Business Law Ch. 12 Quiz

False.

(True or False 1-10) 1. A contract in which ownership of (title to) goods transfers immediately from the seller to the buyer for a price is a contract to sell

True.

(True or False 1-10) 10. If the buyer has had adequate opportunity to inspect the goods, acceptance may be indicated by a failure to It them within a reasonable amount of time.

True.

(True or False 1-10) 2. When parties exchange goods for good, the sale is a barter.

True.

(True or False 1-10) 5. The bill of sale serves as written evidence of the transfer of ownership of goods.

False.

(True or False 1-10) 7. Casual sellers are also considered merchants.

True.

(True or False 1-10) 8. When both parties are merchants, a new term inserted by the offered automatically becomes part of the contract if the offeror fails to object within a reasonable amount of time.

False.

(True or False 1-10) 9. Even if a party against whom enforcement of an oral contract is sought admits in legal pleadings or testimony that he or she agreed to part or all of a contract, a signed writing is still necessary to satisfy the Statute of Frauds.

False.

(True or False 1-10) 3. The Uniform Commercial Code (UCC) does not govern contracts to sell goods in the future.

False.

(True or False 1-10) 4. In both sales and contracts to sell, the seller is known as the vendee.

True.

(True or False 1-10) 6. Words or conduct of the buyer that indicate that the goods received are satisfactory can be construed by the court as acceptance.

(D.) All of these. (Barter, Money, and Services).

11. Consideration for a sale or contract to sell goods many be expressed in the form of: (A). Barter. (B). Money. (C). Services. (D). All of these.

(C). Patents and copyrights.

12. According to the UCC, goods do not include: (A). Books and clothing. (B). Dogs. (C). Patents and copyrights. (D). All of these.

(D.) All of these. (The goods are used or resold, the buyer has indicated by words or conduct that the goods received are satisfactory, the buyer fails to reject the goods within a reasonable length of time).

13. Acceptance of goods occurs when: (A). The goods are used or resold. (B). The buyer has indicated by words or conduct that the goods received are satisfactory. (C). The buyer fails to reject the goods within a reasonable length of time. (D). All of these.

(A). The buyer selects and agrees to buy the goods in the seller's store.

14. When payment for goods take place at a later date, the transfer of title takes place when: (A). The buyer selects and agrees to buy the goods in the seller's store. (B). The goods are accepted by the buyer. (C). Delivery is made. (D). The final payment is made.

(B). Only sell occasionally.

15. Casual sellers: (A). May be required to be licensed. (B). Only sell occasionally. (C). Only sell casual items. (D). Are usually subject to special taxation.

(C). Both (A). and (B).. (A goods from third parties have been contracted for the order, Manufacturing has substantially begun.

16. A seller can enforce an oral contracts act for non resalable goods if: (A). A goods from third parties have been contracted for the order. (B). Manufacturing has substantially begun. (C). Both (A). and (B).. (D). None of these.

(A). Binding to the extent admitted.

17. If a party admits in legal testimony that they agreed to part or all of an oral contract governed by the Statute of Frauds, the contract would be: (A). Binding to the extent admitted. (B). Still null and void. (C). Totally enforceable. (D). None of these.

(D). Prosecute the clause's maker for criminal influence.

18. Which of the following alternatives may a court that decides that a clause of a contract is unconscionable not do?: (A). Refuse to enforce the contract. (B). Enforce the contract without a clause. (C). Limit the clause's application so that it is no longer unfair. (D). Prosecute the clause's maker for criminal influence.

A. $500 or more.

19. To be enforceable in court, a contract must be evidenced in writing if the goods are valued at: (A). $500 or more. (B). $1,000 or more. (C). $2,500 or more. (D). $5,000 or more.

(A). Vendor.

20. Sherry offers to sell her set of antique dishes to her neighbor, Joan. In this situation Sherry would be known as a(n): (A). Vendor. (B). Merchant. (C). Vendee. (D). None of these.