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Business Law Principles and Practices

Business

Quiz 15 :

Formation of Sales and Lease Contracts

Quiz 15 :

Formation of Sales and Lease Contracts

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Money bought and sold as a commodity is included in the definition of goods.
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True False
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True

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A court must enforce the terms of a written sales contract, even if they are unfair.
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False

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Blacklaw in a signed letter to Ekis made the following request (offer): "Ship promptly 100 dozen of the new light saver type light bulbs." This offer
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Multiple Choice
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C

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The UCC allows a sales contract to be enforced as long as the parties intended to make a contract, even in cases in which essential terms, such as the purchase price, are missing.
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An agreement modifying a contract for the sale of goods needs no consideration to be binding.
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The UCC makes a distinction between a professional and an occasional seller.
True False
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The UCC allows a contract to be formed as long as the parties intended to contract even even in cases in which essential terms such as price, quantity, and terms of payment are missing.
True False
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Under the UCC, a merchant is a person who is
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The distinction between whether contracts are covered by the UCC and those that are not depends upon whether or not the contract involves the purchase or sale of goods.
True False
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A written agreement for the sale of goods need be signed only by the buyer.
True False
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A lawsuit for breach of a sales contract must be brought within four years.
True False
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Under the UCC, a change in an existing contract must be based on consideration.
True False
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An oral contract can be enforced only for the quantity of goods actually received and accepted by the buyer.
True False
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An item attached to real property is considered goods if it can be removed easily.
True False
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Freedom of contract is a basic principle of the UCC. Consequently, its provisions are not mandatory.
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Arnold who worked for the Clean Corporation sold vacuum cleaners house to house. He called on Anna, a single mother on welfare with five children. Convinced by Arnold's sales presentation Anna signed a sales contract to purchase a vacuum cleaner. While the contract stated the price of $600 payable in weekly installments, there were hidden charges (fine print) covering insurance and a service contract for one year bringing the total to $900. After paying in $300, a neighbor pointed out the hidden charges to Anna who then stopped payments at the suggestion of Legal Aid under the theory of
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Which of the following statements does not apply to a written contract governed by Article 2 of the UCC
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Under the UCC only a person who deals regularly in the sale of goods involved in the sales contract is considered a merchant.
True False
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The "mirror-image" rule has been incorporated into the UCC.
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Article 2 of the UCC does not cover a contract for
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