Question 1

Under what circumstances does the parol evidence rule not apply and parties are allowed to explain or supplement a written contract?

Accepted Answer

Courts allow the parties to explain or supplement a written contract with either 1)additional terms that are consistent with the terms in the agreement or 2)evidence that helps the court interpret the agreement,including previous conduct of the parties regarding the contract in question course of performance),the way the parties have interacted in past transactions course of dealings),and the way others in a specific place,vocation,trade,or industry usually conduct business usage of trade).

Question 2

Under the UCC,contracts for the sale of goods valued at or more must be in writing in order to be enforceable.

Accepted Answer

A)  $1,000
B)  $100
C)  $500
D)  $5,000
E)  $1,500F) A) and E)
G) B) and E)

Question 3

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

Accepted Answer

A)  Saleable things
B)  Goods
C)  Articles
D)  Merchandise
E)  AttachmentsF) A) and B)
G) A) and E)

Question 4

What was the court's ruling in DeWeldon.Ltd.v.McKean,the case in the text regarding whether the artist Felix DeWeldon was considered a "merchant" within the meaning of the UCC?

Accepted Answer

A)  The court found that Felix DeWeldon was not a "merchant" because he is an individual.
B)  The court found that,even though he recently sold paintings and was a collector,Felix DeWeldon was not a "merchant" because his occupation was not that of an art dealer.
C)  The court found that Felix DeWeldon was not a "merchant" because his occupation was an artist and not an art dealer.
D)  The court found that Felix DeWeldon was a "merchant" but only because the defendant viewed him as an art dealer.
E)  The court found that Felix DeWeldon was a "merchant".F) C) and E)
G) None of the above E

Question 5

Under Article 2A.of the UCC,what is the correct term for a person who transfers the right to possession and use of goods under a lease?

Accepted Answer

A)  Lessee
B)  Acquirer
C)  Buyer
D)  Seller
E)  LessorF) None of the above
G) A) and D)

Question 6

What are the UCC's exceptions to the statute of fraud's writing requirements?

Accepted Answer

A)  Specifically manufactured goods,admission,and modification.
B)  Admission and partial-performance,but specifically manufactured goods must be in writing.
C)  There are no exceptions for the statute of fraud's writing requirements.
D)  Specifically manufactured goods,and admission,but there is no exception for partial performance.
E)  Specifically manufactured goods,admission,and partial performance.F) C) and E)
G) B) and E)

Question 7

According to Exhibit 21-5 in the text,if quantity is left open in a contract for the sale of goods under the UCC,how will a court most likely interpret this provision?

Accepted Answer

A)  The court will look to the specific industry standards in the UCC.
B)  A "reasonable" quantity is supplied at the time of trial.
C)  The court generally has no basis for determining a remedy.
D)  A "reasonable" quantity is supplied at the time of delivery.
E)  The court will decide the quantity.F) A) and D)
G) C) and D)

Question 8

Contracts for the sale or lease of goods may be formed even though some terms of the contract or lease are left open.

Accepted Answer

A) True 
 B)False

Question 9

Under the UCC,how may an acceptance be made?

Accepted Answer

A)  Only by electronic communication or by a writing.
B)  By any reasonable means of communication.
C)  Only orally or by a writing.
D)  Only by facsimile or by mail.
E)  Only by a writing.F) D) and E)
G) A) and B)

Question 10

What was the court's ruling in Loizeaux Builders Supply Co.v.Donald B.Ludwig Company,the case in the text about whether a supplier's telephone call in February that the low price for concrete "would be adhered to for the year" still applied after January 1,when the supplier raised its price?

Accepted Answer

A)  The court found for the buyer and awarded the lower price for deliveries until February 1,because the contract is between merchants,who are held to a higher standard of care.
B)  The court found for the supplier and awarded the higher price for deliveries after January 1,because there were witnesses who supported the supplier's testimony.
C)  The court found for the supplier and awarded the higher price for deliveries after January 1,based on the plain meaning of "adhered to for the year",the customer practice in the industry to raise prices January 1,and the fact that the buyer had actual notice of the price increase.
D)  The court found for the buyer and split the price difference,because the contract is between merchants,who are held to a higher standard of care,but the buyer had actual notice of the price increase.
E)  The court found for the buyer and awarded the lower price for deliveries until February 1,based on the plain meaning of "adhered to for a year".F) C) and D)
G) A) and B) C

Question 11

Is Rita correct that there is no contract because there is nothing at all in writing?

Accepted Answer

A)  Yes,although the UCC is lenient about the statute of frauds,there must at least be something in writing to evidence the existence of a contract.
B)  Yes,because Rita made no payment.
C)  Yes,unless the good were specifically manufactured for Rita.
D)  No,but only if Rita has made a payment under the contract.
E)  No,because there has been partial-performance of the contract.F) A) and E)
G) B) and C)

Question 12

Which of the following statements is true about the UCC and the CISG?

Accepted Answer

A)  Only the UCC covers offer and acceptance.
B)  Only the UCC provides guidance in international litigation.
C)  The CISG requirements for the statute of frauds are the same as those under the UCC.
D)  The CISG requirements for the statute of frauds are more lenient than those under the UCC.
E)  The UCC pre-empts the CISG because all states have adopted the UCC in some form.F) C) and E)
G) C) and D)

Question 13

A finance lease is equivalent to a consumer lease.

Accepted Answer

A) True 
 B)False

Question 14

Which statement is false regarding the United Nations Convention on Contracts for the International Sale of Goods "CISG") ?

Accepted Answer

A)  The United Kingdom is not a signatory of the CISG and instead applies English common law.
B)  Mexico has signed the CISG.
C)  Israel is a signatory of the CISG.
D)  The CISG is a treaty.
E)  The United States applies the UCC but not the CISG.F) A) and B)
G) None of the above

Question 15

The Uniform Internet Act was adopted by the National Conference of Commissioners on Uniform State Laws in order to answer questions involving Internet sales issues.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following is true regarding Emilia's assertion that she should be allowed to recover from the baseball coach?

Accepted Answer

A)  Based upon the facts given,Emilia cannot recover because the coach was not a merchant in regards to the transaction and had not signed anything showing that he was to be charged for the caps.
B)  Emilia can recover only if she can prove by testimony of a witness that the coach received the confirmation letter and read it.
C)  Emilia can recover because she sent the coach a confirmation letter,and he did not object within 10 days of receipt.
D)  Emilia can recover because she sent the coach a confirmation letter,and he did not object within 20 days of receipt.
E)  Emilia can recover because the transaction was not covered by the UCC.F) A) and B)
G) A) and C)

Question 17

Under the UCC,items are ________ if they exist physically.

Accepted Answer

A)  Tangible
B)  Saleable
C)  Real
D)  Movable
E)  MerchandiseF) A) and D)
G) A) and C)

Question 18

[Carpet Woes] Joaquin went shopping at ABC Carpet.He saw some carpet he liked but could not make up his mind.The manager at ABC Carpet wrote down the proposed purchase price for him along with a statement that the price would be good for three months.Two months later,Joaquin went back to ABC Carpet to purchase the carpet.Unfortunately,the price had gone up.Joaquin showed the manager his writing and guaranteed price,but the manager said that the offer was no longer good.Frustrated with ABC Carpet,Joaquin decided to purchase his carpet from XYZ carpet,and he also contracted with XYZ to do the installation.Unfortunately,Joaquin almost immediately started to have problems with the carpet.Joaquin told the sales manager for XYZ Carpet that he was planning on bringing a suit for breach of warranty.The sales manager,however,told him that breach of warranty provisions only applied to sales of goods and that the carpet purchase was for installation,a service.
-What kind of offer did the manager at ABC Carpet make to Joaquin?

Accepted Answer

A)  A firm offer
B)  An unenforceable offer
C)  An illusory offer
D)  A mirror offer
E)  A consideration offerF) A) and C)
G) A) and B)

Question 19

What is required in order for an offer to be considered a firm offer under the UCC? If a firm offer is silent as to time,what is the effect? Compare this effect with the result of silence as to time under the common law.

Accepted Answer

Under the UCC,offers made by merchants a...

Question 20

The UCC has adopted the mirror image rule.

Accepted Answer

A) True 
 B)False

Exam 21: Introduction to Sales and Lease Contracts

Under what circumstances does the parol evidence rule not apply and parties are allowed to explain or supplement a written contract?

Under the UCC,contracts for the sale of goods valued at or more must be in writing in order to be enforceable.

Correct Answer
verified

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

Correct Answer
verified

What was the court's ruling in DeWeldon.Ltd.v.McKean,the case in the text regarding whether the artist Felix DeWeldon was considered a "merchant" within the meaning of the UCC?

Correct Answer
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E

Under Article 2A.of the UCC,what is the correct term for a person who transfers the right to possession and use of goods under a lease?

Correct Answer
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What are the UCC's exceptions to the statute of fraud's writing requirements?

Correct Answer
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According to Exhibit 21-5 in the text,if quantity is left open in a contract for the sale of goods under the UCC,how will a court most likely interpret this provision?

Correct Answer
verified

Contracts for the sale or lease of goods may be formed even though some terms of the contract or lease are left open.

Correct Answer
verified

Under the UCC,how may an acceptance be made?

Correct Answer
verified

What was the court's ruling in Loizeaux Builders Supply Co.v.Donald B.Ludwig Company,the case in the text about whether a supplier's telephone call in February that the low price for concrete "would be adhered to for the year" still applied after January 1,when the supplier raised its price?

Correct Answer
verified
C

Is Rita correct that there is no contract because there is nothing at all in writing?

Correct Answer
verified

Which of the following statements is true about the UCC and the CISG?

Correct Answer
verified

A finance lease is equivalent to a consumer lease.

Correct Answer
verified

Which statement is false regarding the United Nations Convention on Contracts for the International Sale of Goods "CISG") ?

Correct Answer
verified

The Uniform Internet Act was adopted by the National Conference of Commissioners on Uniform State Laws in order to answer questions involving Internet sales issues.

Correct Answer
verified

Which of the following is true regarding Emilia's assertion that she should be allowed to recover from the baseball coach?

Correct Answer
verified

Under the UCC,items are ________ if they exist physically.

Correct Answer
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Correct Answer
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What is required in order for an offer to be considered a firm offer under the UCC? If a firm offer is silent as to time,what is the effect? Compare this effect with the result of silence as to time under the common law.

Correct Answer
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Under the UCC,offers made by merchants a...
View Answer

The UCC has adopted the mirror image rule.

Correct Answer
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Exam 21: Introduction to Sales and Lease Contracts

Under what circumstances does the parol evidence rule not apply and parties are allowed to explain or supplement a written contract?

Under the UCC,contracts for the sale of goods valued at or more must be in writing in order to be enforceable.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

What was the court's ruling in DeWeldon.Ltd.v.McKean,the case in the text regarding whether the artist Felix DeWeldon was considered a "merchant" within the meaning of the UCC?

Correct AnswerverifiedE

Under Article 2A.of the UCC,what is the correct term for a person who transfers the right to possession and use of goods under a lease?

Correct AnswerverifiedShow Answer

What are the UCC's exceptions to the statute of fraud's writing requirements?

Correct AnswerverifiedShow Answer

According to Exhibit 21-5 in the text,if quantity is left open in a contract for the sale of goods under the UCC,how will a court most likely interpret this provision?

Correct AnswerverifiedShow Answer

Contracts for the sale or lease of goods may be formed even though some terms of the contract or lease are left open.

Correct AnswerverifiedShow Answer

Under the UCC,how may an acceptance be made?

Correct AnswerverifiedShow Answer

What was the court's ruling in Loizeaux Builders Supply Co.v.Donald B.Ludwig Company,the case in the text about whether a supplier's telephone call in February that the low price for concrete "would be adhered to for the year" still applied after January 1,when the supplier raised its price?

Correct AnswerverifiedC

Is Rita correct that there is no contract because there is nothing at all in writing?

Correct AnswerverifiedShow Answer

Which of the following statements is true about the UCC and the CISG?

Correct AnswerverifiedShow Answer

A finance lease is equivalent to a consumer lease.

Correct AnswerverifiedShow Answer

Which statement is false regarding the United Nations Convention on Contracts for the International Sale of Goods "CISG") ?

Correct AnswerverifiedShow Answer

The Uniform Internet Act was adopted by the National Conference of Commissioners on Uniform State Laws in order to answer questions involving Internet sales issues.

Correct AnswerverifiedShow Answer

Which of the following is true regarding Emilia's assertion that she should be allowed to recover from the baseball coach?

Correct AnswerverifiedShow Answer

Under the UCC,items are ________ if they exist physically.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

What is required in order for an offer to be considered a firm offer under the UCC? If a firm offer is silent as to time,what is the effect? Compare this effect with the result of silence as to time under the common law.

Correct AnswerverifiedUnder the UCC,offers made by merchants a...View AnswerShow Answer

The UCC has adopted the mirror image rule.

Correct AnswerverifiedShow Answer

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E

Correct Answer
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C

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Under the UCC,offers made by merchants a...
View Answer

Correct Answer
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