BlAw Ch15 Reading
The Uniform Commercial Code (UCC) permits
"output" and "requirement" terminology to determine quantity
Under the Uniform Commercial Code, a contract for the sale of goods must be in writing to be enforceable if the goods are priced at ______ or more.
$500
Under the Uniform Commercial Code, a contract for the lease of goods must be in writing to be enforceable if the lease requires payments of ______ or more.
1,000
In which year was the United Nations Convention on Contracts for the International Sale of Goods (CISG) offered as a treaty that countries could sign?
1980
Article __ of the Uniform Commercial Code focuses on contracts for the sale of goods.
2
Article __ of the UCC covers the lease of goods.
2(a)
Section ___ of the Uniform Commercial Code states that a sale "consists of the passing of title from the seller to the buyer for a price."
2-106(1)
Under the Uniform Commercial Code Section ______, additional terms do not negate acceptance unless acceptance is made expressly conditional on assent to the additional terms.
2-207(1)
The Uniform Commercial Code Section ______ defines a lease as "a transfer of the right to possession and use of goods for a term in return for consideration."
2A-103(j)
Which of the following is an accurate statement regarding common carriers in common-carrier delivery contracts?
A common carrier is an independent contractor.
According to the Uniform Commercial Code, which of the following is not one of the broad factual scenarios for the sale of goods?
A goods-in-kind contract or A goods-in-curtailment contract
In the context of contracts, which of the following is an incorrect statement regarding title?
A license is a type of title.
Which of the following is a type of conditional sales contract?
A sale-or-return contract or a sale-on-approval contract
Which of the following is not a correct rule regarding title transfer, risk of loss transfer, and insurable interest in a simple delivery contract?
If the seller is not a merchant, risk of loss transfers on the scheduling of the goods for production.
A buyer receives voidable title if all but which of the following circumstances occur?
The buyer purchased illegal goods.
Which of the following is an accurate statement regarding the mirror-image rule under the Uniform Commercial Code?
The mirror-image rule does not apply under the Uniform Commercial Code.
A buyer receives voidable title if all but which of the following circumstances occur?
The purpose of the contract was illegal when the contract was formed.
According to the Uniform Commercial Code, which of the following is an accurate statement regarding the quantity term in a contract for the sale of goods?
The quantity element is usually required since without it the courts will have no guideline to determine the intent of the parties.
According to the Uniform Commercial Code, in a simple delivery contract, which of the following is not an accurate statement regarding transfer of title, risk of loss, and insurable interest?
Title transfers to the buyer when the contract is envisioned by one of the parties.
Which of the following is an accurate statement regarding whether additional terms are permitted in contracts for the sale or lease of goods under the Uniform Commercial Code (UCC)?
Under the UCC, additional terms are permitted in contracts for the sale or lease of goods.
The __________ outlines actions a court can take if it discovers that a contract or lease is unconscionable.
Uniform Commercial Code
Under the ___, contracts for the sale of goods may be made in any manner sufficient to show agreement.
Uniform Commercial Code and the United Nations Convention on Contracts for the International Sale of Goods
When is risk of loss transferred from the seller to the buyer in a destination contract?
When the seller delivers the goods to the destination stipulated in the sales contract
In a goods-in-bailment contract, an insurable interest is created when either party has any of the following except
a noneconomic interest attached to the goods
Which of the following documents indicates the seller's ownership of the goods in a goods-in-bailment contract?
a nonnegotiable document of title
According to the Uniform Commercial Code, which of the following parties is not included in the term "merchant"?
a person who conducts a yard sale in front of his or her home
According to the Uniform Commercial Code's interpretation of an open price term, if the price term is left open in a contract for the sale of goods
a reasonable price is supplied at the time of delivery
If a firm offer is silent regarding time, the Uniform Commercial Code assumes
a three-month irrevocability period
A contract is a sale-on-______ contract if the seller allows the buyer to take possession of the goods before deciding whether to complete the contract by making the purchase.
approval
According to the mirror-image rule that applies under common law, if an offeree's acceptance includes additional terms, the acceptance becomes a(n) ______ instead of an acceptance.
counteroffer
With a ______ shipping term, risk of loss passes to the buyer when the goods leave the ship.
delivery ex-ship
According to the Uniform Commercial Code's interpretation of an open quantity term, if the quantity term is left open in a contract for the sale of goods,
courts generally have no basis for determining a remedy
If a shipment contract is a(n) ______ contract, title transfers from the seller to the buyer when a common carrier delivers the goods to the buyer.
destination
If the seller does not provide the goods that were described in a contract, the buyer may
either accept the nonconforming goods as is or reject the goods subject to the seller curing the deficiency in the goods
is the transfer of goods to a merchant who ordinarily deals in goods of that kind.
entrustment
Which of the following is the most common way the seller breaches a sales contract?
failure to deliver the contracted goods
According to the Uniform Commercial Code, an offer made by a merchant is a(n) ______ offer if it is made in writing and gives assurances that it will be irrevocable for up to three months.
firm
According to Article 2 of the Uniform Commercial Code, items attached to real estate that are used for business activities are known as trade
fixtures
A writing is a type of documentation that shows contractual intent and satisfies the statute of ____ requirement.
frauds
With a ______ shipping term, the selling price includes transportation costs and the seller carries the risk of loss to either the place of shipment or the place of destination.
free on board
______ title is title that is acquired from someone who already owns the goods free and clear.
good
Under the Uniform Commercial Code, the only requirement for the modification of a contract is that the modification be made in ______.
good faith
In the context of contracts, the three types of title include
good, void, and voidable
The United Nations Convention on Contracts for the International Sale of Goods (CISG) was offered as a treaty countries could sign to indicate their willingness to allow the treaty to govern ______ sales contracts.
international business-to-business
When passing a void title, good faith is considered to be ________.
irrelevant
According to the Uniform Commercial Code, a lessor is a person who transfers the right to possession and use of goods under a
lease
Article 2(A) of the Uniform Commercial Code applies to
leases
According to the Uniform Commercial Code, a ___ is a person who acquires the right to possession and use of goods under a lease.
lessee
According to the Uniform Commercial Code, a ______ is a person who transfers the right to possession and use of goods under a lease.
lessor
According to the Uniform Commercial Code, a ___ is a person who regularly sells goods as his or her business or trade or employs people to sell those goods
merchant
According to the ______ rule that applies under common law, an offeree's acceptance must be on the exact terms of the offer.
mirror-image
A contract that combines a good with a service is a(n) ___ sale.
mixed
If a shipment contract is a(n) ______ contract, title to the goods passes to the buyer when the goods are turned over by the seller to a common carrier.
origin
If a farmer agrees to sell all the grain his fields will produce but is unable to determine a specific amount, then the quantity term has been satisfied under the Uniform Commercial Code as a(n) ______ contract
output
In a(n) ______ contract, the buyer agrees to purchase all of an item the seller produces within a certain time frame.
output
According to the definition of goods as per Section 2-105 of the Uniform Commercial Code, items are tangible if they exist
physically
According to the Uniform Commercial Code, a lessee is a person who acquires the right to ______ of goods under a lease.
possession and use
The Uniform Commercial Code defines a lease as a transfer of the right to ___ of goods ____ in return for consideration.
possession and use; for a term
Under both the Uniform Commercial Code and the United Nations Convention on Contracts for the International Sale of Goods, a court will uphold a contract for the sale of goods as long as the parties intended to make a contract and there is a(n) ______ basis for giving an appropriate remedy.
reasonably certain
If a buyer agrees to buy all the quantity she needs for a certain good but is unable to identify an exact amount, the Uniform Commercial Code recognizes this as an enforceable ______ contract.
requirements
In a(n) ______ contract, the buyer agrees to purchase all of an item the seller produces within a certain time frame.
requirements
A sale-or-______ contract occurs when the seller and buyer agree that the buyer may return the goods at a later time.
return
Article 2 of the Uniform Commercial Code applies to
sales
According to the Uniform Commercial Code, if two merchants have an oral agreement, a written memo from either party to the other
satisfies the statute of frauds, even if it is not acknowledged by the receiving party
In the context of contracts, which of the following is not a type of title?
sequential
With a(n) ______ contract, the buyer and seller typically execute an agreement, and the buyer leaves with the goods.
simple delivery
Voidable title occurs in certain situations where the contract between the original parties would be void but the goods have already been
sold to a third party
Tender of delivery is the moment
the goods of a contract are available for the buyer to take
Common law requires some kind of writing created or signed by
the party who is contesting the enforceability of a contract
Article 2 of the Uniform Commercial Code applies to mixed sales if goods are ___ part of a transaction.
the predominant
In the context of contracts, ______ means ownership.
title
The Uniform Commercial Code states that a sale consists of the passing of ___ from the seller to the buyer for a
title, price
Suppose a buyer wrongfully refuses to accept conforming goods from the seller and then the goods are subsequently lost or damaged during transit. If the original contract was a destination contract and if the seller does not have shipping insurance or the loss exceeds the seller's insurance, the risk of loss
transfers to the breaching buyer
A contract is ______ if it is so unfair that a court would be unreasonable if it enforced the contract.
unconscionable
Someone who purchases stolen goods either knowingly or unknowingly has ______ title.
void
______ title is not true title.
void
title occurs in certain situations where the contract between the original parties would be void but the goods have already been sold to a third party.
voidable
Under the Uniform Commercial Code, an offeree's acceptance is effective
when dispatched
When do title and risk of loss transfer from the seller to the buyer in a sale-on-approval contract?
when the buyer notifies the seller about the approval of the contract
According to the Uniform Commercial Code, when does the buyer in a simple delivery contract have an insurable interest in the goods?
when title passes from the seller to the buyer
According to the Uniform Commercial Code, in a transaction between merchants, how much time does a receiving party have to object to a memorandum confirming the existence of an oral agreement between the parties to avoid being bound by the memorandum and the oral agreement?
within 10 days of receipt
Under common law, when a contract is modified, it must be supported by new __
consideration
Which of the following is an accurate statement regarding sales contracts and lease contracts and the consideration requirement?
Both sales contracts and lease contracts require consideration.
contracts require a seller to deliver the goods to the destination stipulated in the sales contract.
Destination
Which of the following is an incorrect statement regarding title and risk of loss transfer in a goods-in-bailment contract?
Risk of loss passes to the buyer simultaneously with the document of title, provided that the document of title is nonnegotiable.
contracts usually occur when a buyer is buying inventory to resell.
Sale-or-return
is the requirement that a seller or lessor have and hold conforming goods at the disposal of the buyer or lessee and give the buyer or lessee reasonable notification to enable him or her to take delivery.
Tender of delivery
Which of the following is a correct statement regarding the United Nations Convention on Contracts for the International Sale of Goods (CISG) and the statute of frauds writing requirement?
The CISG has eliminated the statute of frauds writing requirement.
Which of the following is an accurate statement regarding the United Nations Convention on Contracts for the International Sale of Goods (CISG) and the "battle of the forms" scenario?
The CISG relies on the common law mirror-image rule.
Which of the following is a correct statement regarding the United Nations Convention on Contracts for the International Sale of Goods (CISG) and the statute of frauds writing requirement?
The CISG requires only credible and reasonable proof that a contract exists, regardless of whether the proof is documented or verbal.
Most buyer breaches occur when a buyer refuses to ______ goods from the seller and then the goods are subsequently lost or damaged.
accept conforming
The most obvious way of attaining good title is to
acquire property from someone who has good title
If a merchant sells entrusted goods to a good-faith third-party purchaser, the buyer
acquires good title
A goods-in-______ contract involves goods that are in some kind of storage; as a result, the seller cannot transfer physical possession of them.
bailment
According to the Uniform Commercial Code-recognized ______, if the last set of negotiations during the consideration of a contract is not specifically rejected, then the last terms "standing" are the ones that are applicable to the final transaction.
battle of the forms
Under the Uniform Commercial Code, an acceptance of a contract may be made
by any reasonable means of communication
Which of the following is not an issue correlated with title addressed by the Uniform Commercial Code?
capacity or the age of majority
With a(n) ______ delivery contract, the purchased goods are delivered to the buyer via an independent contractor.
common-carrier
