Excelsior BUS230 M8A3 Final Exam/Excelsior BUS230 M8A3 Final Exam

Excelsior BUS230 M8A3 Final Exam
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Question 1

When Article 2 is silent on an issue of sales contract formation or interpretation and there is no

state statutory law in place on that matter, _____.

A. The common law rules apply

B. The civil law rules apply

C. Federal common law applies

D. Federal statutory law applies

E. Both federal common law and federal statutory law apply

Question 2

The UCC was created in ____.

A. 1952.

Question 3

Beau went shopping at ABC Carpet. He saw some carpet he liked but could not make up his

mind. The manager at ABC Carpet wrote down the proposed purchase price for him along with a

statement that the price would be good for three months. Two months later Beau went back to

ABC Carpet to purchase the carpet. Unfortunately, the price had gone up. Beau showed the

manager his writing and guaranteed price, but the manager said that the offer was no longer

good. Although he had to pay more than the ABC manager had initially promised, Beau

proceeded to purchase his carpet from XYZ carpet, and he also contracted with XYZ to do the

installation. Unfortunately, Beau almost immediately started to have problems with the