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REG 2024 Test 1 Questions & Answers 100% CORRECT
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REG 2024 Test 1 Questions & Answers 100% CORRECT
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REG 2024 Test 1 Questions & Answers100% CORRECT
UCC - ANSWERSThink the same of goods, merchants held to a higher standard
express warranty - ANSWERSmade before the sale of goods, basis of the bargain (made to entice the
sale)
warranty of merchantabilty vs warranty of fitness - ANSWERSmerchantability must be made by a
merchant, goods are fit for ordinary purpose
fitness - can be made by anybody, goods are for a specific purpose
Duties of agent owed to principal - ANSWERSduty of loyalty
duty of obedience
duty of reasonable car
Duty to Account
(LORA)
Duties of Principal to Agent - ANSWERScompensation, reimbursement and indemnification, cooperation,
safe working conditions (CRICS)
Ratification - ANSWERSFormal approval outside of apparent authority or actual authority
perfection - ANSWERSmakes claims to debt enforceable over third parties, gives priority
Automatic Perfection - ANSWERSPurchase money security interest - PMSI in consumer goods
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