Exam 19: Formation and Terms of Sales Contracts

Which Article of the UCC specifically addresses and governs leases of goods?

Which of the following characterizes an output contract?

What is the UCC approach to the risk of loss of goods during transportation?

A sale or return contract is a contract for goods that are primarily for buyer's use.

Mayker,Inc.and Oylco contracted to have Oylco be the exclusive provider of Mayker's fuel oil for three months.The stated price was subject to increases of up to a total of 10% if the market price increased.The market price rose 25% and Mayker tripled its normal order.Oylco seeks to avoid performance.Oylco's best argument in support of its position is that:

Which of the following factors is most important in deciding who bears the risk of loss between merchants when goods are destroyed during shipment?

Abe took his bicycle to a bicycle shop for repair.By mistake,a sales clerk sold Abe's bike to Leon.This was a sale in the ordinary course of business;neither the clerk nor Leon was aware that the bike belonged to Abe.Can Abe recover his bike from Leon?

Which section of the UCC will govern the supplying of a missing price in a commercial transaction?

A seller of goods can never pass "better title" to those goods than the title that she has.

Isaac contracts to sell Boyd all of his requirements of coal.In the past,Boyd has required between 1,000 and 1,500 tons of coal per year,but the contract contains no estimate of Boyd's needs.Now,Boyd's needs increase dramatically,and it demands 10,000 tons of coal from Isaac.Is Isaac obligated to sell Boyd this amount?

An exception to the general rule on buyer receiving better title than seller is that if goods are entrusted to a merchant who deals in goods of that kind,the merchant has:

The common law placed the risk of loss on ________ at the time of the loss.

If a buyer and seller of goods fail to specify in their contract when title is to pass,the UCC's "gap filler" provision provides that title will pass when:

Which of the following is not an exception to the general rule that a buyer cannot get better title to goods than his seller had?

If goods have been delivered to a buyer pursuant to a sale or return contract,the:

Article 2 of the UCC mandates that the parties to a sales contract state in specific and unambiguous language the exact terms of the contract.Otherwise,courts will declare the contract unenforceable.

Pulse Corp.maintained a warehouse where it stored its manufactured goods.Pulse received an order from Star.Shortly after Pulse identified the goods to be shipped to Star and before moving them to the loading dock,a fire destroyed the warehouse and its contents.With respect to the goods,which of the following statements is correct?

Lisa took her computer to ABC Computer Sales and Repair,Inc.ABC mistakenly sold her computer to Rafi.Lisa may successfully sue Rafi for return of the computer.

In the case in the text,Janke v.Brooks,the court concluded that:

Which of the following refers to the transfer of ownership to tangible personal property in exchange for money,other goods,or the performance of services.