Exam 20: The Formation of Sales and Lease Contracts

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Jacob offers to sell Bill a valuable collection of baseball cards. In order for the transaction between Jacob and Bill to be considered a sale under the UCC,Bill

(Multiple Choice)

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Question 61

Under the United Nations Convention on Contracts for the International Sale of Goods,an international sales contract does not need to be evidenced by a writing or to be in any particular form.

(True/False)

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Question 62

Under the UCC,the meaning of any agreement must be interpreted in light of commercial practices.

(True/False)

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Question 63

The UCC imposes certain special business standards on casual and inexperienced sellers and buyers.

(True/False)

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Question 64

Savannah and Tim enter into a sales contract for orchids. With respect to the specific contractual provisions set out in the UCC,Savannah and Tim may

(Multiple Choice)

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Question 65

Jack sells a grand piano to Kyle for $5,000 and a gold ring to Lauren for $999. A writing is required to enforce the sale of

(Multiple Choice)

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Question 66

Under the UCC,good faith means honesty in fact and the observance of reasonable commercial standards of fair dealing in the trade.

(True/False)

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Question 67

Refined Grains,Inc.,agrees to sell to Sunny Breakfast Company a certain quantity of refined oats each week but no mention is made of where the goods are to be delivered. In general,the UCC requires that the delivery take place at

(Multiple Choice)

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Question 68

Toro,S.A.,which is based in Mexico,enters into a contract for the purchase of portable livestock fencing from United Fencing Company,which is based in the United States. This contract is governed by

(Multiple Choice)

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Question 69

Olga enters into a contract to buy a refrigerator from a Prairie States Appliance store with the price to be paid in monthly installments. After thirty-six months of payments,Olga has paid more than twice the price of a similar stove. Eighteen payments remain due under the contract. -Refer to Fact Pattern 20-1. Olga files a suit against Prairie States,claiming that their contract is so unfair and one sided that it would be unreasonable to enforce it. Olga is asserting

(Multiple Choice)

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Question 70

When no delivery terms are specified in a contract for a sale of goods,there is no basis for determining a remedy.

(True/False)

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Question 71

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

(True/False)

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Question 72

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Exam 20: The Formation of Sales and Lease Contracts

Jacob offers to sell Bill a valuable collection of baseball cards. In order for the transaction between Jacob and Bill to be considered a sale under the UCC,Bill

Under the United Nations Convention on Contracts for the International Sale of Goods,an international sales contract does not need to be evidenced by a writing or to be in any particular form.

Under the UCC,the meaning of any agreement must be interpreted in light of commercial practices.

The UCC imposes certain special business standards on casual and inexperienced sellers and buyers.

Savannah and Tim enter into a sales contract for orchids. With respect to the specific contractual provisions set out in the UCC,Savannah and Tim may

Jack sells a grand piano to Kyle for $5,000 and a gold ring to Lauren for $999. A writing is required to enforce the sale of

Under the UCC,good faith means honesty in fact and the observance of reasonable commercial standards of fair dealing in the trade.

Refined Grains,Inc.,agrees to sell to Sunny Breakfast Company a certain quantity of refined oats each week but no mention is made of where the goods are to be delivered. In general,the UCC requires that the delivery take place at

Toro,S.A.,which is based in Mexico,enters into a contract for the purchase of portable livestock fencing from United Fencing Company,which is based in the United States. This contract is governed by

When no delivery terms are specified in a contract for a sale of goods,there is no basis for determining a remedy.

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

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