Question 1

A merchant cannot revoke a firm offer to buy or sell goods if the merchant has:

Accepted Answer

A)  promised to keep the offer open. 
B)  declared in the presence of two or more reputable witnesses that the offer will be kept open. 
C)  received consideration to keep the offer open. 
D)  stated in a signed letter that the offer would not be revoked for a specified period of time. 
A)  promised to keep the offer open. 
B)  declared in the presence of two or more reputable witnesses that the offer will be kept open. 
C)  received consideration to keep the offer open. 
D)  stated in a signed letter that the offer would not be revoked for a specified period of time.

Question 2

A gift is a free transfer of the title to property.

Accepted Answer

A) True 
 B)False

Question 3

The CISG:

Accepted Answer

A)  governs all contracts between parties in countries that have ratified it. 
B)  applies only to goods bought for personal, family or household uses. 
C)  applies to contracts in which the predominant part of the obligation is the supply of labor or other services. 
D)  None of these. 
A)  governs all contracts between parties in countries that have ratified it. 
B)  applies only to goods bought for personal, family or household uses. 
C)  applies to contracts in which the predominant part of the obligation is the supply of labor or other services. 
D)  None of these.

Question 4

Consumer leases:

Accepted Answer

A)  must always be evidenced by a writing. 
B)  are always three- party transactions. 
C)  require the lessor to make all usual warranties made by a seller in a sale of goods.. 
D)  all of these. 
A)  must always be evidenced by a writing. 
B)  are always three- party transactions. 
C)  require the lessor to make all usual warranties made by a seller in a sale of goods.. 
D)  all of these.

Question 5

Suppose a merchant is about to transfer his entire inventory as part of an annual clearance action. This transfer is called a bulk transfer.

Accepted Answer

A) True 
 B)False

Question 6

As a general rule, courts will __________ in recovering money or property transferred under an illegal agreement.

Accepted Answer

A)  assist a commercial buyer 
B)  assist a non-commercial buyer 
C)  assist an institutional buyer 
D)  not aid either party 
A)  assist a commercial buyer 
B)  assist a non-commercial buyer 
C)  assist an institutional buyer 
D)  not aid either party

Question 7

The term "course of dealing" refers to the language and customs of an industry.

Accepted Answer

A) True 
 B)False

Question 8

Under Article 2, when two parties intend to form a contract but the acceptance includes conflicting terms: ______.

Accepted Answer

A)  there is no contract. 
B)  the acceptance is viewed entirely as a counteroffer. 
C)  there is a contract based on the terms of the offer and acceptance that are consistent, but the conflicting terms in the acceptance cancel out. 
D)  there is a contract, and the conflicting term in the offer is part of the contract. 
A)  there is no contract. 
B)  the acceptance is viewed entirely as a counteroffer. 
C)  there is a contract based on the terms of the offer and acceptance that are consistent, but the conflicting terms in the acceptance cancel out. 
D)  there is a contract, and the conflicting term in the offer is part of the contract.

Question 9

Any modification of a sales contract between merchants must be supported by some form of consideration.

Accepted Answer

A) True 
 B)False

Question 10

An offer to buy or sell goods may be accepted in any manner that is reasonable under the circumstances.

Accepted Answer

A) True 
 B)False

Question 11

A contract of indefinite duration may be terminated by notice from either party to the other party.

Accepted Answer

A) True 
 B)False

Question 12

A writing that is offered to satisfy the statute of frauds must have been written for that purpose.

Accepted Answer

A) True 
 B)False

Question 13

When the price of the goods is $500 or more, a writing signed by the defendant is required in all cases.

Accepted Answer

A) True 
 B)False

Exam 22: Nature and Form of Sales

A merchant cannot revoke a firm offer to buy or sell goods if the merchant has:

A gift is a free transfer of the title to property.

The CISG:

Consumer leases:

Suppose a merchant is about to transfer his entire inventory as part of an annual clearance action. This transfer is called a bulk transfer.

As a general rule, courts will __________ in recovering money or property transferred under an illegal agreement.

The term "course of dealing" refers to the language and customs of an industry.

Under Article 2, when two parties intend to form a contract but the acceptance includes conflicting terms: ______.

Any modification of a sales contract between merchants must be supported by some form of consideration.

An offer to buy or sell goods may be accepted in any manner that is reasonable under the circumstances.

A contract of indefinite duration may be terminated by notice from either party to the other party.

A writing that is offered to satisfy the statute of frauds must have been written for that purpose.

When the price of the goods is $500 or more, a writing signed by the defendant is required in all cases.

The Nature and Sources of Law

The Court System and Dispute Resolution

Business Ethics, Social Forces, and the Law

The Constitution As the Foundation of the Legal Environment

Government Regulation of Competition and Prices

Administrative Agencies

Crimes

Torts

Intellectual Property Rights and the Internet

The Legal Environment of International Trade

Nature and Classes of Contracts: Contracting on the Internet

Formation of Contracts: Offer and Acceptance

Capacity and Genuine Assent

Consideration

Legality and Public Policy

Writing, Electronic Forms, and Interpretation of Contracts

Third Persons and Contracts

Discharge of Contracts

Breach of Contract and Remedies

Personal Property and Bailments

Legal Aspects of Supply Chain Management

Title and Risk of Loss

Product Liability: Warranties and Torts

Obligations and Performance

Remedies for Breach of Sales Contracts

Kinds of Negotiable Instruments and Negotiability

Transfers of Negotiable Instruments and Warranties of Parties

Liability of the Parties Under Negotiable Instruments

Checks and Funds Transfers

Nature of the Debtor Creditor Relationship

Consumer Protection

Secured Transactions in Personal Property

Bankruptcy

Insurance

Agency

Third Persons in Agency

Regulation of Employment

Equal Employment Opportunity Law

Types of Business Organizations

Partnerships

LPs, LLCs, and LLPs

Corporate Formation

Shareholder Rights in Corporations

Securities Regulation

Accountants Liability and Malpractice

Management of Corporations

Real Property

Environmental Law and Land Use Controls

Leases

Decedents Estates and Trusts

Filters