Schriefer's unit 5 with verified solutions
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Which of the following statements regarding sales contracts is/are true?
I. Sales contracts are governed by Article 2 of the Uniform Commercial Code (UCC).
II. A sales contract is a legally enforceable agreement between a buyer and a seller that involves
the transfer of ownership of goods for a price. - correct answer ✔✔Both I and II
Each of the following statements regarding sales contracts and UCC Article 2 are true, EXCEPT
-Sales contracts can be unilateral or bilateral.
-Sales contracts typically involve the exchange of specified goods at a specified price to be
delivered at or within a specified time.
-The UCC is a model code that has been adopted in some form by most, but not all, 50 US
states.
-Types of specialized sales contracts include sale on approval, sale and return, and auction sales.
- correct answer ✔✔The UCC is a model code that has been adopted in some form by most, but
not all, 50 US states.
Which of the following statements regarding specialized sales contracts is/are true?
I. A "sale on approval" sales contract is one involving a person who intends to resell the goods
but who has a right to return the goods if they don't sell them.
II. Auction sales involve the public offering of goods for sale. At an auction without reserve, a
minimum acceptable price is set; if all bids are below the minimum set price, the auctioneer
reserves the right to reject all offers. - correct answer ✔✔Neither
The Uniform Commercial Code (UCC) governs each of the following, EXCEPT
, Bankruptcy
Leases
Negotiable instruments
Sales contracts - correct answer ✔✔Bankruptcy
Buyers and sellers have several options as to where goods will be delivered and which party
bears the risk and expense of delivery. Which one of the following best describes the FOB (free
on board) place of shipment?
-The seller is obligated to pay for the insurance and freight charges for the delivery to the buyer.
-The seller delivers goods to the carrier at the seller's risk and expense and the ownership then
shifts to the buyer.
-Goods are located on board the vessel at the seller's risk and expense and then ownership
passes to the buyer.
-Ownership passes from the seller to the buyer when the carrier delivers the goods to the
buyer's premises. - correct answer ✔✔The seller delivers goods to the carrier at the seller's risk
and expense and the ownership then shifts to the buyer
Which one of the following represents the activity necessary to successfully discharge a sales
contract?
Acceptance
Delivery
Performance
Remedy - correct answer ✔✔Performance
Which one of the following statements regarding the performance of a sales contract is true?
already passed
Which of the following statements regarding sales contracts is/are true?
I. Sales contracts are governed by Article 2 of the Uniform Commercial Code (UCC).
II. A sales contract is a legally enforceable agreement between a buyer and a seller that involves
the transfer of ownership of goods for a price. - correct answer ✔✔Both I and II
Each of the following statements regarding sales contracts and UCC Article 2 are true, EXCEPT
-Sales contracts can be unilateral or bilateral.
-Sales contracts typically involve the exchange of specified goods at a specified price to be
delivered at or within a specified time.
-The UCC is a model code that has been adopted in some form by most, but not all, 50 US
states.
-Types of specialized sales contracts include sale on approval, sale and return, and auction sales.
- correct answer ✔✔The UCC is a model code that has been adopted in some form by most, but
not all, 50 US states.
Which of the following statements regarding specialized sales contracts is/are true?
I. A "sale on approval" sales contract is one involving a person who intends to resell the goods
but who has a right to return the goods if they don't sell them.
II. Auction sales involve the public offering of goods for sale. At an auction without reserve, a
minimum acceptable price is set; if all bids are below the minimum set price, the auctioneer
reserves the right to reject all offers. - correct answer ✔✔Neither
The Uniform Commercial Code (UCC) governs each of the following, EXCEPT
, Bankruptcy
Leases
Negotiable instruments
Sales contracts - correct answer ✔✔Bankruptcy
Buyers and sellers have several options as to where goods will be delivered and which party
bears the risk and expense of delivery. Which one of the following best describes the FOB (free
on board) place of shipment?
-The seller is obligated to pay for the insurance and freight charges for the delivery to the buyer.
-The seller delivers goods to the carrier at the seller's risk and expense and the ownership then
shifts to the buyer.
-Goods are located on board the vessel at the seller's risk and expense and then ownership
passes to the buyer.
-Ownership passes from the seller to the buyer when the carrier delivers the goods to the
buyer's premises. - correct answer ✔✔The seller delivers goods to the carrier at the seller's risk
and expense and the ownership then shifts to the buyer
Which one of the following represents the activity necessary to successfully discharge a sales
contract?
Acceptance
Delivery
Performance
Remedy - correct answer ✔✔Performance
Which one of the following statements regarding the performance of a sales contract is true?
