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Exam 17: Introduction to Sales and Lease Contracts

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Question 1

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Because stocks and bonds have certificates, they fall within the scope of UCC Article 2.

A) True
B) False

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Question 2

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The majority of courts treat contracts for services as being included under the UCC.

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B) False

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Under the UCC, in the case of a dispute, all that is necessary to prove the existence of a contract is an indication that there is a contract.

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

Jack sells a grand piano to Kyle for $5,000 and a gold ring to Lauren for $999. A writing is required to enforce the sale of

Clean Mouth Clinic offers to buy from Dental Supplies Company a certain quantity of floss and other items for a certain price. Dental can accept the offer by

A merchant is a person who deals in goods of the kind involved in the sales transaction.

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

Grass Farms LLC offers to sell fifty bales of hay at a certain price to Horse Stable Inc. The owner of the stable responds, "We agree if you agree to make it sixty bales for the price." Grass Farms responds, "I can't do that." If a court finds a contract exists, it is a contract with

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

A contract for the sale of goods priced at $200 or more needs to be in writing to be enforceable.

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

Dona offers to sell her used sofa, chair, coffee table, end table, and lamp to Erma for $700. Erma responds that she will pay that price if Dona's TV set is included. Neither party is a merchant. Their contract is formed according to

The Uniform Commercial Code is the federal law governing contracts for the sale and lease of goods.

Acceptance of an offer to lease goods may generally be made in any reasonable manner and by any reasonable means.

Growing crops are not considered goods.

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

Sara and Tim enter into a contract for a sale of orchids. With respect to the specific contractual provisions set out in the UCC, these parties may

Article 2 of the UCC governs

The UCC states that a contract cannot exist unless the moment the offer is accepted can be determined.