correct Answer
verified

Refined Metals Company and Superior Fabrication, Inc., enter into a contract under which Refined agrees to deliver a certain quantity of sheet metal to Superior each month. The contract does not include a price term. In a suit between the parties over the price, a court will

Correct Answer
verified

In contrast to standards that apply to consumers, the UCC imposes on merchants

Correct Answer
verified

A lease is an agreement to transfer the right to possess and use goods for a period of time in exchange for payment.

Correct Answer
verified

A contract for the lease of goods involving total payments of $500 or more needs to be in writing to be enforceable.

Correct Answer
verified

Jacob offers to sell Bill a collection of baseball cards. For their transaction to be a sale under the UCC, Bill

Correct Answer
verified

In certain situations, the UCC imposes special rules on merchants.

Correct Answer
verified

iSharp, Inc., and Jenene, the owner of a Kitchen Time shop, orally agree to a sale of knives and other utensils for $12,000. Jenene gives iSharp a check for $4,000 as a partial payment. This contract is

Correct Answer
verified

To be characterized as a "good" under the UCC, an item of property must be movable and tangible.

Correct Answer
verified

Under the UCC, an oral contract subject to the Statute of Frauds will be enforceable if there is evidence of partial performance.

Correct Answer
verified

Fresh Dairy, Inc., is the offeror and Gelato Ice Cream Company is the offeree under a unilateral sales contract in which Hector's Helado Corporation is also interested. Gelato is not notified of Fresh Dairy's performance within a reason-able time. Gelato

Correct Answer
verified

Exam 17: Introduction to Sales and Lease Contracts

Medico Inc. enters into a contract to sell medical supplies to New Hospital Corporation, which sells some of the items to Physicians Clinic, which later sells them to Oscar, a patient and consumer. Article 2 of the UCC applies to the sales transactions between

Correct AnswerverifiedShow Answer

UCC Article 2A covers leases of goods and is similar in many respects to Article 2.

Correct AnswerverifiedShow Answer

Refined Metals Company and Superior Fabrication, Inc., enter into a contract under which Refined agrees to deliver a certain quantity of sheet metal to Superior each month. The contract does not include a price term. In a suit between the parties over the price, a court will

Correct AnswerverifiedShow Answer

In contrast to standards that apply to consumers, the UCC imposes on merchants

Correct AnswerverifiedShow Answer

A lease is an agreement to transfer the right to possess and use goods for a period of time in exchange for payment.

Correct AnswerverifiedShow Answer

A contract for the lease of goods involving total payments of $500 or more needs to be in writing to be enforceable.

Correct AnswerverifiedShow Answer

Jacob offers to sell Bill a collection of baseball cards. For their transaction to be a sale under the UCC, Bill

Correct AnswerverifiedShow Answer

In certain situations, the UCC imposes special rules on merchants.

Correct AnswerverifiedShow Answer

iSharp, Inc., and Jenene, the owner of a Kitchen Time shop, orally agree to a sale of knives and other utensils for $12,000. Jenene gives iSharp a check for $4,000 as a partial payment. This contract is

Correct AnswerverifiedShow Answer

To be characterized as a "good" under the UCC, an item of property must be movable and tangible.

Correct AnswerverifiedShow Answer

Under the UCC, an oral contract subject to the Statute of Frauds will be enforceable if there is evidence of partial performance.

Correct AnswerverifiedShow Answer

Fresh Dairy, Inc., is the offeror and Gelato Ice Cream Company is the offeree under a unilateral sales contract in which Hector's Helado Corporation is also interested. Gelato is not notified of Fresh Dairy's performance within a reason-able time. Gelato

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified