Question 1

In a lease contract,the title of goods is passed from the lessor to the lessee.

Accepted Answer

A) True 
 B)False  False

Question 2

Who among the following is a good faith purchaser?

Accepted Answer

A) a person who buys goods from a person with a voidable title 
B) a person who buys stolen goods without being aware of it 
C) a buyer who agrees to hold goods for a person until the delivery of the goods is made 
D) a buyer to whom goods are delivered by a seller to sell on the seller's behalf 
A) a person who buys goods from a person with a voidable title 
B) a person who buys stolen goods without being aware of it 
C) a buyer who agrees to hold goods for a person until the delivery of the goods is made 
D) a buyer to whom goods are delivered by a seller to sell on the seller's behalf A

Question 3

A person who transfers the right of possession and use of goods under a lease is known as the ________.

Accepted Answer

A) lessor 
B) lessee 
C) seller 
D) consignee 
A) lessor 
B) lessee 
C) seller 
D) consignee A

Question 4

In which of the following contracts is the term "no-arrival,no-sale" found?

Accepted Answer

A) a shipment contract 
B) a destination contract 
C) a contract to sell real estate 
D) a consignment contract 
A) a shipment contract 
B) a destination contract 
C) a contract to sell real estate 
D) a consignment contract

Question 5

________ are damages that will be paid upon a breach of contract that are established in advance.

Accepted Answer

The answer of ________ are damages that will be paid...

Question 6

A person with voidable title to goods can transfer title to a good faith purchaser for value.

Accepted Answer

A) True 
 B)False

Question 7

A seller or lessor has ________ if he obtained the goods through fraud,if his check for the payment of the goods or lease is dishonored,or if he impersonated another person.

Accepted Answer

voidable title/voida

Question 8

How does the UCC treat goods that were fraudulently obtained?

Accepted Answer

A seller or lessor has voidable title or

Question 9

Unless otherwise unambiguously indicated by language or circumstance,an offer to make a sales or lease contract may be accepted in any manner and by any reasonable medium of acceptance.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following is an accurate statement regarding the risk of loss in a shipment contract after the seller delivers conforming goods to the carrier?

Accepted Answer

A) The seller bears the risk of loss during transportation. 
B) The buyer bears the risk of loss during transportation. 
C) The seller and the buyer equally bear the risk of loss during transportation. 
D) The seller bears one-third of the risk of loss and the buyer bears two-thirds of the risk of loss during transportation. 
A) The seller bears the risk of loss during transportation. 
B) The buyer bears the risk of loss during transportation. 
C) The seller and the buyer equally bear the risk of loss during transportation. 
D) The seller bears one-third of the risk of loss and the buyer bears two-thirds of the risk of loss during transportation.

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

Only written express warranties are valid.

Accepted Answer

A) True 
 B)False

Question 13

What are the provisions for contracts with services under Article 2 of the UCC?

Accepted Answer

Contracts for the provision of services-

Question 14

Which of the following describes a mixed sale?

Accepted Answer

A) a sale that involves two or more intangible goods 
B) a sale that involves the passing of title of goods from a seller to a buyer for a price 
C) a sale that involves the possession and use of named goods for a set price 
D) a sale that involves the provision of a service and a good in the same transaction 
A) a sale that involves two or more intangible goods 
B) a sale that involves the passing of title of goods from a seller to a buyer for a price 
C) a sale that involves the possession and use of named goods for a set price 
D) a sale that involves the provision of a service and a good in the same transaction

Question 15

A(n)________ is a warranty created when a seller or lessor makes an affirmation that the goods he or she is selling or leasing meet certain standards of quality,description,performance,or condition.

Accepted Answer

The answer of A(n)________ is a warranty created when a...

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

Unless properly disclosed,a warranty that is implied that sold or leased goods are fit for the ordinary purpose for which they are sold or leased,as well as other assurances,is known as ________.

Accepted Answer

A) implied volatility 
B) an implied cause of action 
C) an implied assertion 
D) the implied warranty of merchantability 
A) implied volatility 
B) an implied cause of action 
C) an implied assertion 
D) the implied warranty of merchantability

Question 18

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.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following does Article 2A of the Uniform Commercial Code govern?

Accepted Answer

A) mixed sales 
B) deposits 
C) leases 
D) letters of credit 
A) mixed sales 
B) deposits 
C) leases 
D) letters of credit

Question 20

Which of the following is an accurate statement regarding the risk of loss in a destination contract after the seller delivers conforming goods to the carrier?

Accepted Answer

A) The seller bears the risk of loss during transportation. 
B) The buyer bears the risk of loss during transportation. 
C) The seller and the buyer equally bear the risk of loss during transportation. 
D) The buyer bears one-third of the risk of loss and the seller bears two-thirds of the risk of loss during transportation. 
A) The seller bears the risk of loss during transportation. 
B) The buyer bears the risk of loss during transportation. 
C) The seller and the buyer equally bear the risk of loss during transportation. 
D) The buyer bears one-third of the risk of loss and the seller bears two-thirds of the risk of loss during transportation.

Exam 12: UCC Sales Contracts, Leases, and Warranties

In a lease contract,the title of goods is passed from the lessor to the lessee.

Who among the following is a good faith purchaser?

A person who transfers the right of possession and use of goods under a lease is known as the ________.

In which of the following contracts is the term "no-arrival,no-sale" found?

________ are damages that will be paid upon a breach of contract that are established in advance.

A person with voidable title to goods can transfer title to a good faith purchaser for value.

A seller or lessor has ________ if he obtained the goods through fraud,if his check for the payment of the goods or lease is dishonored,or if he impersonated another person.

How does the UCC treat goods that were fraudulently obtained?

Unless otherwise unambiguously indicated by language or circumstance,an offer to make a sales or lease contract may be accepted in any manner and by any reasonable medium of acceptance.

Which of the following is an accurate statement regarding the risk of loss in a shipment contract after the seller delivers conforming goods to the carrier?

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

Only written express warranties are valid.

What are the provisions for contracts with services under Article 2 of the UCC?

Which of the following describes a mixed sale?

A(n)________ is a warranty created when a seller or lessor makes an affirmation that the goods he or she is selling or leasing meet certain standards of quality,description,performance,or condition.

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

Unless properly disclosed,a warranty that is implied that sold or leased goods are fit for the ordinary purpose for which they are sold or leased,as well as other assurances,is known as ________.

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.

Which of the following does Article 2A of the Uniform Commercial Code govern?

Which of the following is an accurate statement regarding the risk of loss in a destination contract after the seller delivers conforming goods to the carrier?

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