Exam (elaborations)
Chapter 8 Sales Contracts (1)
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Chapter 8 Sales Contracts (1)
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Chapter 8 Sales ContractsA sales contract is a specific type of contract in which one party is obligated to deliver and
transfer ownership of a good to a second party, who in turn is obligated to pay for the good in
money, or its equivalent - ANS-What is a sales contract?
c. cumulative - ANS-All of the following are features of sales contracts except:
a. Consensual
b. Bilateral
c. Cumulative
d. Principal
b. the uniform commercial code - ANS-What source of law governs sales contracts?
a. Common Law
b. The Uniform Commercial Code
c. Statutory Law
d. Federal Law
A good is a tangible item "which are movable at the time of identification to the contract for
sale." - ANS-What is the definition of a good?
A shipment contract occurs when it is the responsibility of the seller to make the shipping
arrangements and to transfer the goods to the common carrier. Under this contract, title passes
to the buyer at the time of shipment, so the buyer bears the risk of loss, even when he or she
has not taken possession of the goods. A destination contract occurs when the seller is required
to deliver the goods to a location that is stipulated in the contract. Under this contract, title
transfers when the goods are delivered, but the seller bears the risk of loss until that time -
ANS-Distinguish a shipment contract from a destination contract
A warranty is a guarantee on the good that comes as part of the sales contract, but. contract law
treats warranties as an additional form of contract that binds the selling party to undertake a
certain action - ANS-What is a warranty in a sales contract?
An express warranty is one in which the seller explicitly guarantees the quality of the good or
service sold. Typically, the vendor provides a statement, or other binding document, as part of
the sales contract. In certain circumstances where no express warranty was made, the law
implies a warranty. This statement means that the warranty automatically arises from the fact
that a sale was made. - ANS-Describe the difference between an express and implied warranty.
d. product defect - ANS-Examples of a defect in a breach of the implied warranty of
merchantability, include all of the following except:
a. Design defect
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