BUS 201 final exam| 150 Questions| With
Complete Solutions
UCC correct answer: modifies terms of a contract that are silent
Sale correct answer: Passing title from seller to buyer for a
price. Price may be in cash or in other goods or services
Article 2 correct answer: Modifies the common law of contracts
in certain areas, especially if one of the parties is a merchant
Goods correct answer: must be tangible and movable (not land,
services or intangibles)
Merchant correct answer: A merchant is one who deals in goods
of the kind sold, and is presumed to possess a high degree of
expertise
UCC correct answer: a collection of standardized laws on the
contracting and trade of goods that has been adopted by the
majority of states in the U.S.
Lessor correct answer: sells the right to possess and use goods
Lessee correct answer: acquires right to possess and use
Article 2A correct answer: Deals with Leases/financing of
goods
,Article 2 correct answer: Deals with Sales
Merchants firm offer correct answer: Under Common Law, an
offer can e revoked at any time before acceptance
open terms correct answer: as long as the parties intended to
form a contract, and there is a reasonably certain basis for the
court to grant a remedy.
Methods of Acceptance correct answer: Seller can specify
manner of acceptance. If not, any reasonable means
Acceptance correct answer: Promise to ship/Prompt shipment of
conforming goods is
Accomodation correct answer: Shipment of non-conforming
goods is considered an acceptance and a breach unless the seller
notifies the goods are only a
Communication of Acceptance correct answer: Under Ucc,
seller must be reasonably notified by buyer by beginning
performance ( even in its a unilateral contract)
New consideration correct answer: Ucc does not require a
contract modification to be supported by this
Statute of Frauds correct answer: Contracts for Sale of Goods
over $500 or lease over $1,000 must be in writing.
Exceptions to Statute of Frauds correct answer: Specifically
manufactured goods
, Admissions
Partial Performance
Common law of sales and lease contracts correct answer:
Obligation to teneder or deliver conforming goods
tender conforming goods correct answer: seller has duty to
notify buyer that conforming goods
Perfect tender rule correct answer: Seller is obligated to deliver
goods that conform with the terms of the contract in every detail
UCC perfect Tender correct answer: Seller has duty to ship or
tender conforming goods. If goods fail to conform in any way
Buyer has the right to:
Accept entire shipment
Reject the entire shipment
Accept or reject part of the shipment
cure correct answer: Seller has the right to repair, adjust, or
replace nonconforming goods within the original time of
performance.
Commercial impracticability correct answer: Extends only to
unforseeable circumstances
Destruction of Identified Goods correct answer: parties are
excused only if the goods were identified at the time contract
was formed.
Complete Solutions
UCC correct answer: modifies terms of a contract that are silent
Sale correct answer: Passing title from seller to buyer for a
price. Price may be in cash or in other goods or services
Article 2 correct answer: Modifies the common law of contracts
in certain areas, especially if one of the parties is a merchant
Goods correct answer: must be tangible and movable (not land,
services or intangibles)
Merchant correct answer: A merchant is one who deals in goods
of the kind sold, and is presumed to possess a high degree of
expertise
UCC correct answer: a collection of standardized laws on the
contracting and trade of goods that has been adopted by the
majority of states in the U.S.
Lessor correct answer: sells the right to possess and use goods
Lessee correct answer: acquires right to possess and use
Article 2A correct answer: Deals with Leases/financing of
goods
,Article 2 correct answer: Deals with Sales
Merchants firm offer correct answer: Under Common Law, an
offer can e revoked at any time before acceptance
open terms correct answer: as long as the parties intended to
form a contract, and there is a reasonably certain basis for the
court to grant a remedy.
Methods of Acceptance correct answer: Seller can specify
manner of acceptance. If not, any reasonable means
Acceptance correct answer: Promise to ship/Prompt shipment of
conforming goods is
Accomodation correct answer: Shipment of non-conforming
goods is considered an acceptance and a breach unless the seller
notifies the goods are only a
Communication of Acceptance correct answer: Under Ucc,
seller must be reasonably notified by buyer by beginning
performance ( even in its a unilateral contract)
New consideration correct answer: Ucc does not require a
contract modification to be supported by this
Statute of Frauds correct answer: Contracts for Sale of Goods
over $500 or lease over $1,000 must be in writing.
Exceptions to Statute of Frauds correct answer: Specifically
manufactured goods
, Admissions
Partial Performance
Common law of sales and lease contracts correct answer:
Obligation to teneder or deliver conforming goods
tender conforming goods correct answer: seller has duty to
notify buyer that conforming goods
Perfect tender rule correct answer: Seller is obligated to deliver
goods that conform with the terms of the contract in every detail
UCC perfect Tender correct answer: Seller has duty to ship or
tender conforming goods. If goods fail to conform in any way
Buyer has the right to:
Accept entire shipment
Reject the entire shipment
Accept or reject part of the shipment
cure correct answer: Seller has the right to repair, adjust, or
replace nonconforming goods within the original time of
performance.
Commercial impracticability correct answer: Extends only to
unforseeable circumstances
Destruction of Identified Goods correct answer: parties are
excused only if the goods were identified at the time contract
was formed.
