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Exam 17: The Formation of Sales and Lease Contracts

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Question 1

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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​

A) ​the piano only.
B) ​the piano and the gold ring.
C) ​neither the piano nor the gold ring.
D) ​the gold ring only.

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

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Question 2

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Under the United Nations Convention on Contracts for the International Sale of Goods, an international sales contract does not need to be evidenced by a writing or to be in any particular form.

A) True
B) False

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Question 3

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Under the UCC, a sale is the passing of title from a seller to a buyer for a price.

Any explicit understanding between the buyer and the seller determines when title passes.

Refined Grains, Inc., agrees to sell to Sunny Cereal Company a certain quantity of refined oats each week but no mention is made of where the goods are to be delivered. In general, the UCC requires that the delivery take place at​

Under the UCC, an offeree can accept an offer to buy goods by a prompt shipment of conforming goods.

Fits Like A Glove Shoes, Inc., and Retail Footwear Stores enter into a contract for a sale of shoes. The contract indicates that the price includes transportation costs to a specific destination by including the term​

A merchant's firm is revocable at any time before acceptance.

When a buyer breaches a contract, the risk of loss immediately shifts to the buyer.

The risk of loss in a shipment contract passes to the buyer when the goods are delivered to the buyer at the specified destination.

A lessoris a party who acquires a right to the possession and use of goods under a lease.

Commercial Rents Corporation agrees to lease a pressure washer to Delivery Trucks, Inc., which agrees to pick it up at E Street Warehouse. Before Delivery Trucks retrieves the washer, it is stolen. The loss is suffered by

Bram buys a bulldozer from Construction Equipment Corporation, which he leases to Earth Movers, Inc. In this situation, the lessee is

Title and risk of loss can pass to the buyer from the seller before the goods are identified to the contract.

When a merchant keeps the goods for the buyer to pick up, the risk of loss passes when the buyer actually takes possession of the goods.

Olivia contracts to buy a refrigerator from a Prairie State Appliance store with the price to be paid in monthly installments. Later, Olivia files a suit against Prairie State, claiming that their contract is so unfair and one-sided that it would be unreasonable to enforce it. Olivia is asserting​

Under the UCC, the risk of loss necessarily passes with title.

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

Tune Products, Inc., offers to sell to Unlimited Sales Company one hundred MP3 players at $50 a piece, subject to certain specific delivery dates. Unlimited replies with a signed purchase order that reads, "Accept your offer for 100 I-appliances at $50 each. Must be delivered to our warehouse." Tune does not respond or deliver the goods. Unlimited files a suit for breach of contract, to which Tune answers that there is no contract because Unlimited's purchase order contained additional terms and is not signed by Tune. Can Unlimited recover? Explain.

Car n' Truck Body & Paint Company orders custom paint from Diverse Hues Inc., but Diverse does not deliver. Car n' Truck will probably be unable to enforce the agreement if the parties omitted​