Business Law: Brief Hypothetical 11.1
Study Guide Exam with Solved
Solutions.
Dilip has been asked to be part of the group that was responsible for drafting a uniform act
relating to the sale and lease of goods, otherwise known as the:
a. Global Conference of Commissioners on Uniform State Laws.
b. International National Conference of Commissioners on Uniform State Laws.
c. State Conference of Commissioners on Uniform State Laws.
d. National Conference of Commissioners on Uniform State Laws. - Answer d. National
Conference of Commissioners on Uniform State Laws.
Jill buy a refrigerator and pays the company to have it delivered. Her contract is governed by:
a. Article 2 of the UCC.
b. Article 2A of the UCC.
c. common law.
d. Article 2B of the UCC. - Answer a. Article 2 of the UCC.
Janis owns an operating copper mine. She regularly sells the copper from her mine to Travis,
who uses the raw materials in his factory. Their sales contracts are covered by:
a. Article 3 of the UCC
b. Article 2A of the UCC
c. Article 2 of the UCC
d. the common law, because they involve real property. - Answer c. Article 2 of the UCC
Daniel owns a small business that he is considering selling. He contracts with Blair, a business
, b. the common law of contracts.
c. Article 2A of the UCC.
d. Article 6 of the UCC. - Answer b. the common law of contracts.
Alyssa wants to purchase two large tents for use at family social events. She doesn't have the
cash necessary to buy the tents. She convinces the owner of Ajax Supplies, an outdoor-
equipment store, to lease the tents to her. They have created a:
a. consumer lease.
b. finance lease.
c. utility lease.
d. trade usage lease - Answer a. consumer lease.
Collins offers to sell to Phillip an antique chest of drawers worth more than $2,500. Phillip
agrees to buy the chest and signs a contract for the purchase. The price of the chest, however, is
left out of the contract. Collins and Phillip have:
a. a valid contract as long as the court can determine a reasonable price at the time for
delivery.
b. a valid contract only if Phillip is able to produce evidence that Collins defrauded him.
c. no contract, because parties cannot leave the price term out of a valid contract under the
Uniform Commercial Code (UCC).
d. a valid contract only if Collins refuses to name a price - Answer a. a valid contract as long
as the court can determine a reasonable price at the time for delivery.
Adele decides to purchase several silver tea sets from Vaughn's gift store. In their sales contract,
Adele and Vaughn do not specify how many silver tea sets Adele will purchase. They now have:
a. no contract at all
b. a valid contract with an open price term
c. a valid contract with an open delivery term - Answer a. no contract at all
Study Guide Exam with Solved
Solutions.
Dilip has been asked to be part of the group that was responsible for drafting a uniform act
relating to the sale and lease of goods, otherwise known as the:
a. Global Conference of Commissioners on Uniform State Laws.
b. International National Conference of Commissioners on Uniform State Laws.
c. State Conference of Commissioners on Uniform State Laws.
d. National Conference of Commissioners on Uniform State Laws. - Answer d. National
Conference of Commissioners on Uniform State Laws.
Jill buy a refrigerator and pays the company to have it delivered. Her contract is governed by:
a. Article 2 of the UCC.
b. Article 2A of the UCC.
c. common law.
d. Article 2B of the UCC. - Answer a. Article 2 of the UCC.
Janis owns an operating copper mine. She regularly sells the copper from her mine to Travis,
who uses the raw materials in his factory. Their sales contracts are covered by:
a. Article 3 of the UCC
b. Article 2A of the UCC
c. Article 2 of the UCC
d. the common law, because they involve real property. - Answer c. Article 2 of the UCC
Daniel owns a small business that he is considering selling. He contracts with Blair, a business
, b. the common law of contracts.
c. Article 2A of the UCC.
d. Article 6 of the UCC. - Answer b. the common law of contracts.
Alyssa wants to purchase two large tents for use at family social events. She doesn't have the
cash necessary to buy the tents. She convinces the owner of Ajax Supplies, an outdoor-
equipment store, to lease the tents to her. They have created a:
a. consumer lease.
b. finance lease.
c. utility lease.
d. trade usage lease - Answer a. consumer lease.
Collins offers to sell to Phillip an antique chest of drawers worth more than $2,500. Phillip
agrees to buy the chest and signs a contract for the purchase. The price of the chest, however, is
left out of the contract. Collins and Phillip have:
a. a valid contract as long as the court can determine a reasonable price at the time for
delivery.
b. a valid contract only if Phillip is able to produce evidence that Collins defrauded him.
c. no contract, because parties cannot leave the price term out of a valid contract under the
Uniform Commercial Code (UCC).
d. a valid contract only if Collins refuses to name a price - Answer a. a valid contract as long
as the court can determine a reasonable price at the time for delivery.
Adele decides to purchase several silver tea sets from Vaughn's gift store. In their sales contract,
Adele and Vaughn do not specify how many silver tea sets Adele will purchase. They now have:
a. no contract at all
b. a valid contract with an open price term
c. a valid contract with an open delivery term - Answer a. no contract at all
