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Exam 19: The Formation of Sales and Lease Contracts

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Question 31

Multiple Choice

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Power Company offers to buy from Quality Transformers LLC a specific quantity of a certain type of transformer for a stated price. Quality can accept the offer by

A) a counteroffer within a reasonable time.
B) a promise to ship the goods.
C) a rejection of the offer with an invitation to negotiate a different price.
D) any of the choices.

E) B) and C)
F) None of the above

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Question 32

True/False

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Because contracting parties presumably know best what they meant by their words, the course of performance under their agreement is the best indication of what they meant.

A) True
B) False

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Question 33

Multiple Choice

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Ron enters into written agreements with Sophie involving a sale of Timberline Motel, including the land, the building, and the furnishings. The UCC Statute of Frauds governs the sale of

Under the UCC, merchant's choice is the test to determine whether a contract is primarily for the sale of goods or services.

Jade offers to sell Khan a collection of baseball cards. To qualify as a sale under the UCC, Khan's payment must be

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.

If a court determines that a contract involving both goods and services is primarily a goods contract, any dispute over the deal will be decided under the UCC.

Ferris is refinishing his kitchen floor and needs a floor sander to complete the job. Ferris's neighbor Gina suggests that he call Home Repair Rentals, Inc. Home Repair leases Ferris a floor sander. In this transaction, the lessor is

Under the law that governs the international sale of goods, when an acceptance to a contract includes terms additional to those in the offer, the terms automatically become part of the deal.

If the acceptance to a sales contract between non-merchants includes terms different from those in the offer, no contract is formed under the UCC.

Marine Expeditions, Inc., pays Nate's Boats $4,000 to use an oceangoing vessel for a month. For the purposes of the UCC, this is

Jo owns a condominium that she leases to Katrina. Jo gives her daughter Lucia $450 on her sixteenth birthday. Jo sells her car to her neighbor Maria for $1,500. Article 2 of the UCC covers

If a sales contract prohibits any changes unless they are in a signed writing, then only those changes agreed to in a signed writing are enforceable.

Under the UCC, an oral contract for a sale of goods is enforceable once goods have been received and accepted.

An excessive price for goods and unequal bargaining power can indicate to a court that a sales contract is unconscionable.

The United Nations Convention on Contracts for the International Sale of Goods is the law that governs contracts for the international sale of goods.

Mara and Nim enter into a contract for a sale of orchids that requires payment within thirty days of delivery. Under the UCC, the payment term in the contract

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.

Under the second of two contracts with Citrus Orchard for deliveries of fruit, Distribution Center refuses to pay for fruit that arrives damaged. Citrus responds that the buyer did not waive payment for damaged goods in the parties' first contract. Citrus is arguing that the court should take into account

If a contract for a sale of goods leaves the quantity term open, there is a basis for determining a remedy.