Chapter 13 (review?)

Under the UCC, a new term added by the offeree to the terms of the offer is treated as a proposal for _____

addition

What governs the sale of goods as well as contracts to sell goods in the future? a. bill of sale b. Universal Commercial Code c. Statute of Frauds d. none of these

b. Universal Commercial Code

Stacey and Gene's new home will not be completed for two more months. The couple is, however, purchasing furniture for their new home. Because the furniture cannot yet be delivered, the furniture company will store the merchandise for them and will provide them with a receipt for the stored merchandise. Because no actual transfer of possession has taken place, this is a(n)______ delivery of the goods.

constructive

Goods that might suffice but do not meet the buyer's specifications are _______________ goods.

non-conforming

A contract or clause within a contract that is grossly unfair and oppressive is said to be _______

unconscionable

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.

False

Casual sellers are also considered merchants.

False

The bill of sale serves as written evidence of the transfer of ownership of goods.

True

Under the provisions of the Uniform Commercial Code, which of the following holds true in regard to regulation, licensing, and taxation? a. Buyers and sellers are to be treated differently. b. A merchant is held to a higher standard than a casual seller. c. A casual buyer and merchant are held to the same standards of conduct d. A casual seller and merchant are held to the same standards of conduct.

b. A merchant is held to a higher standard than a casual seller.

If the transfer of ownership is to take place in the future, the transaction is a(n) ______ rather than a sale.

contract to sell

Kareen has studied art and design at a local university. Additionally, she has traveled throughout the world learning about specialty jewelry and priceless artwork and regularly buys goods for stores back home. Because she deals regularly with a particular good and possesses special knowledge, under the UCC Kareen would be classified as a(n) ______

merchant

______ entails a collection of rights including the right to hold title, possess, use, enjoy, profit from, waste, and even destroy the subject property.

ownership

When _____ in full has been accepted by the seller, an oral contract for the sale of goods valued at more than $500 would be enforceable in full.

payment

The consideration paid for a sale of goods is known as the _____ of those goods.

price

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

In both sales and contracts to sell, the seller is known as the vendee.

False

The Uniform Commercial Code (UCC) does not govern contracts to sell goods in the future.

False

In a contract between merchants under the UCC, if a seller sends a signed written confirmation of an oral agreement to the buyer the confirmation will be binding on both unless the buyer sends a written objection to the confirmation to the seller within a. 10 days. b. 2 weeks. c. 30 days. d. none of the above.

a. 10 days.

Which of the following alternatives may a court that decides that a clause of a contract is unconscionable not do? a. prosecute the clause's maker for criminal influence b. enforce the contract without the clause c. limit the clause's application so that it is no long unfair d. refuse to enforce the contract

a. prosecute the clause's maker for criminal influence

Casual sellers a. may be required to be licensed. b. only sell occasionally. c. are usually subjected to special taxation. d. only sell casual items.

b. only sell occasionally.

If the property transferred from one party to another for something of value is not a good, what body of law governs the transaction? a. the UCC b. the law of contracts c. the law of transactional analysis d. none of the above

b. the law of contracts

Which of the following transactions would be governed by the UCC provisions on sale of goods? a. the assignment of a right to a performance b. the transfer of ownership of rare coins c. the transfer of ownership of a building d. All of the above would be governed by the UCC provisions on the sale of goods

b. the transfer of ownership of rare coins

Under the law of contracts, a new term added to the offer by the offeree would be considered a _____ and would terminate the original offer.

counteroffer

Acceptance of goods occurs when a. the goods are used or resold. b. the buyer fails to reject the goods within a reasonable length of time. c. the buyer has indicated by words or conduct that the goods received are satisfactory. d. all of these.

d. all of these.

Sherry offers to sell her set of antique dishes to her neighbor, Joan. In this situation Sherry would be known as a(n) a. merchant. b. vendee. c. none of these. d. vendor.

d. vendor.

When both parties are merchants, a new term inserted by the offeree automatically becomes part of the contract if the offeror fails to object within a reasonable time.

True

When parties exchange goods for goods, the sale is a barter.

True

Words or conduct of the buyer that indicate that the goods received are satisfactory can be construed by the court as acceptance.

True

If the buyer has had adequate opportunity to inspect the goods, acceptance may be indicated by a failure to reject them within a reasonable time.

True

Consideration for a sale or contract to sell goods may be expressed in the form of a.barter. b.all of these c.money d.services

b.all of these

Lewis manufactures handmade wooden baby chairs, while Doyle manufactures small wooden children's desks. The two enter into an agreement in which they exchange goods for goods. This type of sale is known as a(n) _________

barter

If a party admits in legal testimony that he or she agreed to part or all of an oral contract governed by the Statute of Frauds, the contract would be a. still null and void. b. none of these. c. binding to the extent admitted. d. totally enforceable.

c. binding to the extent admitted.

Which of the following must be included in a writing evidencing a sale of goods in order to satisfy the Statute of Frauds? a. credit terms b. price of the goods c. quantity of the goods d. date of delivery

c. quantity of the goods

Shawn needs a new refrigerator for his home. At a local appliance store, he purchases one for $825 using his credit card. The appliance store should provide Shawn with a written receipt showing his payment and the transfer of the ownership of the refrigerator from the appliance store to him. This receipt is known as a(n) a. sales contract. b. agreement of sale. c. none of these. d. bill of sale.

d. bill of sale.

In a contract to sell goods, the purchaser is known as the a. vendee. b. vendor. c. buyer. d. both a and c.

d. both a and c.

UCC stands for a. Universal Commercial Code. b. Uniform Coalition of Code. c. Universal Code of Commerce. d. none of the above.

d. none of the above.

According to the UCC, goods do not include a. books and clothing. b. dogs. c. all of these. d. patents and copyrights.

d. patents and copyrights.