Law chapter 15 review

Article 2 of the UCC covers the sale of tangible goods only

True

False

The UCC requires any acceptance to adhere to the “mirror image” rule.

True

False

The sale of both goods and services are covered by Article 2 of the UCC.

True

False

A contract with open quantity terms will never be valid

True

False

Under the UCC, an oral “merchant’s firm offer” is irrevocable for the time stated or no more than 3 months if no time is stated.

True

False

One must have title to the goods in order to have an insurable interest.

True

False

The Statute of Frauds requires all sales contracts to be in writing in order to be enforceable.

True

False

Generally, under the UCC, consideration is not required for a modification of a contract for the sale of goods to be valid.

True

False

The parol evidence rule prohibits any testimony concerning the terms of a written contract

True

False

An unconscionable contract may be avoided with court intervention under the UCC

True

False

Once title to the goods passes to the buyer, the seller no longer has an insurable interest in the goods.

True

False

The default contract under the UCC is a destination contract

True

False

A conditional acceptance by the offeree is considered a counteroffer

True

False

An offer to purchase may be accepted by shipping conforming or Non-conforming goods

True

False

Fungible goods are goods that are alike by agreement, physical Nature or trade usage

True

False

The General purpose of the UCC is to

Protect the merchant

Protect the consumer

Protect parties from unconscionable contracts

Standardize commercial law and facilitate commercial transactions

An offer that is accepted by shipping non-conforming goods is

A breach

An acceptance

Invalid

Both 1 and 2

Shipping non-conforming goods as an accommodation will

Be considered a breach

Be considered a counteroffer

Be considered an acceptance

None of the above

Contracts that violate the Statute of Frauds will be enforceable if

Partial performance has been rendered

The goods are specially made for the buyer

The oral contract is admitted in open Court

All of the above

The subject matter of a sale of goods may be

Real property

A patent

Computer services

A car

The sale provisions of Article 2 of the UCC apply to

Merchants

Merchants but non merchants

Nonmerchants but not merchants

Both merchants and nonmerchants

Partial performance has been rendered

Course of dealing

Usage of trade

Course of performance

All of the above

Generally, which of the following open terms would result in no enforceable contract?

Price

Payment method

Shipment method

Quantity

A merchant is one who

Deals in goods of kind involved in the transactions

Hires a merchant as her agent

Holds himself out as having special skill or knowledge regarding the goods in question

Any of the above

Under the UCC, a modification to a contract requires no consideration as long as

There is no fraud

The modification is not an attempt at extortion

The modification is not illegal or against public policy

All of the above

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