Question 1

Absent specific agreements between the parties,the reasonableness requirement of the UCC governing delivery of goods requires each of the following except

Accepted Answer

A)   the goods must be delivered in one shipment.
B)   the goods must be delivered at a reasonable hour.
C)   the goods must be delivered on a weekday.
D)   the goods must be delivered in a reasonable manner.E) A) and D)
F) B) and D)

Question 2

In the case of Rosenfeld v.Basquiat,Basquiat sold several paintings to Rosenfeld and provided him with a written receipt.Unfortunately,Basquiat died before delivery,and Basquiat's heirs challenged the enforceability of the agreement.The court determined that

Accepted Answer

A)   because the written agreement was completed in crayon on a scrap of brown packing paper, the writing did not meet the formality of a proper contract.
B)   because the written agreement did not contain the terms of delivery, the writing was too vague to form a contract.
C)   because the writing contained the names of the paintings, the price paid, and Basquiat's signature, the paper was sufficient to evidence a contract.
D)   because the writing was not signed by Rosenfeld, the paper was not sufficient to evidence a contract.E) B) and C)
F) A) and C) C

Question 3

If Continental Tires agreed to purchase all of the rubber that a particular Brazilian rubber plantation could produce,this would be

Accepted Answer

A)   an output contract.
B)   an input contract.
C)   a requirements contract.
D)   a necessities contract.E) A) and D)
F) None of the above

Question 4

On February 1,Fari's Fedora Manufacturers sent an offer to Henri's Hattery by letter with all price,quality,quantity,and delivery terms clearly stated,indicating that the offer to sell Fari's fedoras would remain open until October 1.On September 1,Henri's sent an acceptance of the offer to Fari's with no material alterations to any of the stated terms in the offer.The acceptance made the contract valid and enforceable.

Accepted Answer

A) True 
 B)False

Question 5

Plastic Enterprises sent a purchase order to Felt Industries to buy recycled soda bottles for delivery at a town called Steven's Point,Wisconsin.Felt sent an acknowledgment form confirming all of the terms in the purchase order but designating delivery to be at Johnson's Point,2 miles down the coast from Steven's Point.Do the parties have a contract,and where will the delivery be?

Accepted Answer

The parties will most likely have an enf...

Question 6

The UCC permits terms to be added into a contract or filled in as gap fillers; however,a contract between merchants cannot be enforced unless the parties have agreed to and specified a price in their agreement.

Accepted Answer

A) True 
 B)False

Question 7

In a shipping contract,the risk of loss passes to the buyer when

Accepted Answer

A)   the contract is signed or finalized.
B)   the goods are delivered to the carrier.
C)   the goods are delivered to the buyer.
D)   the goods are en route and at least halfway to the buyer.E) B) and D)
F) B) and C) B

Question 8

Lon's GPS,Inc.,orders 500 Class A widgets to be installed in GPS units it is manufacturing.When delivery is made on Monday,the widgets delivered are Class B.Lon's signs a receipt accepting the nonconforming shipment.The next day,Lon's installs some of the Class B widgets and finds that they perform with half the accuracy of the Class A widgets.What,if any,options does Lon's have?

Accepted Answer

In most cases when a shipment of nonconf...

Question 9

UCC risk of loss provisions will govern the terms of a contract even if the parties have specified risk allocation in the contract.

Accepted Answer

A) True 
 B)False

Question 10

If terms are left open in a sales contract,the UCC will complete the contract by inserting _______ to make the contract enforceable.

Accepted Answer

The answer of If terms are left open in a...

Question 11

In a destination contract,risk of loss passes to the buyer when the goods

Accepted Answer

A)   are tendered at the specific destination.
B)   are delivered by the seller to the carrier.
C)   begin the journey to the destination point.
D)   have passed the halfway point to the destination.E) A) and B)
F) A) and C)

Question 12

The International Chamber of Commerce abbreviation indicating that goods are to be picked up by the buyer and not delivered is

Accepted Answer

A)   EXW.
B)   FAS.
C)   FOB.
D)   FCA.E) None of the above
F) All of the above

Question 13

What is the United Nations Convention on Contracts for the International Sale of Goods rule with regard to cure?

Accepted Answer

A)   It does not recognize cover as a seller's remedy.
B)   It follows the same cure rules as stated in the UCC.
C)   It allows an absolute right and obligation for a seller to cure, and the buyer must allow the seller to cure even if the time for performance is past due.
D)   It requires that the seller apply to the International Court of Justice for the right to cure, and the court will evaluate each case individually.E) All of the above
F) B) and C)

Question 14

Commercially reasonable means

Accepted Answer

A)   getting the highest price possible for goods without violating the law.
B)   charging a fair price for goods and not taking advantage of others in the industry.
C)   observing industry standards and practices that may be unique to the particular industry.
D)   observing industry standards and practices that are generally accepted throughout various industries as proper business practices.E) B) and D)
F) A) and B)

Question 15

Goods that exactly meet the specifications of a contract are called _______ goods.

Accepted Answer

The answer of Goods that exactly meet the specifications of...

Question 16

If two companies enter into a sales contract and the shipping terms are omitted from the agreement,the contract will automatically become a shipping contract.

Accepted Answer

A) True 
 B)False

Question 17

Acme Rocket Company is to ship 500 toy rockets by boat to Rockets R Us.Acme is located in Miami,and Rockets R Us is located in Boston.Who bears the risk of loss if goods are to be shipped FOB Miami?

Accepted Answer

A)   Rockets R Us bears the risk of loss if the boat sinks on its way to Boston.
B)   Rockets R Us bears the risk of loss once the shipment arrives in Boston.
C)   Acme bears the risk of loss if the boat sinks on its way to Boston.
D)   Acme bears the risk of loss until the goods are accepted by Rockets R Us.E) B) and C)
F) B) and D)

Question 18

UCC rules on acceptance of goods and payment in regard to installment contracts mandate that

Accepted Answer

A)   acceptance is not made until all shipments are received and then payment is made.
B)   acceptance is made separately for each shipment, but payment is not due until the final shipment is received.
C)   payment must be made in advance, and acceptance occurs after all shipments are received.
D)   acceptance is made separately for each shipment, and payment for each shipment is due on delivery of that shipment.E) A) and C)
F) None of the above D

Question 19

Bryn's Department Store in New York sent a purchase order to Sami's Sweaters in California,ordering 10,000 sweaters.The purchase order included a breakdown of sizes,styles,and colors,and it stated that delivery was to be made to Bryn's in New York at Sami's cost.When Sami's sent an acknowledgment form accepting the offer,certain terms were changed.Which of the following changes would likely not automatically become part of the contract?

Accepted Answer

A)   Sami's changed the quantity to 9,500 sweaters.
B)   Sami's changed the price, raising the per-item cost by $.50 each.
C)   Sami's omitted the order for 1,000 purple sweaters and allocates those 1,000 sweaters equally among the other-color sweaters ordered.
D)   Sami's changed the place of delivery to its factory in California and allocated the cost of shipping to Bryn's in New York.E) A) and B)
F) All of the above

Question 20

The United Nations Convention on Contracts for the International Sale of Goods (UNCISG) differs from the UCC in that under UNCISG,

Accepted Answer

A)   acceptances are effective when mailed.
B)   acceptances are effective when received.
C)   written contracts are required for sales contracts of $1,000 or more rather than $500 or more.
D)   industry practices and past dealings between parties are not recognized.E) All of the above
F) B) and D)

Exam 8: Contracts for the Sale of Goods

Absent specific agreements between the parties,the reasonableness requirement of the UCC governing delivery of goods requires each of the following except

Correct Answer
verified

In the case of Rosenfeld v.Basquiat,Basquiat sold several paintings to Rosenfeld and provided him with a written receipt.Unfortunately,Basquiat died before delivery,and Basquiat's heirs challenged the enforceability of the agreement.The court determined that

Correct Answer
verified
C

If Continental Tires agreed to purchase all of the rubber that a particular Brazilian rubber plantation could produce,this would be

Correct Answer
verified

Correct Answer
verified

Correct Answer
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The parties will most likely have an enf...
View Answer

The UCC permits terms to be added into a contract or filled in as gap fillers; however,a contract between merchants cannot be enforced unless the parties have agreed to and specified a price in their agreement.

Correct Answer
verified

In a shipping contract,the risk of loss passes to the buyer when

Correct Answer
verified
B

Correct Answer
verified
In most cases when a shipment of nonconf...
View Answer

UCC risk of loss provisions will govern the terms of a contract even if the parties have specified risk allocation in the contract.

Correct Answer
verified

If terms are left open in a sales contract,the UCC will complete the contract by inserting _______ to make the contract enforceable.

Correct Answer
verified

In a destination contract,risk of loss passes to the buyer when the goods

Correct Answer
verified

The International Chamber of Commerce abbreviation indicating that goods are to be picked up by the buyer and not delivered is

Correct Answer
verified

What is the United Nations Convention on Contracts for the International Sale of Goods rule with regard to cure?

Correct Answer
verified

Commercially reasonable means

Correct Answer
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Goods that exactly meet the specifications of a contract are called _______ goods.

Correct Answer
verified

If two companies enter into a sales contract and the shipping terms are omitted from the agreement,the contract will automatically become a shipping contract.

Correct Answer
verified

Acme Rocket Company is to ship 500 toy rockets by boat to Rockets R Us.Acme is located in Miami,and Rockets R Us is located in Boston.Who bears the risk of loss if goods are to be shipped FOB Miami?

Correct Answer
verified

UCC rules on acceptance of goods and payment in regard to installment contracts mandate that

Correct Answer
verified
D

Correct Answer
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The United Nations Convention on Contracts for the International Sale of Goods (UNCISG) differs from the UCC in that under UNCISG,

Correct Answer
verified

Exam 8: Contracts for the Sale of Goods

Absent specific agreements between the parties,the reasonableness requirement of the UCC governing delivery of goods requires each of the following except

Correct AnswerverifiedShow Answer

In the case of Rosenfeld v.Basquiat,Basquiat sold several paintings to Rosenfeld and provided him with a written receipt.Unfortunately,Basquiat died before delivery,and Basquiat's heirs challenged the enforceability of the agreement.The court determined that

Correct AnswerverifiedC

If Continental Tires agreed to purchase all of the rubber that a particular Brazilian rubber plantation could produce,this would be

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct AnswerverifiedThe parties will most likely have an enf...View AnswerShow Answer

The UCC permits terms to be added into a contract or filled in as gap fillers; however,a contract between merchants cannot be enforced unless the parties have agreed to and specified a price in their agreement.

Correct AnswerverifiedShow Answer

In a shipping contract,the risk of loss passes to the buyer when

Correct AnswerverifiedB

Correct AnswerverifiedIn most cases when a shipment of nonconf...View AnswerShow Answer

UCC risk of loss provisions will govern the terms of a contract even if the parties have specified risk allocation in the contract.

Correct AnswerverifiedShow Answer

If terms are left open in a sales contract,the UCC will complete the contract by inserting _______ to make the contract enforceable.

Correct AnswerverifiedShow Answer

In a destination contract,risk of loss passes to the buyer when the goods

Correct AnswerverifiedShow Answer

The International Chamber of Commerce abbreviation indicating that goods are to be picked up by the buyer and not delivered is

Correct AnswerverifiedShow Answer

What is the United Nations Convention on Contracts for the International Sale of Goods rule with regard to cure?

Correct AnswerverifiedShow Answer

Commercially reasonable means

Correct AnswerverifiedShow Answer

Goods that exactly meet the specifications of a contract are called _______ goods.

Correct AnswerverifiedShow Answer

If two companies enter into a sales contract and the shipping terms are omitted from the agreement,the contract will automatically become a shipping contract.

Correct AnswerverifiedShow Answer

Acme Rocket Company is to ship 500 toy rockets by boat to Rockets R Us.Acme is located in Miami,and Rockets R Us is located in Boston.Who bears the risk of loss if goods are to be shipped FOB Miami?

Correct AnswerverifiedShow Answer

UCC rules on acceptance of goods and payment in regard to installment contracts mandate that

Correct AnswerverifiedD

Correct AnswerverifiedShow Answer

The United Nations Convention on Contracts for the International Sale of Goods (UNCISG) differs from the UCC in that under UNCISG,

Correct AnswerverifiedShow Answer

Correct Answer
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C

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The parties will most likely have an enf...
View Answer

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B

Correct Answer
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In most cases when a shipment of nonconf...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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D

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Correct Answer
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