BUS 251- Chapter 13 Assessment

Japheth offers to purchase a wedding care from Edible Dreams Bakery for $400.00. He states they have two days to accept the offer. This is an example of which type of offer?

A firm offer

Which of the following is not true regarding firm offers?

A firm offer automatically occurs when an offer or promise is made by one merchant to another.

Normally, the buyer's offer in a commercial transaction takes the form of

A purchase order

According to the rationale behind the statute of frauds of the UCC, all of the following statements are correct, except

A writing indicates that both parties are commercially literate.

When the terms stated on an invoice conflict with the terms stated on the purchase order in the same transaction it is called

Battle of the forms

When a seller enters into an output contract with another, the seller

Gives up the right to sell the goods of the contract to another.

When a contract is missing key provisions of the contract it is called a(n)

Open contract

Paris offers to buy "all the mulch" Market Basket has and they agree. This contract is called a(n)

Output contract

For a writing to satisfy statute of frauds requirements under the UCC, it must include each of the following except

Price

A preprinted form with some blanks in the form to be filled out for specific negotiated terms unique to the transaction is called a

Purchase order

Which of the following requires a written contract to be enforceable?

Stanton's pit bull has just had a litter, and her agrees to sell you a puppy for $500 when the pups are weaned from their mother.

With regard to consideration in a sales contract, the UCC differs from the common law in that

Terms of a sales contract may be modified without additional consideration.

Again Motors offers to sell Shelby a 1977 Shelby Mustang Cobra for $10,000 on July 1, 2018. Shelby decides that she must think about it and one year later, on July 1, 2019 Shelby calls up Again Motors and tells them that she accepts their offer and will be to the store that day with the $10,000 for the car. Again Motors refuses to honor the offer even though they still have the exact car setting on the lot. Shelby sues Again Motors to enforce the agreement. Most likely, according to the UCC, what will be the outcome of the case?

The UCC only requires an offer to remain open for three months unless specifically stated otherwise. Therefore, Again Motors does not have to honor the offer.

Serena's Soup Bowls sells Betty's Bakery and Restaurant 100 hand-painted soup bowls for $4.00 each bowl. The purchase order states that Serena must deliver the bowls to Betty's. The invoice from Serena states that Betty's must pick up the bowls. According to the UCC, what will most likely be the outcome of this conflicting terms?

The conflicting terms will be dropped out of the contract and UCC gap-filler terms will apply.

When a contract for the sale of goods is missing provisions such as delivery, quantity and payment terms, which of the following statement under the UCC is correct?

The contract will be acceptable so long as the contract shows that the parties intended to enter into a contract.

Which of the following is true of open-price-term contracts?

The price becomes the reasonable price at the time goods are delivered.

Abon purchases 500 books with a total value of $2000.00 from the Narnes and Boble Online bookstore. Abon uses an "electronic" signature feature on the website to acknowledge acceptance of the terms of the agreement. When the books are delivered to Abon, he refuses to accept delivery stating that no enforceable contract existed according to the statute of frauds of the UCC. Which statement below is correct about the transaction according to the UCC statute of frauds?

This agreement does satisfy the writing requirement of the UCC as electronic signatures are sufficient.

According to the UCC if a time period of acceptance is not stated in the offer to sell goods, the time period for acceptance will be

Three months

Fred Fine Arts sends a letter addressed to Nicole stating it will trade a painting by Georgia O'Keefe for a Norman Rockwell painting Nicole owns. Two days later, Nicole shows up at Fred Fine Arts with the Normal Rockwell painting. According to the UCC, would this be sufficient to be an enforceable contract?

Yes as the actions of Nicole appear sufficient enough to show agreement by actions.

Jen is in charge of her child's school picnic and calls Uptown Bakery only to get their answering machine. She leaves the following message, "Hi, this it Jen and I am in kind of a difficult situation. A parent backed out for baking 200 zebra cupcakes for our school picnic tomorrow. I know this is last minute, but would you be able to help out?" The next day, Uptown Bakery shows up to the school with 200 zebra cupcakes. According to the UCC would this be an agreement?

Yes because Uptown accepted by performance.