Library/Business/Business Law: Text and Cases, Eleventh Edition/The Formation of Sales and Lease Contracts

The Formation of Sales and Lease Contracts

15 questions available

Summary unavailable.

Questions

Question 1

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 explanation
Question 2

According to the Uniform Commercial Code (UCC), what defines a 'sale'?

View answer and explanation
Question 3

To be classified as 'goods' under Article 2 of the UCC, what two characteristics must an item of property possess?

View answer and explanation
Question 4

Under 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 explanation
Question 5

When 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 explanation
Question 6

Which of the following describes a person who is considered a 'merchant' under Article 2 of the UCC?

View answer and explanation
Question 7

What is the total amount of lease payments that defines a lease as a 'consumer lease' under Article 2A of the UCC?

View answer and explanation
Question 8

In 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 explanation
Question 9

If a sales contract does not specify a price, how will a court determine the price under the UCC?

View answer and explanation
Question 10

Under the UCC, what is the maximum length of time a merchant's firm offer can be held irrevocable without consideration?

View answer and explanation
Question 11

What 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 explanation
Question 12

In a contract between merchants under the UCC, when do additional terms in an acceptance NOT become part of the contract?

View answer and explanation
Question 13

What does the UCC require for an agreement modifying a contract for the sale of goods to be binding?

View answer and explanation
Question 14

Under 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 explanation
Question 15

Which of the following is an exception to the UCC's Statute of Frauds, making an oral contract enforceable?

View answer and explanation

Other chapters

Introduction to Law and Legal ReasoningCourts and Alternative Dispute ResolutionCourt ProceduresConstitutional Authority to Regulate BusinessNegligence and Strict LiabilityIntellectual Property and Internet LawCriminal Law and Cyber CrimeNature and TerminologyAgreementConsiderationCapacity and LegalityMistakes, Fraud, and Voluntary ConsentThe Statute of Frauds—Writing RequirementThird Party RightsPerformance and DischargeBreach of Contract and RemediesE-Contracts and E-SignaturesTitle, Risk, and Insurable InterestPerformance and Breach of Sales and Lease ContractsWarranties and Product LiabilityThe Function and Creation of Negotiable InstrumentsTransferability and Holder in Due CourseLiability, Defenses, and DischargeChecks and Banking in the Digital AgeCreditors' Rights and RemediesSecured TransactionsBankruptcy LawAgency Formation and DutiesLiability to Third Parties and TerminationEmployment and Labor LawEmployment DiscriminationSole Proprietorships and FranchisesPartnerships and Limited Liability PartnershipsLimited Liability Companies and Special Business FormsCORPORATIONS—Formation and FinancingCORPORATIONS—Directors, Officers, and ShareholdersCORPORATIONS—Merger, Consolidation, and TerminationCORPORATIONS—Securities Law and Corporate GovernanceLaw for Small BusinessesAdministrative LawConsumer LawEnvironmental LawAntitrust LawPersonal Property and BailmentsReal Property and Landlord-Tenant RelationshipsInsuranceWills and TrustsProfessional Liability and AccountabilityInternational Law in a Global Economy