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Exam 15: The Formation of Sales and Lease Contracts

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Question 31

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Under the UCC, prompt shipment of goods is considered an acceptance of an offer to buy the goods.

A) True
B) False

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Question 32

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Bill orders 1,000 nails from Super Hardware, Inc. Super Hardware keeps its nails in packages of 100,000. Bill and the agent for Super Hardware both sign the contract for the sale of the nails on Monday. The agent separates 1,000 nails on Wednesday. The agent delivers the nails to Bill on Thursday morning, and Bill pays for the nails on Friday. Identification of the nails took place on

A) Monday.
B) Wednesday.
C) Thursday.
D) Friday.

E) B) and C)
F) None of the above

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Question 33

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If a nonmerchant-seller's offer expressly conditions acceptance on a nonmerchant-buyer's agreement to the terms of the offer, the buyer's positive response is an acceptance even if it contains additional terms.

FlavorBean Coffee Company agrees to buy an unspecified quantity of coffee beans from Global AgriCorp. Global breaches the contract. In FlavorBean's suit to obtain relief, the court will most likely

Before a seller can have an insurable interest in goods, the goods must be identified to a contract.

In a destination contract, the seller is required to deliver the goods to a particular destination.

Jackson owns an antiques store. He sells a grand piano to Fred for $5,000, a old jukebox to Sam for $499, an antebellum chest of drawers to Josephine for $659 and a gold ring to Wendy for $999. Which of Jackson's sales must be in writing to be enforceable?

For an item to be characterized as a "good" under the UCC, it must be intangible.

Quinn enters into a series of agreements with Reba involving a sale of a Suite Dreams Motel, including the land, building, furnishings, shares of stock in Suite Dreams Company, and a contract with Trudy to create an ad campaign. Reba suspects that Quinn may be misrepresenting the facts. The UCC Statute of Frauds governs

A course of performance is the conduct that occurs under the terms of a particular agreement.

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

Real estate transactions are always governed by Article 2 of the UCC.

Sweets Store buys chocolate from Tasty Candies, Inc. The parties agree that the chocolate will be shipped "F.O.B. Sweets" via United Railroad Corporation. The chocolate is lost in transit. The loss is suffered by

Sweetwater Café orders five gallons of transfat-free cooking oil from Restaurant Supply, Inc. The seller mistakenly ships the wrong oil, which the buyer keeps, despite the nonconformity. The oil is destroyed in a kitchen fire. The loss is suffered by

Southern Distribution, Inc., signs a receipt for goods that will also serve as a contract for the goods' transport. This is

Community Construction Corporation offers to buy from Solid Cement Company a certain quantity of cement for a certain price. Solid can accept the offer by

Elizabeth buys a car from Silas, who is sixteen years old. Elizabeth then wants to sell the car to her neighbor, John. Elizabeth's title to the car is

Under a destination contract, the risk of loss passes to the buyer when the goods are duly delivered to the carrier.

Mountaineer Sales, Inc., is the offeror and Camping Goods Corporation is the offeree under a unilateral sales contract in which Forest Recreation Products Company is also interested. Mountaineer is not notified of Camping's performance within a reasonable time. Mountaineer

Identification, risk of loss, and insurable interest are all concepts that are involved in determining the rights and liabilities of parties to a contract.