Exam 18: Formation of Sales and Lease Contracts

________ is a rule that says that if a written contract is a complete and final statement of the parties' agreement, any prior or contemporaneous oral or written statements that alter, contradict, or are in addition to the terms of the written contract are inadmissible in court regarding a dispute over the contract.

In which of the following cases do additional terms contained in an acceptance become part of the contract as per the battle of the forms rule?

Which of the following is true of a finance lease?

Whistle Cabs, a taxi service company, has been ordered by the traffic department to update their taximeters to digital ones.Whistle Cabs decides to contract with Running Electricals, who provide digital taximeters.But to acquire it on such short notice, Whistle Cabs approaches Goldmint Bank.Goldmint Bank purchases the taximeters, and the taximeters are delivered to Whistle Cabs.The contract between Whistle Cabs and Goldmint Bank allows the taxi service company to use the taximeters for a period of time by providing monthly rentals till that period is completed.What is the nature of the contract made between Goldmint, Whistle Cab, and Running Electricals?

Article 2 of the UCC defines a merchant as a person who deals in the goods of the kind involved in the transaction.

Kimberley, a merchant-seller in Kansas, had an oral contract to sell goods to Jane, a merchant-buyer in Memphis for $100, 000.Two days after contracting, Kimberley sends a sufficient written confirmation to Jane of the agreed-upon transaction.Jane, who has reason to know the contents of the written confirmation, fails to object to the contents of the confirmation immediately.Two weeks after receiving the written confirmation, Jane receives a delivery of the goods from Kimberley.Jane immediately sends an objection to the confirmation to Kimberley.Which of the following is true of the contract between Kimberley and Jane?

Only movable goods come under the scope of Article 2 of the UCC.

Article 2 of the Uniform Commercial Code is also applied by federal courts to sales contracts governed by federal law.

Revised Article 2A (Leases)includes provisions that recognize the importance of electronic lease contracts.

The ________ is a model act passed in 1949 that includes comprehensive laws that cover most aspects of commercial transactions.

Contracts for the provision of services are not covered by Article 2 of the UCC.

How does the UCC define the term 'merchant'?

If a person buys a computer, the sale of contract for it would be subject to Article 2 of the UCC.

If the parties to a sales contract do not agree to the time, place, and manner of delivery of the goods, the place for delivery is the seller's place of business.

Sales that contain provisions of services and goods in the same transaction are not covered by Article 2 of the UCC.

Course of performance between the parties is taken into account when the express terms of their written contract are not clear.

Which of the following is true of consideration for modifying a sales or lease contract under the UCC?

Under common law, additional terms in the acceptance of a offer are considered a counteroffer.

What are the methods and manners of acceptance as defined by the UCC?

A ________ is a document that is issued by a bank on behalf of a buyer who purchases goods on credit from a seller that guarantees that if the buyer does not pay for the goods, then the bank will pay the seller.