Exam 19: The Formation of Sales and Lease Contracts

Whenever the parties to an international transaction fail to specify in writing the precise terms of the contract,the United Nations Convention on Contracts for the International Sale of Goods (CISG)will be applied.

To be characterized as a "good" under the UCC,an item of property must be movable.

No oral contract is enforceable under the UCC.

Quinn enters into a series of agreements with Reba involving a sale of a Suite Dreams Motel,including the land,building,furnishings,shares of stock in Suite Dreams Company,and a contract with Trudy to create an ad campaign.Reba suspects that Quinn may be misrepresenting the facts.The UCC Statute of Frauds governs the sale of

Goods associated with real estate never fall within the scope of UCC Article 2.

Under the UCC,an agreement modifying a contract needs no considera?tion to be binding.

Overseas Corporation (OC),a U.S.firm,orally agrees to sell six freezers to Pisa Pizza,Ltd.,in Italy.OC fails to deliver.Under the CISG,Pisa Pizza can

Fresh Harvest,Inc.,agrees to sell to Gina's Bed & Breakfast Inn a certain amount of locally grown produce 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

Curtis enters into a contract with Drive-Away Lease Company for a three-year lease of a car.This contract is subject to

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

Bild-Rite,Inc.,is a Colorado-based firm that does business with clients throughout North America.Bild-Rite oversees construction projects,and buys and sells commercial buildings,undeveloped land,and construction supplies and other goods.Bild-Rite has had to deal with work-site theft and vandalism.With respect to these circumstances,the Uniform Commercial Code (UCC)provides a framework for

Cleo sells kitchen appliances to per?sons who come into her store,Buy n' Sell Appliances.One afternoon,Cleo sells a used display shelf to Earline.At a garage sale at her home,Cleo sells a used sofa to Flavia.Under the UCC,Cleo is a merchant of

If a contract in which goods and services are combined is primarily a goods contract,any dispute over it will be decided under the UCC.

Trina pays Urban Edge Electronics store $1,500 for a laptop com?puter.Under the UCC,this is

Rally Corporation enters into a contract to sell ski gear to SnoSportz Company,which sells a pair of the skis to Tyra,a consumer,who later sells them to Uli,another consumer.Article 2 of the UCC applies to the sales transactions between

The UCC imposes a good faith limitation on requirements contracts.

Pressing Music,Inc.,offers to buy from Digital Media Corporation (DMC)one million blank CDs of a certain quality.Without notifying Pressing,DMC timely ships CDs of a different quality.With respect to the offer and a possible contract,this shipment is

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

A lessor is a party who acquires a right to the possession and use of goods under a lease.

If the parties to a contract for a sale of goods have not agreed on a price,a court will determine a reasonable price at the time for delivery.