Question 1

What does Section 201 of the UCC provide regarding a statute of frauds?

Accepted Answer

Section 2-201 provides that a contract f

Question 2

Under the UCC,which of the following is not true regarding "the battle of the forms"?

Accepted Answer

A) The presence of additional or different terms is not a bar to contract formation. 
B) It is not necessary for an offer and acceptance to match exactly. 
C) Adding to or modifying terms in the offer makes the acceptance a counteroffer. 
D) It is not necessary to determine which document constitutes the offer and which the acceptance. 
A) The presence of additional or different terms is not a bar to contract formation. 
B) It is not necessary for an offer and acceptance to match exactly. 
C) Adding to or modifying terms in the offer makes the acceptance a counteroffer. 
D) It is not necessary to determine which document constitutes the offer and which the acceptance.

Question 3

Which of the following will not allow a consumer to recover under a breach of warranty?

Accepted Answer

A) The buyer made inappropriate use of the goods. 
B) The goods were defective at the time of the sale. 
C) The loss or injury was caused by the defect. 
D) The seller has no affirmative defenses. 
A) The buyer made inappropriate use of the goods. 
B) The goods were defective at the time of the sale. 
C) The loss or injury was caused by the defect. 
D) The seller has no affirmative defenses.

Question 4

The Uniform Computer Information Transactions Act is a federal law.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is governed by Article 2 of the UCC?

Accepted Answer

A) A contract for sale of a commercial building. 
B) A contract for sale of office supplies. 
C) An employment contract. 
D) A life insurance contract. 
A) A contract for sale of a commercial building. 
B) A contract for sale of office supplies. 
C) An employment contract. 
D) A life insurance contract.

Question 6

Ricardo develops a new type of software and asks you how he should go about making money through distribution of it.He has been told that he should sell the software as opposed to issuing licenses for its use.What should you tell him?

Accepted Answer

A) That by selling,rather than by licensing,a software vendor can avoid the doctrine of first sale, which allows a lawful owner to sell or otherwise dispose of the copy. 
B) That by licensing,rather than by selling,a software vendor can avoid the doctrine of first sale, which allows a lawful owner to sell or otherwise dispose of the copy. 
C) That selling is the only reasonable alternative because computer programs are not copyrightable. 
D) That licensing is the only reasonable alternative because computer programs are not copyrightable. 
A) That by selling,rather than by licensing,a software vendor can avoid the doctrine of first sale, which allows a lawful owner to sell or otherwise dispose of the copy. 
B) That by licensing,rather than by selling,a software vendor can avoid the doctrine of first sale, which allows a lawful owner to sell or otherwise dispose of the copy. 
C) That selling is the only reasonable alternative because computer programs are not copyrightable. 
D) That licensing is the only reasonable alternative because computer programs are not copyrightable.

Question 7

The UCC does not specifically define an offer or an acceptance.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following is an example a statement made by a salesperson that would be considered "puffing"?

Accepted Answer

A) This car will get 35 miles per gallon. 
B) This is a genuine diamond ring. 
C) This is an original work of art. 
D) This copier is the best in the business. 
A) This car will get 35 miles per gallon. 
B) This is a genuine diamond ring. 
C) This is an original work of art. 
D) This copier is the best in the business.

Question 9

What must be established in order for goods to be considered merchantable under the UCC?

Accepted Answer

To be merchantable under the UCC,goods m

Question 10

Under the UCC,the acceptance of an offer that contains different terms prevents the formation of the contract.

Accepted Answer

A) True 
 B)False

Question 11

The UCC applies identical rules concerning the sales of goods to merchants and nonmerchants.

Accepted Answer

A) True 
 B)False

Question 12

Sellers can rely on the UCC doctrine of commercial impracticability to get them out of a bad bargain

Accepted Answer

A) True 
 B)False

Question 13

The UCC treats fixtures as goods.

Accepted Answer

A) True 
 B)False

Question 14

The U.S.Supreme Court has ruled that a business selling goods through catalogs is required to collect sales taxes only on purchases made by consumers within the states where the business has a physical presence.

Accepted Answer

A) True 
 B)False

Question 15

Sales at Internet auctions compromise only a small amount of Internet fraud.

Accepted Answer

A) True 
 B)False

Question 16

The UCC requires an obligation of good faith in the performance of every contract or duty covered by the Act.

Accepted Answer

A) True 
 B)False

Question 17

Under the UCC,the implied warranty of merchantability guarantees that the goods are reasonably fit for the general purposes for which they are sold,and that they are properly packaged and labeled.

Accepted Answer

A) True 
 B)False

Question 18

Chris sold Valerie a home containing a wood stove which could not be removed from the home without causing substantial damage.Shortly after the sale,Valerie sustained significant smoke damage due to a malfunction of the stove.She told Chris that she was going to sue him under the UCC.Chris told her that was not possible.Which of the following is true?

Accepted Answer

A) Chris is correct because the stove would likely be a fixture not covered by the UCC. 
B) Valerie is correct because the stove would likely be a fixture covered by the UCC. 
C) Valerie is correct because the stove would not be considered a fixture and would,therefore,be covered by the UCC. 
D) Valerie is correct because the sale of the home would be covered under the UCC along with anything else sold with the home. 
A) Chris is correct because the stove would likely be a fixture not covered by the UCC. 
B) Valerie is correct because the stove would likely be a fixture covered by the UCC. 
C) Valerie is correct because the stove would not be considered a fixture and would,therefore,be covered by the UCC. 
D) Valerie is correct because the sale of the home would be covered under the UCC along with anything else sold with the home.

Question 19

A(n)________ contract occurs when one party is induced to enter a contract on a "take it or leave it" basis.

Accepted Answer

A) adhesion 
B) merchants 
C) output 
D) requirement 
A) adhesion 
B) merchants 
C) output 
D) requirement

Question 20

Which of the following statements best describes an offer under the UCC?

Accepted Answer

A) An offer is not defined by the UCC. 
B) An offer is an invitation to buy or sell between merchants. 
C) An offer is any writing sufficient to describe the goods. 
D) An offer is contained in the standard business forms. 
A) An offer is not defined by the UCC. 
B) An offer is an invitation to buy or sell between merchants. 
C) An offer is any writing sufficient to describe the goods. 
D) An offer is contained in the standard business forms.

Exam 8: sales, licensing, and e-commerce

What does Section 201 of the UCC provide regarding a statute of frauds?

Under the UCC,which of the following is not true regarding "the battle of the forms"?

Which of the following will not allow a consumer to recover under a breach of warranty?

The Uniform Computer Information Transactions Act is a federal law.

Which of the following is governed by Article 2 of the UCC?

Ricardo develops a new type of software and asks you how he should go about making money through distribution of it.He has been told that he should sell the software as opposed to issuing licenses for its use.What should you tell him?

The UCC does not specifically define an offer or an acceptance.

Which of the following is an example a statement made by a salesperson that would be considered "puffing"?

What must be established in order for goods to be considered merchantable under the UCC?

Under the UCC,the acceptance of an offer that contains different terms prevents the formation of the contract.

The UCC applies identical rules concerning the sales of goods to merchants and nonmerchants.

Sellers can rely on the UCC doctrine of commercial impracticability to get them out of a bad bargain

The UCC treats fixtures as goods.

The U.S.Supreme Court has ruled that a business selling goods through catalogs is required to collect sales taxes only on purchases made by consumers within the states where the business has a physical presence.

Sales at Internet auctions compromise only a small amount of Internet fraud.

The UCC requires an obligation of good faith in the performance of every contract or duty covered by the Act.

Under the UCC,the implied warranty of merchantability guarantees that the goods are reasonably fit for the general purposes for which they are sold,and that they are properly packaged and labeled.

A(n)________ contract occurs when one party is induced to enter a contract on a "take it or leave it" basis.

Which of the following statements best describes an offer under the UCC?

law, value creation, and risk management

Ethics ant the law

Courts, sources of law, and dispute resolution

Constitutional bases for business regulation

Agency

Administrative Law

Contracts

Torts and Privacy protection

product liability

Intellectual property

The employment agreement

civil rights and employment discrimination

executive compensation and employee benefits

Criminal law

Environmental law

Antitrust

Consumer Protection

real property and land use

Forms of business organizations

Directors, Officers, and Controlling Shareholders

Public and Private Offerings of Securities

Securities Fraud and insider trading

Debtor-Creditor Relations and Bankruptcy

International Business

Filters