Question 1

Under Article 2 of the UCC which of the following consists of the passing of title from the seller to the buyer for a price?

Accepted Answer

A)   A lease
B)   A transaction
C)   A transfer of use
D)   A sale
E)   A negotiated transferF) B) and C)
G) A) and E)

Question 2

"Dress Shop Problems." Susie, who has a ladies' dress shop, reached an oral agreement with Kim, a wholesaler, to purchase 100 dresses for $80 each, with the dresses to be delivered within 30 days. Kim later orally agreed to a modification whereby she would add ten belts to go along with certain dresses at no extra charge. Kim did so because she wanted to maintain Susie's good will. Susie sent Kim a memo confirming their oral agreement, including the modification, but heard nothing. When the dresses did not arrive within 30 days, Susie checked with Kim. Kim told her that their agreement was no good because Kim never signed anything and that the UCC does not apply in the retail arena.
-Which of the following is true regarding Kim's statement that the UCC does not apply in the retail arena?

Accepted Answer

A)   Kim is correct in that the UCC does not apply in the retail arena.
B)   Kim is partially correct. The UCC does not apply in the retail arena if the parties have had significant past dealings under common law.
C)   Kim is partially correct. The UCC does not apply in the retail arena if the parties are located in the same state.
D)   Kim is partially correct. The UCC does not apply in the retail arena if the contract at issue is for an amount under $10,000.
E)   Kim is incorrect.F) A) and E)
G) A) and D)

Question 3

A contract that combines a good with a service is a ______ sale.

Accepted Answer

A)   Combined
B)   Mixed
C)   Service
D)   Goods
E)   TotalF) All of the above
G) A) and B)

Question 4

Which of the following was offered as a treaty that countries could sign, indicating their willingness to allow this treaty to govern international business-to-business sales contracts?

Accepted Answer

A)   The International Convention of Contracts for International Sales
B)   The Federation Convention on the Uniform Commercial Code
C)   The Worldwide Federation Convention on the Sale of Goods
D)   The United Nations Convention on Contracts for the International Sale of Goods
E)   The International Agreement on the Sale of GoodsF) C) and E)
G) A) and B) D

Question 5

Which of the following is true regarding Chinese law?

Accepted Answer

A)   China currently has legislation that covers the sale of goods, the provision of services, and leases.
B)   China currently has legislation that covers the sale of goods and the provision of services, but no legislation that covers leases.
C)   China currently has legislation that covers the sale of goods but not the provision of services or leases.
D)   China currently has legislation that covers leases but not the provision of services or the sale of goods.
E)   China has legislation that covers leases and the sale of goods, but not the provision of services.F) A) and B)
G) A) and C)

Question 6

Under Article 2(A)  of the UCC, a[n] ______ is a person who acquires the right to possession and use of goods under a lease.

Accepted Answer

A)   Buyer
B)   Seller
C)   Lessee
D)   Lessor
E)   AcquirorF) B) and D)
G) C) and D)

Question 7

What actions does the UCC provide that a court can take if it discovers that a contract or lease provision or the contract or lease as a whole is unconscionable?

Accepted Answer

A)   The contract is void.
B)   The court can only refuse to enforce the contract or lease in total.
C)   The court can only refuse to enforce the parts of the contract or lease that are unfair.
D)   The court either can refuse to enforce the contract or lease or can enforce the parts of the contract or lease that are fair.
E)   The court has no power to enforce the lease and must award the innocent party punitive damages.F) C) and D)
G) A) and E)

Question 8

Which of the following was the result in the case in the text, Novamedix Limited v. NDM Acquisition Corporation and Vesta Healthcare Inc., in which the plaintiff claimed that a settlement agreement was a contract for the sale of goods breached by the defendant because a type of medical slipper involved in the settlement agreement could not be resold?

Accepted Answer

A)   That the transaction would not be treated as a contract for the sale of goods because the predominant purpose of the settlement agreement was to settle a patent infringement lawsuit.
B)   That the transaction would not be treated as a contract for the sale of goods because it was a mixed type of transaction.
C)   That the transaction would not be treated as a contract for the sale of goods because of the involvement of medical treatment issues.
D)   That the transaction would be treated as a contract for the sale of goods because the essential nature of the agreement was the exchange of slippers for the release of a legal right.
E)   That the transaction would be treated as a contract for the sale of goods because it was a mixed type of transaction.F) A) and E)
G) B) and C)

Question 9

Set for the circumstances under which the parol evidence rule would not apply and parties would be allowed to explain or supplement a written contract.

Accepted Answer

Courts, however, allow the parties to ex...

Question 10

Which of the following is true regarding the creation of the Uniform Commercial Code?

Accepted Answer

A)   The Uniform Commercial Code was created by the National Conference of Commissioners on Uniform State Laws, the American Law Institute, and the U.S. Commercial Consortium.
B)   The Uniform Commercial Code was created by the U.S. Commercial Consortium and the National Conference of Commissioners on Uniform State Laws, but not the American Law Institute.
C)   The Uniform Commercial Code was created by the National Conference of Commissioners on Uniform State Laws and the American Law Institute, but not the U.S. Commercial Consortium.
D)   The Uniform Commercial Code was created by a federal congressional committee.
E)   The Uniform Commercial Code was created by state legislative representatives from all 50 states.F) A) and E)
G) C) and E)

Question 11

To resolve contract issues in cases in which a tangible good is mixed with something intangible, most states employ some variation of the ______.

Accepted Answer

A)   Mixed-purpose test
B)   Unclear-purpose test
C)   Goods-services test
D)   Predominant-purpose test
E)   Substantial-purpose testF) A) and D)
G) None of the above D

Question 12

The UCC pertains to all business transactions.

Accepted Answer

A) True 
 B)False

Question 13

Land and service contracts are governed by common law, not the UCC.

Accepted Answer

A) True 
 B)False

Question 14

What did the court in Reilly Foam Corp. v. Rubbermaid Corp. rule in regard to whether a quote is considered an offer under the UCC?

Accepted Answer

A)   That it is well recognized under the UCC that quotes are considered offers.
B)   That it is well recognized under the UCC that quotes are not considered offers.
C)   That the UCC does not apply at all to disputes involving quotes because quotes are not goods.
D)   That generally quotes are not offers but that some price quotes are sufficiently detailed to be deemed offers.
E)   That generally quotes are offers but that some price quotes are sufficiently vague to be deemed mere invitations to enter into negotiations or to submit offers.F) A) and E)
G) B) and D)

Question 15

The UCC recognizes the concept of unconscionability.

Accepted Answer

A) True 
 B)False  True

Question 16

Under Article 2(a)  of the UCC which of the following is defined as a transfer of the right to possession and use of goods for a term in return for consideration?

Accepted Answer

A)   A sale of goods
B)   A lease
C)   A transfer
D)   A rental
E)   A consignmentF) A) and D)
G) C) and D)

Question 17

Under Article 2 of the UCC which of the following is defined as tangible things which are movable at the time of identification to the contract for sale?

Accepted Answer

A)   Articles
B)   Merchandise
C)   Goods
D)   Attachments
E)   Saleable thingsF) D) and E)
G) A) and B)

Question 18

How many states have failed to adopt any portions of the UCC?

Accepted Answer

A)   18
B)   7
C)   5
D)   4
E)   0F) A) and B)
G) All of the above

Question 19

If a firm offer is silent as to time, the UCC assumes ______.

Accepted Answer

A)   A one-year irrevocability period
B)   A six-month irrevocability period
C)   A four-month irrevocability period
D)   A three-month irrevocability period
E)   A one-week irrevocability periodF) D) and E)
G) A) and B)

Question 20

Which of the following is true regarding state rights in relation to the UCC?

Accepted Answer

A)   Because the UCC is a federal law, states have no rights to change it.
B)   Each state is allowed to rewrite parts of the UCC to reflect the wishes of its state legislature.
C)   States must adopt the UCC in full or not at all.
D)   State legislatures may make changes to Article 2 of the UCC but not to any other articles.
E)   State legislatures may make changes to Article 2(
A)   of the UCC but not to any other articles.F) A) and B)
G) B) and D)

Exam 21: Introduction to Sales and Lease Contracts

Under Article 2 of the UCC which of the following consists of the passing of title from the seller to the buyer for a price?

Correct Answer
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Correct Answer
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A contract that combines a good with a service is a ______ sale.

Correct Answer
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Which of the following was offered as a treaty that countries could sign, indicating their willingness to allow this treaty to govern international business-to-business sales contracts?

Correct Answer
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D

Which of the following is true regarding Chinese law?

Correct Answer
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Under Article 2(A) of the UCC, a[n] ______ is a person who acquires the right to possession and use of goods under a lease.

Correct Answer
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What actions does the UCC provide that a court can take if it discovers that a contract or lease provision or the contract or lease as a whole is unconscionable?

Correct Answer
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Correct Answer
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Set for the circumstances under which the parol evidence rule would not apply and parties would be allowed to explain or supplement a written contract.

Correct Answer
verified
Courts, however, allow the parties to ex...
View Answer

Which of the following is true regarding the creation of the Uniform Commercial Code?

Correct Answer
verified

To resolve contract issues in cases in which a tangible good is mixed with something intangible, most states employ some variation of the ______.

Correct Answer
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D

The UCC pertains to all business transactions.

Correct Answer
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Land and service contracts are governed by common law, not the UCC.

Correct Answer
verified

What did the court in Reilly Foam Corp. v. Rubbermaid Corp. rule in regard to whether a quote is considered an offer under the UCC?

Correct Answer
verified

The UCC recognizes the concept of unconscionability.

Correct Answer
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True

Under Article 2(a) of the UCC which of the following is defined as a transfer of the right to possession and use of goods for a term in return for consideration?

Correct Answer
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Under Article 2 of the UCC which of the following is defined as tangible things which are movable at the time of identification to the contract for sale?

Correct Answer
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How many states have failed to adopt any portions of the UCC?

Correct Answer
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If a firm offer is silent as to time, the UCC assumes ______.

Correct Answer
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Which of the following is true regarding state rights in relation to the UCC?

Correct Answer
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Exam 21: Introduction to Sales and Lease Contracts

Under Article 2 of the UCC which of the following consists of the passing of title from the seller to the buyer for a price?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

A contract that combines a good with a service is a ______ sale.

Correct AnswerverifiedShow Answer

Which of the following was offered as a treaty that countries could sign, indicating their willingness to allow this treaty to govern international business-to-business sales contracts?

Correct AnswerverifiedD

Which of the following is true regarding Chinese law?

Correct AnswerverifiedShow Answer

Under Article 2(A) of the UCC, a[n] ______ is a person who acquires the right to possession and use of goods under a lease.

Correct AnswerverifiedShow Answer

What actions does the UCC provide that a court can take if it discovers that a contract or lease provision or the contract or lease as a whole is unconscionable?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Set for the circumstances under which the parol evidence rule would not apply and parties would be allowed to explain or supplement a written contract.

Correct AnswerverifiedCourts, however, allow the parties to ex...View AnswerShow Answer

Which of the following is true regarding the creation of the Uniform Commercial Code?

Correct AnswerverifiedShow Answer

To resolve contract issues in cases in which a tangible good is mixed with something intangible, most states employ some variation of the ______.

Correct AnswerverifiedD

The UCC pertains to all business transactions.

Correct AnswerverifiedShow Answer

Land and service contracts are governed by common law, not the UCC.

Correct AnswerverifiedShow Answer

What did the court in Reilly Foam Corp. v. Rubbermaid Corp. rule in regard to whether a quote is considered an offer under the UCC?

Correct AnswerverifiedShow Answer

The UCC recognizes the concept of unconscionability.

Correct AnswerverifiedTrue

Under Article 2(a) of the UCC which of the following is defined as a transfer of the right to possession and use of goods for a term in return for consideration?

Correct AnswerverifiedShow Answer

Under Article 2 of the UCC which of the following is defined as tangible things which are movable at the time of identification to the contract for sale?

Correct AnswerverifiedShow Answer

How many states have failed to adopt any portions of the UCC?

Correct AnswerverifiedShow Answer

If a firm offer is silent as to time, the UCC assumes ______.

Correct AnswerverifiedShow Answer

Which of the following is true regarding state rights in relation to the UCC?

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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D

Correct Answer
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Courts, however, allow the parties to ex...
View Answer

Correct Answer
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Correct Answer
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D

Correct Answer
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Correct Answer
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True

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