LES 305 - Quiz 7
How many separate Articles of the UCC exist?
11
Japheth offers to purchase a wedding care from Edible Dreams Bakery for $400.00. He states they have two days to accept the offer. This is an example of which type of offer?
A firm offer
Normally, the buyer's offer in a commercial transaction takes the form of
A purchase order
Michael Motors enter into a business contract with Charles to sell Charles a car. The contract specifically states that upon the date that both parties sign the contract, Michael motors is not responsible for any damages that occur to the car during delivery to Charles' house. This is an example of what type of default rule?
Allocating risk
The goal of a default rule is to
Allow the court to fill in the gaps to save an incomplete contract.
Which statement below is correct when comparing the UCC and common law?
Common law is much stricter than the UCC.
Another term for a non-breaching party to a contract is
Innocent party
Damages agreed to by the parties when the contract is written and prior to any actual breach are called
Liquidated damages
Allie hires Christie to knit 55 pairs of socks by April 1. Christie accidentally knits only 53 pairs and mails off the 53 pairs of socks so that it reaches Allie by the due date. When Allie discovers this, she notifies Christie that she did not complete the contract. Can Allie refuse to pay Christie?
No if the court rules that the breach was not material and therefore a partial breach.
Default rules, under the UCC,
Only applies to unforeseen terms not addressed in the contract.
If Continental Tires agreed to purchase all of the rubber that a particular Brazilian rubber plantation could produce, this would be a(n)
Output contract
An agreement to transfer title of property or tangible assets for a certain price is called a
Sales contract
Bekah purchased her dream wedding dress from Bridal Couture. Two weeks before her wedding she attempts to pick up the dress only to find that the store has closed. On the window of the store is a note that says they will refund the purchase price of all dresses. However, it is too close to the wedding for Bekah to get a dress and she just wants her dream dress that is hanging in the store rather than the money. What type of remedy would Bekah request?
Specific Performance
The duty to mitigate damages requires the non-breaching party to
Take reasonable steps to lessen damages
The Uniform Commercial Code is created by
The National Conference of Commissioners of Uniform State Laws.
Again Motors offers to sell Shelby a 1977 Shelby Mustang Cobra for $10,000 on July 1, 2018. Shelby decides that she must think about it and one year later, on July 1, 2019 Shelby calls up Again Motors and tells them that she accepts their offer and will be to the store that day with the $10,000 for the car. Again Motors refuses to honor the offer even though they still have the exact car setting on the lot. Shelby sues Again Motors to enforce the agreement. Most likely, according to the UCC, what will be the outcome of the case?
The UCC only requires an offer to remain open for three months unless specifically stated otherwise. Therefore, Again Motors does not have to honor the offer.
Which of the following is true of open-price-term contracts?
The price becomes the reasonable price at the time goods are delivered.
The UCC allows all of the following to be an enforceable contract except
Unilateral action
In Thomas v. Montelucia Villas, the court ruled that the non-breaching party, under the legal theory of anticipatory repudiation, is entitled to damages
When the non-breaching party show that they were willing and able to perform the contract if the repudiation had not occurred.
In which of the following scenarios would enforcement of specific performance be appropriate?
You own the pistol used by Hamilton and contract to buy the pistol used by Burr in the Hamilton-Burr duel to complete your set, but despite the contract the Burr pistol owner refuses to sell at the last minute.
