Question 1

Roasters Corporation and Outdoor Barbecues, Inc., enter into a contract for a sale of a commercial grill. The contract requires Roasters to deliver the goods to Speedy Delivery Company for transport to Outdoor. Risk of loss passes to Outdoor when

Accepted Answer

A)   ​Roasters delivers the goods to Speedy.
B)   ​Roasters and Outdoor enter into their contract.
C)   ​Speedy transports the goods to Outdoor.
D)   ​Outdoor begins to use the grill.E) A) and B)
F) A) and C)

Question 2

The terms of a fully integrated contract can be contradicted by evidence of any prior agreements.

Accepted Answer

A) True 
 B)False

Question 3

Red's Roofing buys asphalt tiles from Shingles, Inc. The parties agree that the tile will be shipped "F.O.B. Shingles's warehouse" to Red's Roofing location via Tristate Trucking Corporation. The tiles are lost in transit. The loss is suffered by​

Accepted Answer

A)   Tristate.
B)   ​Shingles, Inc.
C)   ​Red's.
D)   ​Red's customers by an increase in the prices of goods and services.E) A) and B)
F) B) and C)

Question 4

When the risk of loss for goods passes from a seller to a buyer is generally determined by the contract between the parties.

Accepted Answer

A) True 
 B)False

Question 5

Under the UCC, the meaning of any agreement must be interpreted in light of commercial practices.

Accepted Answer

A) True 
 B)False

Question 6

TalkTalk, Inc., offers to buy from Voice Media Corporation (VMC)  1,000 smartphones. Without notifying TalkTalk, VMC timely ships phones of a different quality. With respect to the offer and a possible contract, this shipment is an acceptance and​

Accepted Answer

A)   ​a breach.
B)   ​an accommodation.
C)   ​complete performance.
D)   ​a counteroffer.E) A) and D)
F) None of the above

Question 7

Brad leaves an iPod at Computer Sales & Repair (CSR)  to have the battery replaced. CSR sells the iPod to Doris, who does not know that it belongs to Brad. Brad can recover from​

Accepted Answer

A)   ​no one.
B)   ​CSR.
C)   ​Doris.
D)   ​Apple, Inc., the maker of the iPod.E) None of the above
F) C) and D)

Question 8

Expert Stitching Corporation enters into a contract to sell denim clothing to Fine Fashion Company, which in turn sells a pair of jeans to Grady, a consumer. In contrast to standards that apply to consumers, the UCC imposes on merchants​

Accepted Answer

A)   ​less strict legal standards.
B)   ​special business standards.
C)   ​stricter ethical standards.
D)   ​the same overall standards.E) All of the above
F) A) and D)

Question 9

If an owner holds fungible goods as an owner in common, he or she can pass title without actually separating the goods.

Accepted Answer

A) True 
 B)False

Question 10

In contracts involving a sale of unborn animals to be born within twelve months, identification takes place when the animals are conceived.

Accepted Answer

A) True 
 B)False

Question 11

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

Accepted Answer

A)   a merchant's firm offer.
B)   ​an option contract.
C)   ​a lease.
D)   ​a sale.E) All of the above
F) B) and D)

Question 12

The UCC requires a contract modification to be supported by new consideration.

Accepted Answer

A) True 
 B)False

Exam 17: The Formation of Sales and Lease Contracts

Expert Stitching Corporation enters into a contract to sell denim clothing to Fine Fashion Company, which in turn sells a pair of jeans to Grady, a consumer. In contrast to standards that apply to consumers, the UCC imposes on merchants

Correct Answer
verified

Under the UCC, the meaning of any agreement must be interpreted in light of commercial practices.

Correct Answer
verified

The terms of a fully integrated contract can be contradicted by evidence of any prior agreements.

Correct Answer
verified

If an owner holds fungible goods as an owner in common, he or she can pass title without actually separating the goods.

Correct Answer
verified

The UCC requires a contract modification to be supported by new consideration.

Correct Answer
verified

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

Correct Answer
verified

In contracts involving a sale of unborn animals to be born within twelve months, identification takes place when the animals are conceived.

Correct Answer
verified

When the risk of loss for goods passes from a seller to a buyer is generally determined by the contract between the parties.

Correct Answer
verified

Red's Roofing buys asphalt tiles from Shingles, Inc. The parties agree that the tile will be shipped "F.O.B. Shingles's warehouse" to Red's Roofing location via Tristate Trucking Corporation. The tiles are lost in transit. The loss is suffered by

Correct Answer
verified

Brad leaves an iPod at Computer Sales & Repair (CSR) to have the battery replaced. CSR sells the iPod to Doris, who does not know that it belongs to Brad. Brad can recover from

Correct Answer
verified

TalkTalk, Inc., offers to buy from Voice Media Corporation (VMC) 1,000 smartphones. Without notifying TalkTalk, VMC timely ships phones of a different quality. With respect to the offer and a possible contract, this shipment is an acceptance and

Correct Answer
verified

Roasters Corporation and Outdoor Barbecues, Inc., enter into a contract for a sale of a commercial grill. The contract requires Roasters to deliver the goods to Speedy Delivery Company for transport to Outdoor. Risk of loss passes to Outdoor when

Correct Answer
verified

Exam 17: The Formation of Sales and Lease Contracts

Expert Stitching Corporation enters into a contract to sell denim clothing to Fine Fashion Company, which in turn sells a pair of jeans to Grady, a consumer. In contrast to standards that apply to consumers, the UCC imposes on merchants​

Correct AnswerverifiedShow Answer

Under the UCC, the meaning of any agreement must be interpreted in light of commercial practices.

Correct AnswerverifiedShow Answer

The terms of a fully integrated contract can be contradicted by evidence of any prior agreements.

Correct AnswerverifiedShow Answer

If an owner holds fungible goods as an owner in common, he or she can pass title without actually separating the goods.

Correct AnswerverifiedShow Answer

The UCC requires a contract modification to be supported by new consideration.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

In contracts involving a sale of unborn animals to be born within twelve months, identification takes place when the animals are conceived.

Correct AnswerverifiedShow Answer

When the risk of loss for goods passes from a seller to a buyer is generally determined by the contract between the parties.

Correct AnswerverifiedShow Answer

Red's Roofing buys asphalt tiles from Shingles, Inc. The parties agree that the tile will be shipped "F.O.B. Shingles's warehouse" to Red's Roofing location via Tristate Trucking Corporation. The tiles are lost in transit. The loss is suffered by​

Correct AnswerverifiedShow Answer

Brad leaves an iPod at Computer Sales & Repair (CSR) to have the battery replaced. CSR sells the iPod to Doris, who does not know that it belongs to Brad. Brad can recover from​

Correct AnswerverifiedShow Answer

TalkTalk, Inc., offers to buy from Voice Media Corporation (VMC) 1,000 smartphones. Without notifying TalkTalk, VMC timely ships phones of a different quality. With respect to the offer and a possible contract, this shipment is an acceptance and​

Correct AnswerverifiedShow Answer

Roasters Corporation and Outdoor Barbecues, Inc., enter into a contract for a sale of a commercial grill. The contract requires Roasters to deliver the goods to Speedy Delivery Company for transport to Outdoor. Risk of loss passes to Outdoor when

Correct AnswerverifiedShow Answer

Expert Stitching Corporation enters into a contract to sell denim clothing to Fine Fashion Company, which in turn sells a pair of jeans to Grady, a consumer. In contrast to standards that apply to consumers, the UCC imposes on merchants

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Red's Roofing buys asphalt tiles from Shingles, Inc. The parties agree that the tile will be shipped "F.O.B. Shingles's warehouse" to Red's Roofing location via Tristate Trucking Corporation. The tiles are lost in transit. The loss is suffered by

Correct Answer
verified

Brad leaves an iPod at Computer Sales & Repair (CSR) to have the battery replaced. CSR sells the iPod to Doris, who does not know that it belongs to Brad. Brad can recover from

Correct Answer
verified

TalkTalk, Inc., offers to buy from Voice Media Corporation (VMC) 1,000 smartphones. Without notifying TalkTalk, VMC timely ships phones of a different quality. With respect to the offer and a possible contract, this shipment is an acceptance and

Correct Answer
verified

Correct Answer
verified