FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 18: Introduction to Sales and Lease Contracts

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 1

True/False

Review LaterAdd Note

Review Later

The UCC imposes some different rules on merchants.

A) True
B) False

Correct Answer

verified

True

Question 2

Multiple Choice

Review LaterAdd Note

Review Later

In a dispute over a sale involving a bicycle,Dain argues that as to this deal Emil's Hobby Shop,where Dain bought the bike,is a merchant.A court may determine whether Emil's is a merchant by assessing whether 

A)  ​it has sold any bikes within the last year. 
B)  ​it holds itself out by occupation as having knowledge or skill unique to the bike in the transaction. 
C)  ​its owner enjoys biking. 
D)  ​it subscribes to Bike, a biweekly trade magazine.

E) C) and D)
F) B) and C)

Correct Answer

verified

Show Answer

Question 3

True/False

Review LaterAdd Note

According to the UCC,one open term will cause a sales contract to fail for indefiniteness.

Jackson owns an antiques store.He sells a grand piano to Fred for $5,000,a old jukebox to Sam for $499,an antebellum chest of drawers to Josephine for $659 and a gold ring to Wendy for $999.Which of Jackson's sales must be in writing to be enforceable? 

Great Grain Farms offers to sell Hearty Bakeries,Inc.,fifty bushels of wheat.Hearty's representative Milena responds,"We agree to buy fifty bushels only if the wheat is Grade A quality." Between Great Grain and Hearty 

Jamie is redoing his kitchen and decides he needs a floor sander to complete the job.Jamie tells Rachel,his neighbor,that he needs a floor sander.Rachel tells Jamie to call Home Repair Rentals,Inc.Home Repair Rentals leases Jamie a floor sander.In this transaction the lessor is 

Generally,acceptance of an offer to lease goods may be made in any reasonable manner and by any reasonable means.

Clean Machines Company makes washing machines.Over the phone,Clean offers to sell Dealers Appliance Outlet one hundred model EZ2000 washers at a price of $150 per unit.Clean says that it will keep the offer open for ninety days.Dealers responds that within two or three weeks it will decide whether to accept.One week later,Clean faxes,and Dealer receives,notice that the offer is withdrawn.Dealer immediately phones Clean to accept the $150-per-unit offer.When Clean refuses to deliver at that price,Dealer files a suit.Clean asserts,first,that there is no contract and,second,that if there is a contract,it is unenforceable.Discuss Clean's assertions.

Fact Pattern 18-1Olga enters into a contract to buy a refrigerator from a Prairie States Appliance store with the price to be paid in monthly installments. After thirty-six months of payments, Olga has paid more than twice the price of a similar stove. Eighteen payments remain due under the contract. -Refer to Fact Pattern 18-1.Olga files a suit against Prairie States,claiming that their contract is so unfair and one sided that it would be unreasonable to enforce it.Olga is asserting 

Under the UCC,an offeror must be notified within a reasonable time that the offeree has accepted.

Expert Stitching Corporation enters into a contract to sell denim clothing to Fine Fashion Company,which in turn sells a pair of jeans to Grady,a consumer.In contrast to standards that apply to consumers,the UCC imposes on merchants 

Carn' Truck Body & Paint Company orders custom paint from Diverse Hues Inc.,but Diverse does not deliver.Carn' Truck will probably be unable to enforce the agreement if the parties omitted 

Tune Products,Inc.,offers to sell to Unlimited Sales Company one hundred MP3 players at $50 a piece,subject to certain specific delivery dates.Unlimited replies with a signed purchase order that reads,"Accept your offer for 100 I-appliances at $50 each.Must be delivered to our warehouse." Tune does not respond or deliver the goods.Unlimited files a suit for breach of contract,to which Tune answers that there is no contract because Unlimited's purchase order contained additional terms and is not signed by Tune.Can Unlimited recover? Explain.

Fresh Dairy,Inc.,is the offeror and Gelato Ice Cream Company is the offeree under a unilateral sales contract in which Hector's Helado Corporation is also interested.Gelato is not notified of Fresh Dairy's performance within a reasonable time.Gelato 

Refined Cereal Grains,Inc.,agrees to sell to Sunny Breakfast Cereal Company a certain quantity of refined oats each week but no mention is made of where the goods are to be delivered.In general,the UCC requires that the delivery take place at​ 

A course of performance is the conduct that occurs under the terms of a particular agreement.

Jacob offers to sell Bill a valuable collection of baseball cards.In order for the transaction between Jacob and Bill to be considered a sale under the UCC,Bill 

iSharp,Inc.,and Jenene,the owner of a Kitchen Time shop,orally agree to a sale of knives and other utensils for $12,000.Jenene gives iSharp a check for $4,000 as a partial payment.This contract is​ 

Megan,who is not an expert on horses,offers to sell a horse,a saddle blanket,and a bridle to her neighbor Nathan for $2,000.Nathan signs the bill of sale and pays the $2,000,but says that he wants a saddle,too.If Megan does not give Nathan a saddle along with the other goods and he files a suit against Megan for breach of contract,the court will probably 

Under the UCC,an oral contract for a sale of goods is enforceable once payment has been made and accepted.