Question 1

Marine Expeditions, Inc., pays Nate's Boats $4,000 to use an oceangoing vessel for a month. For the purposes of the UCC, this is

Accepted Answer

A)  ​a merchant's firm offer. 
B)  ​an option contract. 
C)  ​a lease. 
D)  ​a sale. 
A)  ​a merchant's firm offer. 
B)  ​an option contract. 
C)  ​a lease. 
D)  ​a sale.

Question 2

Fact Pattern 15-1
Farmers Produce, Inc., and Growers Market enter into a contract for the delivery of locally grown fruits and vegetables. The parties use a standard Farmers Produce form that contains some of the terms the parties agree on but not others. Some of the produce spoils before it can be cooked, served, and eaten, or sold. Growers Market refuses to pay for the spoiled goods.
-Refer to Fact Pattern 15-1. Farmers Produce files a suit against Growers Market, claiming that the buyer assumed the risk of the spoilage of the unsold goods. The court may allow evidence of this term if it finds that the parties' contract is

Accepted Answer

A)  ​fully integrated. 
B)  ​not fully integrated. 
C)  ​none of the choices. 
D)  ​a complete and final statement of their agreement. 
A)  ​fully integrated. 
B)  ​not fully integrated. 
C)  ​none of the choices. 
D)  ​a complete and final statement of their agreement.

Question 3

Jacob offers to sell Bill a collection of baseball cards. For their transaction to be a sale under the UCC, Bill

Accepted Answer

A)  ​must pay for the cards in cash. 
B)  ​must pay for the cards with services. 
C)  ​may pay for the cards with cash, goods, or services. 
D)  ​must pay the fair market value of the cards. 
A)  ​must pay for the cards in cash. 
B)  ​must pay for the cards with services. 
C)  ​may pay for the cards with cash, goods, or services. 
D)  ​must pay the fair market value of the cards.

Question 4

Dian, an agent for Expo Motors, Inc., writes a letter to Flynn on November 1 stating that she will sell him a 2017 Subaru Outback for $25,000 between November 1 and December 31. Dian's letter to Flynn is

Accepted Answer

A)  ​a merchant's firm offer. 
B)  ​an acceptance. 
C)  ​an option contract. 
D)  ​none of the choices. 
A)  ​a merchant's firm offer. 
B)  ​an acceptance. 
C)  ​an option contract. 
D)  ​none of the choices.

Question 5

UCC Article 2 applies to sales transactions between all buyers and sellers.

Accepted Answer

A) True 
 B)False

Question 6

Brad buys a bulldozer from Construction Equipment Corporation, which he leases to Deep Digg, Inc. In this situation, the lessee is

Accepted Answer

A)  ​Brad. 
B)  ​Construction Equipment Corporation. 
C)  ​Deep Digg, Inc. 
D)  ​none of the choices. 
A)  ​Brad. 
B)  ​Construction Equipment Corporation. 
C)  ​Deep Digg, Inc. 
D)  ​none of the choices.

Question 7

Intangible property has conceptual existence and thus comes under Article 2.

Accepted Answer

A) True 
 B)False

Question 8

Generally, acceptance of an offer to lease goods may be made in any reasonable manner and by any reasonable means.

Accepted Answer

A) True 
 B)False

Question 9

The UCC imposes some different rules on merchants.

Accepted Answer

A) True 
 B)False

Question 10

A course of performance is the conduct that occurs under the terms of a particular agreement.

Accepted Answer

A) True 
 B)False

Question 11

Great Harvest Farms offers to sell Hearty Bakeries, Inc., fifty bushels of wheat. Hearty's representative Ilene responds, "We agree to buy fifty bushels only if the wheat is Grade A quality." Between Great Harvest and Hearty Bakeries

Accepted Answer

A)  ​a contract is formed. 
B)  ​a contract is formed only if Great Harvest can deliver the wheat fast. 
C)  ​Ilene's statement is not an acceptance. 
D)  ​Ilene's statement is an acceptance. 
A)  ​a contract is formed. 
B)  ​a contract is formed only if Great Harvest can deliver the wheat fast. 
C)  ​Ilene's statement is not an acceptance. 
D)  ​Ilene's statement is an acceptance.

Question 12

In interpreting a commercial agreement, a court will assume that the usage of trade was taken into account when the agreement was phrased.

Accepted Answer

A) True 
 B)False

Marine Expeditions, Inc., pays Nate's Boats $4,000 to use an oceangoing vessel for a month. For the purposes of the UCC, this is

Jacob offers to sell Bill a collection of baseball cards. For their transaction to be a sale under the UCC, Bill

Dian, an agent for Expo Motors, Inc., writes a letter to Flynn on November 1 stating that she will sell him a 2017 Subaru Outback for $25,000 between November 1 and December 31. Dian's letter to Flynn is

UCC Article 2 applies to sales transactions between all buyers and sellers.

Brad buys a bulldozer from Construction Equipment Corporation, which he leases to Deep Digg, Inc. In this situation, the lessee is

Intangible property has conceptual existence and thus comes under Article 2.

Generally, acceptance of an offer to lease goods may be made in any reasonable manner and by any reasonable means.

The UCC imposes some different rules on merchants.

A course of performance is the conduct that occurs under the terms of a particular agreement.

Great Harvest Farms offers to sell Hearty Bakeries, Inc., fifty bushels of wheat. Hearty's representative Ilene responds, "We agree to buy fifty bushels only if the wheat is Grade A quality." Between Great Harvest and Hearty Bakeries

In interpreting a commercial agreement, a court will assume that the usage of trade was taken into account when the agreement was phrased.

Law and Legal Reasoning

Business and the Constitution

Courts and Alternative Dispute Resolution

Tort Law

Criminal Law and Cyber Crime

Business Ethics

Nature and Terminology

Agreement in Traditional and E-Contracts

Consideration, Capacity, and Legality

Defenses to Contract Enforceability

Third Party Rights and Discharge

Breach of Contract and Remedies

Intellectual Property Rights

Internet Law, Social Media, and Privacy

Performance, Breach, and Warranties of Sales and Lease Contracts

Agency Relationships in Business

Small Businesses and Limited Liability Companies

Corporations

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Exam 15: The Formation of Sales and Lease Contracts

Marine Expeditions, Inc., pays Nate's Boats $4,000 to use an oceangoing vessel for a month. For the purposes of the UCC, this is

Jacob offers to sell Bill a collection of baseball cards. For their transaction to be a sale under the UCC, Bill

Dian, an agent for Expo Motors, Inc., writes a letter to Flynn on November 1 stating that she will sell him a 2017 Subaru Outback for $25,000 between November 1 and December 31. Dian's letter to Flynn is

UCC Article 2 applies to sales transactions between all buyers and sellers.

Brad buys a bulldozer from Construction Equipment Corporation, which he leases to Deep Digg, Inc. In this situation, the lessee is

Intangible property has conceptual existence and thus comes under Article 2.

Generally, acceptance of an offer to lease goods may be made in any reasonable manner and by any reasonable means.

The UCC imposes some different rules on merchants.

A course of performance is the conduct that occurs under the terms of a particular agreement.

Great Harvest Farms offers to sell Hearty Bakeries, Inc., fifty bushels of wheat. Hearty's representative Ilene responds, "We agree to buy fifty bushels only if the wheat is Grade A quality." Between Great Harvest and Hearty Bakeries

In interpreting a commercial agreement, a court will assume that the usage of trade was taken into account when the agreement was phrased.

Law and Legal Reasoning

Business and the Constitution

Courts and Alternative Dispute Resolution

Tort Law

Criminal Law and Cyber Crime

Business Ethics

Nature and Terminology

Agreement in Traditional and E-Contracts

Consideration, Capacity, and Legality

Defenses to Contract Enforceability

Third Party Rights and Discharge

Breach of Contract and Remedies

Intellectual Property Rights

Internet Law, Social Media, and Privacy

Performance, Breach, and Warranties of Sales and Lease Contracts

Agency Relationships in Business

Small Businesses and Limited Liability Companies

Corporations

Filters