Exam 19: The Formation of Sales and Lease Contracts

Grains Inc., agrees to sell to Harvest Company a certain quantity of refined grains. Some of the other terms in the deal are left open. In the case of a dispute, a court will presume

If a writing indicating a sales contract contains only some of the terms that the parties agreed to, a court may allow evidence of consistent additional terms.

The UCC imposes certain special business standards on merchants because of their commercial expertise.

Excluded from Article 2 of the UCC is

Corporate stocks and bonds meet the requirements to be among the items of property characterized as goods under the UCC.

To satisfy the UCC's Statute of Frauds, a writing indicating an intent to form a sales contract must be signed by both parties.

Mining Corporation purchases the business assets of Open Pit Inc., including its equipment and supplies, for an agreed-to price, payable in installments. Under the UCC, this transaction is

Bean Processor Inc. agrees to ship a certain quantity of coffee beans to Coffee Café LLC. Bean sends to Coffee an e-mail indicating that the parties intended to form a contract. Against Bean, as a contract, the e-mail will be sufficient

When the parties to a contract for a sale of goods do not specify a payment term, and the parties are unaware of the UCC's rules, those rules do not apply.

Curt enters into a contract with Drivers Lease Company for a three-year lease of a car. This contract is subject to

Under a contract with Farm Inc. for a delivery of vegetables, Growers Mart refuses to pay for some of the produce. The buyer contends that the practice in the trade with respect to payment for spoiled produce justifies its refusal to pay. Growers Mart is arguing that the court should take into account

The UCC provides that a sale or lease contract will fail for indefiniteness if more than one of its terms is left open.