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BUS 201 final exam| 150 Questions| With Complete Solutions
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UCC correct answer: modifies terms of a contract that are silent Sale correct answer: Passing title from seller to buyer for a price. Price may be in cash or in other goods or services Article 2 correct answer: Modifies the common law of contracts in certain areas, especially if one of the...

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  • July 6, 2023
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  • 2022/2023
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BUS 201 final exam| 150 Questions| With
Complete Solutions
UCC correct answer: modifies terms of a contract that are silent

Sale correct answer: Passing title from seller to buyer for a
price. Price may be in cash or in other goods or services

Article 2 correct answer: Modifies the common law of contracts
in certain areas, especially if one of the parties is a merchant

Goods correct answer: must be tangible and movable (not land,
services or intangibles)

Merchant correct answer: A merchant is one who deals in goods
of the kind sold, and is presumed to possess a high degree of
expertise

UCC correct answer: a collection of standardized laws on the
contracting and trade of goods that has been adopted by the
majority of states in the U.S.

Lessor correct answer: sells the right to possess and use goods

Lessee correct answer: acquires right to possess and use

Article 2A correct answer: Deals with Leases/financing of
goods

,Article 2 correct answer: Deals with Sales

Merchants firm offer correct answer: Under Common Law, an
offer can e revoked at any time before acceptance

open terms correct answer: as long as the parties intended to
form a contract, and there is a reasonably certain basis for the
court to grant a remedy.

Methods of Acceptance correct answer: Seller can specify
manner of acceptance. If not, any reasonable means

Acceptance correct answer: Promise to ship/Prompt shipment of
conforming goods is

Accomodation correct answer: Shipment of non-conforming
goods is considered an acceptance and a breach unless the seller
notifies the goods are only a

Communication of Acceptance correct answer: Under Ucc,
seller must be reasonably notified by buyer by beginning
performance ( even in its a unilateral contract)

New consideration correct answer: Ucc does not require a
contract modification to be supported by this

Statute of Frauds correct answer: Contracts for Sale of Goods
over $500 or lease over $1,000 must be in writing.

Exceptions to Statute of Frauds correct answer: Specifically
manufactured goods

, Admissions
Partial Performance

Common law of sales and lease contracts correct answer:
Obligation to teneder or deliver conforming goods

tender conforming goods correct answer: seller has duty to
notify buyer that conforming goods

Perfect tender rule correct answer: Seller is obligated to deliver
goods that conform with the terms of the contract in every detail

UCC perfect Tender correct answer: Seller has duty to ship or
tender conforming goods. If goods fail to conform in any way
Buyer has the right to:

Accept entire shipment
Reject the entire shipment
Accept or reject part of the shipment

cure correct answer: Seller has the right to repair, adjust, or
replace nonconforming goods within the original time of
performance.

Commercial impracticability correct answer: Extends only to
unforseeable circumstances

Destruction of Identified Goods correct answer: parties are
excused only if the goods were identified at the time contract
was formed.

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