BUS 110 Chap,19,21,22,23,24,33 EXAMS

BUS 110 Chap,19,21,22,23,24,33 EXAMS Chapter 19 Formation and Terms of Sales Contracts Answer Key True / False Questions 1. (p. 329) Article 2 of the UCC applies to transactions involving real and personal property. FALSE AACSB: Analytic Bloom's: Remember Difficulty: Easy Learning Objective: 19-01 Analyze whether a transaction involves the sale of goods to which the Uniform Commercial Code applies or whether common law contract principles apply to the transaction. Topic: Introduction 2. (p. 329) Article 2 of the UCC does not apply to the sale of real estate. TRUE AACSB: Analytic Bloom's: Remember Difficulty: Easy Learning Objective: 19-01 Analyze whether a transaction involves the sale of goods to which the Uniform Commercial Code applies or whether common law contract principles apply to the transaction. Topic: Introduction 3. (p. 330) If a contract is for the sale of goods, the principles of common law are exclusively applicable. FALSE AACSB: Analytic Bloom's: Understand Difficulty: Medium Learning Objective: 19-01 Analyze whether a transaction involves the sale of goods to which the Uniform Commercial Code applies or whether common law contract principles apply to the transaction. Topic: Introduction 4. (p. 331) Article 2A of the UCC deals exclusively with leases of goods. TRUE AACSB: Analytic Bloom's: Remember Difficulty: Easy Learning Objective: 19-01 Analyze whether a transaction involves the sale of goods to which the Uniform Commercial Code applies or whether common law contract principles apply to the transaction. Topic: Introduction 5. (p. 331) The UCC distinguishes between merchants and nonmerchants by holding merchants to a higher standard in all cases. FALSE AACSB: Analytic Bloom's: Understand Difficulty: Medium Learning Objective: 19-01 Analyze whether a transaction involves the sale of goods to which the Uniform Commercial Code applies or whether common law contract principles apply to the transaction. Topic: Introduction