Exam 19: Formation and Terms of Sales Contracts

Myron bought a valuable painting from Williams and paid for it with a bad check.Myron then sold the painting to Olive,who paid a large sum of money for it and who did not know that Myron had bought it with a bad check.Can Williams recover the painting from Olive?

Which of the following is the basic purpose for making exceptions to the Uniform Commercial Code's general rules on "buyers in the ordinary course of business"?

Which of the following statements is true for a sale on approval?

If a contract requires a seller to ship the goods,title passes to the buyer only when the seller delivers the goods to him.

When,at the time of contracting,the goods are in the hands of a third-party bailee and are covered by a document of title,the risk passes to the buyer when he or she:

Under the Uniform Commercial Code,when parties to a sales contract omit a price term,the contract is void because there is no "meeting of the minds."

Which of the following statements is true of a negotiable document of title?

Albright Corp.,an event management company,brought a suit against Smith to recover the contracted price for the performance of a full wedding,including a three-layer wedding cake.Should the court apply Article 2 of the Uniform Commercial Code to this contract?

When a contract is silent about the time for performance:

Why does the Uniform Commercial Code distinguish between merchants and nonmerchants by holding merchants to a higher standard in some instances?