Business Law 2 Ch. 20 True & False
Intangible property has conceptual existence and thus comes under Article 2.
False
The UCC applies to the formation of sales and lease contracts and observes the same degree of formality used in forming other types of contracts.
False
Under a finance lease, the lessee can stop performing and making lease payments if the leased equipment turns out to be defective.
False
Under the UCC, a contract for a sale of goods that does not include the quantity will not fail for indefiniteness.
False
Under the UCC, a firm offer for a sale or lease of goods made by a merchant without consideration can be revoked at any time before acceptance.
False
When no delivery terms are specified in a contract for a sale of goods, there is no basis for determining a remedy.
False
In a limited number of instances, the UCC imposes presumes that special business standards ought to be imposed on merchants because of their relatively high degree of commercial expertise.
True
The UCC applies only to the extent that it has been adopted a state.
True
The United Nations Convention on Contracts for the International Sale of Goods (CISG) is the uniform international sales law of countries that account for more than two-thirds of all global trade.
True
Under the UCC, an agreement modifying a contract needs no consideration to be binding.
True
Under the UCC, an offeree can accept an offer to buy goods by a prompt shipment of conforming goods.
True
Under the UCC, an offeror must be notified within a reasonable time that the offeree has accepted.
True
Under the UCC, good faith means honesty in fact and the observance of reasonable commercial standards of fair dealing in the trade.
True
Under the UCC, the meaning of any agreement must be interpreted in light of commercial practices.
True
A lessee is a party who transfers a right to the possession and use of goods under a lease.
False
All oral contracts are enforceable under the UCC.
False
A contract for a sale of real property or services is a contract for a sale of goods.
False
An unconscionable contract is one that is so unfair and one sided that it would be unreasonable to enforce it.
True
Article 2A of the UCC covers any transaction that creates a lease of goods or a sublease of goods.
True
Goods associated with real estate often fall within the scope of Article 2.
True