Question 1

Which instrument enables the seller's bank to act as an agent for collection of the due amount from the buyer?

Accepted Answer

A) Confirmed letter of credit 
B) Advised letter of credit 
C) Negotiable bill of lading 
D) Draft 
A) Confirmed letter of credit 
B) Advised letter of credit 
C) Negotiable bill of lading 
D) Draft

Question 2

List a few scenarios under which sellers may be excused from performing contractual obligations.

Accepted Answer

The Code attempts to differentiate event

Question 3

If no agreement is made on the place where the goods will be delivered,then the goods are to be delivered at:

Accepted Answer

A) a neutral location. 
B) the buyer's place of business. 
C) the buyer's warehouse. 
D) the seller's place of business. 
A) a neutral location. 
B) the buyer's place of business. 
C) the buyer's warehouse. 
D) the seller's place of business.

Question 4

If the buyer is not a merchant,then her obligation after rejection is limited to returning the goods to the seller.

Accepted Answer

A) True 
 B)False

Question 5

Pam enters into a contract with Jack to sell him 300 bales of hay.The bushels are kept in her warehouse,which is about 100 miles away from her place of business.The contract makes no express mention of the place of delivery.The place of delivery in such cases is:

Accepted Answer

A) Pam's place of business. 
B) Pam's house. 
C) Pam's warehouse. 
D) Jack's house. 
A) Pam's place of business. 
B) Pam's house. 
C) Pam's warehouse. 
D) Jack's house.

Question 6

In the case of a merchant,________ means honesty in fact as well as the observance of reasonable commercial standards of fair dealing in the trade.

Accepted Answer

A) course of dealing 
B) usage of trade 
C) good faith 
D) caveat emptor 
A) course of dealing 
B) usage of trade 
C) good faith 
D) caveat emptor

Question 7

Which of the following is not an option for the buyer if the goods delivered by the seller do not conform to the contract?

Accepted Answer

A) Reject all of the goods 
B) Accept all of them 
C) Accept only part of a commercial unit and reject the rest 
D) Accept any commercial units and reject the rest 
A) Reject all of the goods 
B) Accept all of them 
C) Accept only part of a commercial unit and reject the rest 
D) Accept any commercial units and reject the rest

Question 8

Which of the following occurs when a buyer,after having a reasonable opportunity to inspect the goods,either indicates that he will take them or fails to reject them?

Accepted Answer

A) Rejection of goods 
B) Assignment of goods 
C) Revocation of rights 
D) Acceptance of goods 
A) Rejection of goods 
B) Assignment of goods 
C) Revocation of rights 
D) Acceptance of goods

Question 9

Pete contracts to sell Jill 100 widgets.The 100 widgets are located at Pete's business.The contract does not state a place of delivery.The place of delivery is:

Accepted Answer

A) Jill's place of business. 
B) Jill's home. 
C) Pete's place of business. 
D) Pete's home,if this is different from his place of business. 
A) Jill's place of business. 
B) Jill's home. 
C) Pete's place of business. 
D) Pete's home,if this is different from his place of business.

Question 10

What does tender of delivery mean?

Accepted Answer

A) The seller must make the goods available to the buyer. 
B) The buyer must accept and pay for the goods if they conform to the contract. 
C) Where delivery is to be made in lots,the seller can demand the price of each lot upon delivery. 
D) The goods are to be delivered at the buyer's place of business. 
A) The seller must make the goods available to the buyer. 
B) The buyer must accept and pay for the goods if they conform to the contract. 
C) Where delivery is to be made in lots,the seller can demand the price of each lot upon delivery. 
D) The goods are to be delivered at the buyer's place of business.

Exam 21: Performance of Sales Contracts

Which instrument enables the seller's bank to act as an agent for collection of the due amount from the buyer?

List a few scenarios under which sellers may be excused from performing contractual obligations.

If no agreement is made on the place where the goods will be delivered,then the goods are to be delivered at:

If the buyer is not a merchant,then her obligation after rejection is limited to returning the goods to the seller.

Pam enters into a contract with Jack to sell him 300 bales of hay.The bushels are kept in her warehouse,which is about 100 miles away from her place of business.The contract makes no express mention of the place of delivery.The place of delivery in such cases is:

In the case of a merchant,________ means honesty in fact as well as the observance of reasonable commercial standards of fair dealing in the trade.

Which of the following is not an option for the buyer if the goods delivered by the seller do not conform to the contract?

Which of the following occurs when a buyer,after having a reasonable opportunity to inspect the goods,either indicates that he will take them or fails to reject them?

Pete contracts to sell Jill 100 widgets.The 100 widgets are located at Pete's business.The contract does not state a place of delivery.The place of delivery is:

What does tender of delivery mean?

The Nature of Law

The Resolution of Private Disputes

Business and the Constitution

Business Ethics, Corporate Social Responsibility, Corporate Governance, and Critical Thinking

Criminal Law and Procedure

Intentional Torts

Negligence and Strict Liability

Intellectual Property and Unfair Competition

Introduction to Contracts

The Agreement: Offer

The Agreement: Acceptance

Consideration

Reality of Consent

Capacity to Contract

Illegality

Writing

Rights of Third Parties

Performance and Remedies

Formation and Terms of Sales Contracts

Product Liability

Remedies for Breach of Sales Contracts

Personal Property and Bailments

Real Property

Landlord and Tenant

Estates and Trusts

Insurance Law

Introduction to Credit and Secured Transactions

Security Interests in Personal Property

Bankruptcy

Negotiable Instruments

Negotiation and Holder in Due Course

Liability of Parties

Checks and Electronic Transfers

The Agency Relationship

Third-Party Relations of the Principal and the Agent

Introduction to Forms of Business and Formation of Partnerships

Operation of Partnerships and Related Forms

Partners Dissociation and Partnerships Dissolution and Winding up

Limited Liability Companies, limited Partnerships, and Limited Liability Limited Partnerships

History and Nature of Corporations

Organization and Financial Structure of Corporations

Management of Corporations

Shareholders Rights and Liabilities

Securities Regulation

Legal and Professional Responsibilities of Auditors, Consultants, and Securities Professionals

Administrative Law

The Federal Trade Commission Act and Consumer Protection Laws

Antitrust: the Sherman Act

The Clayton Act, the Robinsonpatman Act, and Antitrust Exemptions and Immunities

Employment Law

Environmental Regulation

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