Question 1

Excluded from Article 2 of the UCC is

Accepted Answer

A)   all of the choices.
B)   corporate stocks and bonds.
C)   patents and copyrights.
D)   ordinary contract rights.E) A) and C)
F) A) and B)

Question 2

Under a contract with Farm Inc. for a delivery of vegetables, Growers Mart refuses to pay for some of the produce. The buyer contends that the practice in the trade with respect to payment for spoiled produce justifies its refusal to pay. Growers Mart is arguing that the court should take into account

Accepted Answer

A)   course of dealing.
B)   course of performance.
C)   usage of trade.
D)   none of the choices.E) All of the above
F) A) and B)

Question 3

Bean Processor Inc. agrees to ship a certain quantity of coffee beans to Coffee Café LLC. Bean sends to Coffee an e-mail indicating that the parties intended to form a contract. Against Bean, as a contract, the e-mail will be sufficient

Accepted Answer

A)   if it is signed by Bean.
B)   if it is signed by Coffee.
C)   if Coffee responds with an acknowledgment of the deal.
D)   under no circumstances.E) All of the above
F) C) and D)

Question 4

Corporate stocks and bonds meet the requirements to be among the items of property characterized as goods under the UCC.

Accepted Answer

A) True 
 B)False

Question 5

If a writing indicating a sales contract contains only some of the terms that the parties agreed to, a court may allow evidence of consistent additional terms.

Accepted Answer

A) True 
 B)False

Question 6

Grains Inc., agrees to sell to Harvest Company a certain quantity of refined grains. Some of the other terms in the deal are left open. In the case of a dispute, a court will presume

Accepted Answer

A)   whatever favors the non-breaching party.
B)   whatever favors the plaintiff.
C)   whatever is reasonable.
D)   nothing.E) C) and D)
F) None of the above

Question 7

The UCC imposes certain special business standards on merchants because of their commercial expertise.

Accepted Answer

A) True 
 B)False

Question 8

Curt enters into a contract with Drivers Lease Company for a three-year lease of a car. This contract is subject to

Accepted Answer

A)   Article 2 of UCC.
B)   Article 2A of the UCC.
C)   none of the choices.
D)   the common law only.E) All of the above
F) A) and D)

Question 9

Mining Corporation purchases the business assets of Open Pit Inc., including its equipment and supplies, for an agreed-to price, payable in installments. Under the UCC, this transaction is

Accepted Answer

A)   a contract for services.
B)   a sublease.
C)   a lease.
D)   a sale.E) B) and C)
F) A) and C)

Question 10

To satisfy the UCC's Statute of Frauds, a writing indicating an intent to form a sales contract must be signed by both parties.

Accepted Answer

A) True 
 B)False

Question 11

When the parties to a contract for a sale of goods do not specify a payment term, and the parties are unaware of the UCC's rules, those rules do not apply.

Accepted Answer

A) True 
 B)False

Question 12

The UCC provides that a sale or lease contract will fail for indefiniteness if more than one of its terms is left open.

Accepted Answer

A) True 
 B)False

Exam 19: The Formation of Sales and Lease Contracts

Excluded from Article 2 of the UCC is

Correct Answer
verified

The UCC imposes certain special business standards on merchants because of their commercial expertise.

Correct Answer
verified

Corporate stocks and bonds meet the requirements to be among the items of property characterized as goods under the UCC.

Correct Answer
verified

If a writing indicating a sales contract contains only some of the terms that the parties agreed to, a court may allow evidence of consistent additional terms.

Correct Answer
verified

Correct Answer
verified

Grains Inc., agrees to sell to Harvest Company a certain quantity of refined grains. Some of the other terms in the deal are left open. In the case of a dispute, a court will presume

Correct Answer
verified

The UCC provides that a sale or lease contract will fail for indefiniteness if more than one of its terms is left open.

Correct Answer
verified

Mining Corporation purchases the business assets of Open Pit Inc., including its equipment and supplies, for an agreed-to price, payable in installments. Under the UCC, this transaction is

Correct Answer
verified

To satisfy the UCC's Statute of Frauds, a writing indicating an intent to form a sales contract must be signed by both parties.

Correct Answer
verified

When the parties to a contract for a sale of goods do not specify a payment term, and the parties are unaware of the UCC's rules, those rules do not apply.

Correct Answer
verified

Bean Processor Inc. agrees to ship a certain quantity of coffee beans to Coffee Café LLC. Bean sends to Coffee an e-mail indicating that the parties intended to form a contract. Against Bean, as a contract, the e-mail will be sufficient

Correct Answer
verified

Curt enters into a contract with Drivers Lease Company for a three-year lease of a car. This contract is subject to

Correct Answer
verified

Exam 19: The Formation of Sales and Lease Contracts

Excluded from Article 2 of the UCC is

Correct AnswerverifiedShow Answer

The UCC imposes certain special business standards on merchants because of their commercial expertise.

Correct AnswerverifiedShow Answer

Corporate stocks and bonds meet the requirements to be among the items of property characterized as goods under the UCC.

Correct AnswerverifiedShow Answer

If a writing indicating a sales contract contains only some of the terms that the parties agreed to, a court may allow evidence of consistent additional terms.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Grains Inc., agrees to sell to Harvest Company a certain quantity of refined grains. Some of the other terms in the deal are left open. In the case of a dispute, a court will presume

Correct AnswerverifiedShow Answer

The UCC provides that a sale or lease contract will fail for indefiniteness if more than one of its terms is left open.

Correct AnswerverifiedShow Answer

Mining Corporation purchases the business assets of Open Pit Inc., including its equipment and supplies, for an agreed-to price, payable in installments. Under the UCC, this transaction is

Correct AnswerverifiedShow Answer

To satisfy the UCC's Statute of Frauds, a writing indicating an intent to form a sales contract must be signed by both parties.

Correct AnswerverifiedShow Answer

When the parties to a contract for a sale of goods do not specify a payment term, and the parties are unaware of the UCC's rules, those rules do not apply.

Correct AnswerverifiedShow Answer

Bean Processor Inc. agrees to ship a certain quantity of coffee beans to Coffee Café LLC. Bean sends to Coffee an e-mail indicating that the parties intended to form a contract. Against Bean, as a contract, the e-mail will be sufficient

Correct AnswerverifiedShow Answer

Curt enters into a contract with Drivers Lease Company for a three-year lease of a car. This contract is subject to

Correct AnswerverifiedShow Answer

Correct Answer
verified

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