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AGBS 28 Midterm questions well answered already passed
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AGBS 28 Midterm questions well answered already passed
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AGBS 28 MidtermA warranty of product is an assurance by the buyer that he or she will pay valid consideration for a
product. T or F - correct answer ✔✔False
An express warranty is created when a seller makes specific representations concerning the quality,
condition, description or performance potential of goods. - correct answer ✔✔True
Statements of puffery made during the bargaining process are recognized by courts as express
warranties. - correct answer ✔✔False
Advertisements are an offer to commence negotiations. T or F - correct answer ✔✔True
A lease is a contract for the possession of something and not a contract for the ownership of something.
T or F - correct answer ✔✔True
An implied warranty of merchantability arises in every sale or lease by a merchant who deals in goods of
the kind sold or leased. T or F - correct answer ✔✔True
When a buyer relies on a seller to select a product suitable for the buyer's purpose, and the seller does
not furnish a suitable product, the seller may be liable for breaching the implied warranty of fitness for a
particular purpose. T or F - correct answer ✔✔True
The Legislative Branch of the US Government interprets the law. T or F - correct answer ✔✔False
A Negotiable Instrument can be a promissory note. T or F - correct answer ✔✔True
When personally served with a complaint, the named defendant has 65 days to file a responsive
pleading prior to being defaulted. T or F - correct answer ✔✔False (30 days)
, Under the US Constitution Congress is charged with: - correct answer ✔✔making laws
Eve agrees to sell a used pump on her ranch to Greg (i.e., her neighbor) for $500. Greg replies "the pump
isn't worth 1/2 that amount." "I'll give you $200 for the pump." Greg's reply to Eve____. - correct answer
✔✔is a counteroffer
American Ag Credit ("ACC") loans Three Star Farms ("3Star"), its home office being located in Fresno, CA,
$50,000 for the purchase of 500 Yorkshire Pigs. 3Star owns several connected ranches that transcend
Tulare and Kings County. AAC receives a UCC 1 Security Agreement from 3Star whereat the Pigs are
pledged for collateral for the $50,000 loan. AAC should record its UCC 1 with the - correct answer
✔✔Tulare County and Kings County Recorder's Office (both b & c)
In California, certain contracts must be in writing in order to be enforceable; the legal name for this
requirement is called: - correct answer ✔✔the Statute of Frauds
Fresh Breakfast Restaurant buys 100 bags of oranges from Sweet Citrus Company. When the 100 bags of
oranges arrive, 50 bags are rotten. Fresh Breakfast Restaurant can: - correct answer ✔✔a. refuse the
entire shipment of oranges.
b. accept the 100 bags of oranges and seek a credit from Sweet Citrus Company for the 50 bags of rotten
oranges.
c. accept the 50 bags under the contract, refuse to accept the 50 bags of rotten oranges, and purchase
an additional 50 bags from another purveyor, and if necessary sue Sweet Citrus Company for the
difference of the contract price and the price it paid to purchase 50 bags of replacement oranges.
d. all of the above.
Charles bids at auction for a rare Grant Wood rendering of mom-and- pop raking leaves in Autumn;
Charles knows he has the successful bid to purchase the Grant Wood rendering when: - correct answer
✔✔When the auctioneer's gavel falls to denote that the sale is closed and the highest previous bid is
accepted
Amy and Builders Corporation enter into a contract in which Amy agrees to deliver cement to Builders at
a construction site. They neglect to include a price in the agreement. A court will - correct answer
✔✔determine a reasonable price for the cement and insert it into the contract.
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