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Exam 20: Sales and Lease Contracts

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Question 1

True/False

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An agreement for the temporary use of goods for a personal, family, or household purpose in exchange for payment does not fall under the UCC.

A) True
B) False

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Question 2

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In response to an order for a hundred baseballs, the shipment of a hundred basketballs is both an acceptance of the offer and a breach of the contract.

A) True
B) False

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Question 3

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Under a contract with Assemble Inc. for the delivery of a shipment of TV sets, Buyers Store refuses to pay for sets with cracked cases. Assemble files a suit against Buyers, claiming that the defendant assumed the risk of damaged goods. The court may allow evidence of this term if it finds that the parties' contract is

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

Acceptance of an offer to lease goods can be made by any means reasonable under the circumstances, including a prompt shipment of the goods.

Talk Inc. offers to buy from Ultra Corporation 1,000 phones with certain features. Without notifying Talk, Ultra timely ships phones with fewer features. With respect to the offer, this shipment is an acceptance and

To the extent that it has not been modified by the UCC, the common law of contracts applies to sales contracts.

Rice Farm offers to sell Sushi Restaurants Inc. five hundred bushels of rice. Sushi responds, "We agree to buy five hundred bushels only if the rice is Grade-A quality." Without more, their contract is formed according to

Containers Inc. sends its standard order form to Distribution Corporation to evidence a sale of packing materials. Distribution responds with its own standard purchase order form. Additional terms in Distribution's form automatically become part of the contract unless

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

Minh owns a beach house that she rents to vacationers. Minh gives her son Ngo a trip to Omaha on his graduation from community college. Minh sells her car to her neighbor Phan for $4,500. UCC Article 2 covers

The UCC states that an agreement sufficient to constitute a contract cannot exist if the moment of its making is undetermined.

Under the UCC, contract modifications extorted by one contracting party from the other party are in bad faith but enforceable.

An agreement to transfer the right to possess and use goods for a commercial purpose for a period of time in exchange for payment is a lease.

Speedy Trucking Inc. and Trailer Rents LLC are parties to an oral agreement for a one-year lease of six doublewides with payments totaling more than $40,000. They may satisfy the Statute of Frauds by

Joel sells a violin to Key for $5,000, a cello to Leia for $400, and five music stands to Mica for $50. A writing is required to enforce the sale of

Seacoast Transport Company pays Trucks & Trailers Inc. a stated price for the use of seven tractor-trailer rigs for a year. Under the UCC, this is

Brooke is an art collector and hires a broker to buy and sell artworks on her behalf. Under the UCC, in those transactions, Brooke has the status of

Under the UCC, if a dispute occurs over the existence of a contract, a purchase order can be sufficient to indicate that there is a contract.

Under a contract with Fresh Farm LLC 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