BUL 3320 Ch 18 Exam Questions and
Answers
electronic agent - ANSWER-A computer program or an electronic or other
automated means used independently to initiate an action or respond to electronic
records or performances in whole or in part, without review or action by an individual.
electronic record - ANSWER-A record that is created, generated, sent,
communicated, received, or stored by electronic means
finance lease - ANSWER-A three-party transaction consisting of the lessor, the
lessee, and the supplier
firm offer rule - ANSWER-A UCC rule that says that a merchant who (1) makes an
offer to buy, sell, or lease goods and (2) assures the other party in a separate writing
that the offer will be held open cannot revoke the offer for the time stated or, if no
time is stated, for a reasonable time.
gap filled rule - ANSWER-A rule that says an open term can be "read into" a contract
goods - ANSWER-Tangible things that are movable at the time of their identification
to the contract.
lease - ANSWER-A transfer of the right to the possession and use of the real
property for a set term in return for certain consideration; the rental agreement
between a landlord and a tenan
lease contract - ANSWER-The lessor is the person who transfers the right of
possession and use of goods under the lease
lessee - ANSWER-The person who acquires the right to possession and use of
goods under a lease.
lessor - ANSWER-The person who transfers the right of possession and use of
goods under the lease.
letters of credit - ANSWER-A document that is issued by a bank on behalf of a buyer
who purchases goods on credit from a seller that guarantees that if the buyer does
not pay for the goods, then the bank will pay the seller
merchant - ANSWER-A person who (1) deals in the goods of the kind involved in a
transaction or (2) by his or her occupation holds himself or herself out as having
knowledge or skill peculiar to the goods involved in the transaction.
Answers
electronic agent - ANSWER-A computer program or an electronic or other
automated means used independently to initiate an action or respond to electronic
records or performances in whole or in part, without review or action by an individual.
electronic record - ANSWER-A record that is created, generated, sent,
communicated, received, or stored by electronic means
finance lease - ANSWER-A three-party transaction consisting of the lessor, the
lessee, and the supplier
firm offer rule - ANSWER-A UCC rule that says that a merchant who (1) makes an
offer to buy, sell, or lease goods and (2) assures the other party in a separate writing
that the offer will be held open cannot revoke the offer for the time stated or, if no
time is stated, for a reasonable time.
gap filled rule - ANSWER-A rule that says an open term can be "read into" a contract
goods - ANSWER-Tangible things that are movable at the time of their identification
to the contract.
lease - ANSWER-A transfer of the right to the possession and use of the real
property for a set term in return for certain consideration; the rental agreement
between a landlord and a tenan
lease contract - ANSWER-The lessor is the person who transfers the right of
possession and use of goods under the lease
lessee - ANSWER-The person who acquires the right to possession and use of
goods under a lease.
lessor - ANSWER-The person who transfers the right of possession and use of
goods under the lease.
letters of credit - ANSWER-A document that is issued by a bank on behalf of a buyer
who purchases goods on credit from a seller that guarantees that if the buyer does
not pay for the goods, then the bank will pay the seller
merchant - ANSWER-A person who (1) deals in the goods of the kind involved in a
transaction or (2) by his or her occupation holds himself or herself out as having
knowledge or skill peculiar to the goods involved in the transaction.
