BUS 263 Final Exam | Questions and Answers In a dispute over a sale involving a skateboard, Greg argues that as to this deal Hobby Shop, where Greg bought the board, is a merchant. A court may determine whether the shop is a merchant by assessing whether it holds itself out by occupation as havin...
In a dispute over a sale involving a skateboard, Greg argues that as to this deal Hobby
Shop, where Greg bought the board, is a merchant. A court may determine whether the
shop is a merchant by assessing whether
it holds itself out by occupation as having knowledge and skill unique to the skateboard
in the transaction.
Ferris is refinishing his kitchen floor and needs a floor sander to complete the job.
Ferris's neighbor Gina suggests that he call Home Repair Rentals, Inc. Home Repair
leases Ferris a floor sander. In this transaction, the lessor is
Home Repair.
Dian, an agent for Expo Motors, Inc., writes a letter to Flynn on November 1 stating that
she will sell him a 2017 Subaru Outback for $25,000 between November 1 and
December 31. Dian's letter to Flynn is
a merchant's firm offer.
Article 2 of the UCC governs
contracts for the sale of goods.
Ed sells his car to Fran for $5,000, his bike to Gwen for $600, his game player to Holly
for $200, and three shares of stock to Inez for $100. Article 2 of the UCC does not apply
to the sale of
the patent.
Refined Metals Company and Superior Fabrication, Inc., enter into a contract under
which Refined agrees to deliver a certain quantity of sheet metal to Superior each
month. The contract does not include a price term. In a suit between the parties over the
price, a court will
determine a reasonable price.
Jack sells a grand piano to Kyle for $5,000 and a gold ring to Lauren for $999. A writing
is required to enforce the sale of
the piano and the gold ring.
Bert's Bagels, Inc., and other bakeries refer to a "baker's dozen" as consisting of a
collection of thirteen baked goods. This is an example of
usage of trade.
Lee pays Mobile Electronics $600 for a new phone. Under the UCC, this is
a sale.
, Red Bev LLC contracts to buy two tons of strawberries from Sweet Fruits, Inc. The
contract states that Sweet Fruits is required to ship the strawberries to Red Bev by
Truck Transport Inc. The contract is
a shipment contract.
In a sale of oranges from Citrus Grove Farms to Juice Factory Inc. to be delivered after
the harvest, a fire destroys the fruit before it is picked. Under the UCC, the rights and
liabilities of Citrus and Juice in this circumstance are generally determined by
the concepts of identification and risk of loss.
Sure Good Appliance Corporation contracts with Trucking Company to take a selection
of appliances to United Railroad, Inc., for United to transport the goods to a VeriSafe
Company warehouse. Trucking, United, and VeriSafe each acknowledge possession of
the goods by a document of title. These parties are
bailees.
Paramount Bookstores buys fifty cases of an assortment of books from Quixote
Publishing with the right to return the unsold books in lieu of payment. This is
a sale or return.
A contract between Fresh Fruit Corporation and Green Grocer, Inc., requires Fresh Fruit
to deliver goods to Green Grocer's place of business. This is
a destination contract.
Regional Freight LLC delivers a receipt issued by Storage Warehouse for goods stored
in its facility to Transnational Inc., a buyer of the goods. This is
a warehouse receipt.
Safewise Insurance Agency contracts with Town & Country Motors to buy six cars. The
contract lists the cars by their VINs (vehicle identification numbers). Under the UCC,
identification
has taken place
Jill buys a kayak from a LakeCraft store, which agrees to keep it for her until she picks it
up. Before Jill gets the kayak, an unforeseen tornado destroys the store and the goods.
The loss is suffered by
LakeCraft.
Barley that fills County Grain Co-op's silo is fungible if the barley is
alike naturally, by agreement, or by trade usage.
Beef, Inc. raises calves to sell. Beef breeds its cows in April, and the cows calve in
February of the following year. In January, Cold Cuts Inc. contracts with Beef to buy fifty
calves. Identification takes place in
April, when the calves are conceived.
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