business law chapter 11

What is the advantage of the UCC compared to the common law of contracts? Are there advantages to the adoption of a statute such as the UCC?

A contract can be definite under the UCC without a stated price, unlike under common law where price is required. Because the UCC has been universally adopted, businesses can enter into contracts with confidence that the terms will be enforced in the same way by the courts of every American jurisdiction.

Under the common law, an acceptance cannot deviate from the terms of the offer without being considered either a rejection or a counteroffer. Under UCC Article 2:

An acceptance is valid when the parties intend to form a contract.

Most states accept the UCC's provisions on most topics because:

Benefits of lowering costs of doing business across state lines

The UCC's Article 2 covers the sale of what? Choose two answers.

Furniture, computer.

Suppose parties to a contract that is under the UCC fail to specify some term. The UCC:

Has rules to fill a gap about silet term

If the parties to a sale under the UCC do not specify when the title to the goods passes, then, assuming goods have to be shipped, title passes to the buyer when:

Seller completes all obligations regarding delivery.

Which of the following are true, under UCC Article 2, about a merchant's firm offer? Choose two answers.

Stays open for a time not to exceed 3 months, requires a signed writing by the offeror that the offer will remain open.

A buyer and a seller would like to enter into a contract for the sale of goods. In his offer the buyer does not specify a price. The seller agrees with the arrangement. Which of the following is true of this situation?

There is a Contract under ucc article 2 allows parties to enter a contract even though price will be determined later

A buyer and seller have been doing business for months without a formal contract. Every Monday, the seller delivers supplies to the buyer's business. Every Thursday, the buyer pays the invoice by mail. Is there a contract between the parties?

Under the ucc a contract has been formed

Lisa mailed an offer to sell cotton to Jeff who sent an acceptance. However, Jeff made changes in the time and place of delivery. Under the UCC's Article 2:

acceptance is valid since parties intend to form contract

Under the common law, an offer can be revoked:

anytime before acceptance

In a sale under the UCC, title to goods passes when the goods do what?

arrive for shipment to train or trucking facility, leave the sellers facility, arrive at buyer's facility

The UCC defines good-faith dealings as:

honest in fact in the conduct or transaction incurred

Many US retailers include in their contracts with suppliers, domestic and foreign, a requirement that the supplier agree not to violate any local labor laws or the contract can be terminated. Yet the illegal use of child labor is common in many countries, especially in carpet making in Pakistan and in sewing operations in many countries. The retailers have been criticized as using the codes of conduct for publicity purposes because enforcement is difficult and rare. Should such codes be used, and if so, how can they be enforced?

i think codes such as those should be allowed and In order to enforce the code of conduct, you must provide employees with effective communication channels for reporting violations.

The subject matter of a sales contract is NOT considered a good one under Article 2 unless

it is moveable and tangible

Suppose two parties to a contract that is under the UCC decide to make a significant change in the contract, obligating the seller to provide more goods. When the terms of the contract change, it requires:

no new consideration

With respect to parol evidence and the UCC:

oral evidence may be used to explain trade dealings

According to the UCC's Statute of Frauds all:

sales of goods worth more than $500 must be in writing

Under UCC Article 2, a sale must involve the transfer of what?

title

By definition, a sale under Article 2 of the UCC requires that:

title passes from seller to buyer and prices paid