The Formation of Sales and Lease Contracts
15 questions available
Questions
In a commercial transaction involving the sale of goods, what happens when a common law contract rule conflicts with a state statutory law based on the Uniform Commercial Code (UCC)?
View answer and explanationAccording to the Uniform Commercial Code (UCC), what defines a 'sale'?
View answer and explanationTo be classified as 'goods' under Article 2 of the UCC, what two characteristics must an item of property possess?
View answer and explanationUnder the UCC, when is a contract for the sale of minerals, such as oil and gas, considered a contract for the sale of goods?
View answer and explanationWhen a contract involves a combination of goods and services, what test do courts generally use to determine if the contract is governed by the UCC?
View answer and explanationWhich of the following describes a person who is considered a 'merchant' under Article 2 of the UCC?
View answer and explanationWhat is the total amount of lease payments that defines a lease as a 'consumer lease' under Article 2A of the UCC?
View answer and explanationIn a finance lease involving a lessor, a lessee, and a supplier, what are the lessee's obligations if the leased equipment turns out to be defective?
View answer and explanationIf a sales contract does not specify a price, how will a court determine the price under the UCC?
View answer and explanationUnder the UCC, what is the maximum length of time a merchant's firm offer can be held irrevocable without consideration?
View answer and explanationWhat is the legal effect when a seller, in response to an order for goods, makes a prompt shipment of nonconforming goods without notifying the buyer that it is an accommodation?
View answer and explanationIn a contract between merchants under the UCC, when do additional terms in an acceptance NOT become part of the contract?
View answer and explanationWhat does the UCC require for an agreement modifying a contract for the sale of goods to be binding?
View answer and explanationUnder the UCC's Statute of Frauds, a sales contract for goods must be in writing to be enforceable if the price of the goods is at what amount?
View answer and explanationWhich of the following is an exception to the UCC's Statute of Frauds, making an oral contract enforceable?
View answer and explanation