Test 2

quantity of goods being sold

Under the UCC, what is the only required term for a valid sales contract?

Article 2

What section of the UCC applies to contracts for sales of goods?

The UCC applies to contracts that sell goods

In what situations does the UCC overrule common law?

Under the UCC, any manner of showing agreement to contract is accepted, but under the common law acceptance must mirror the offer; Under the UCC, the only required definite term is quantity of product being sold. Other terms such as price and delivery time can be left open; Under the UCC, merchants have more flexibility in having open terms

In what ways does Article 2 of the UCC differ from contract rules under the common law? Choose 3 answers.

There is a reasonably certain basis for the courts to determine a remedy in the case of a breach; the parties intended to make a contract

A sales or lease contract will not fail for indefiniteness even if one or more terms are left open as long as both of the following are true (choose 2)

contracts for the sale of goods; contracts for the sale of goods and services when it is predominately goods

Article 2 of the UCC applies to what types of contracts? Choose 2 answer choices.

The CISG does not apply to consumer sales; the CISG is stricter on requiring mirror image acceptances; under the UCC, an irrevocable offer must be in writing, but under the CISG it can be oral

How does the 1980 United Nations Convention on Contracts for the International Sale of Goods (CISG) differ from the UCC? Choose 3 answers.

the predominant-factor test dictates the proper choice of law; common law is appropriate for some mixed contracts

How do parties determine which is the appropriate law for a mixed contract? Choose 2 answer choices.

contracts for goods over $500

The Uniform Commercial Code applies to what types of contract?

a commercial freezer unit

Which of the following qualifies as a "good" under Article 2 of the UCC?

it must be tangible; it must be moveable

What characteristics must an item possess to be classified as a "good" Choose 2 answers.

a firm offer

What is the term for when a merchant gives a written, signed assurance that he or she will not revoke an offer for a stated period of time?

Oil and gas, if the seller removes; crops harvested by the seller

What products are included in the UCC definition of goods? Choose 2 answer choices.