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Exam 20: The Formation of Sales and Lease Contracts

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Question 31

True/False

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A merchant's firm offer is revocable at any time before acceptance.

A) True
B) False

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Question 32

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Stitches Corporation enters into a contract to sell denim clothing to Trend Fashion Company, which in turn sells the clothing to consumers. In contrast to standards that apply to consumers, the UCC imposes on merchants

A) ​less strict legal standards.
B) ​special business standards.
C) ​stricter ethical standards.
D) ​the same overall standards.

E) A) and B)
F) B) and D)

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Question 33

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Curt enters into a contract with Drivers Lease Company for a three-year lease of a car. This contract is subject to

The UCC imposes special business standards on casual and inexperienced sellers and buyers.

Ferris is refinishing his kitchen floor and needs a floor sander to complete the job. Ferris's neighbor Gena suggests that he call Home Repair Rentals, Inc. Home Repair leases Ferris a floor sander. In this transaction, the lessor is

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

Jacob offers to sell Bill a collection of baseball cards. For their transaction to be a sale under the UCC, Bill

Key of G Products, Inc., offers to sell to Harmony Company one hundred MP3 players at $50 a piece, subject to certain specific delivery dates. Harmony replies with a signed purchase order that reads, "Accept your offer for 100 I-appliances at $50 each. Must be delivered to our warehouse." Key of G does not respond or deliver the goods. Harmony files a suit for breach of contract, to which Key of G answers that there is no contract because Harmony's purchase order contained additional terms and is not signed by Key of G. Can Harmony recover? Explain.

Goods associated with real estate often fall within the scope of Article 2.

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

Goods associated with real estate never fall within the scope of UCC Article 2.

UCC Article 2 applies to sales transactions between all buyers and sellers.

Over the course of a year, Retail Marketers, Inc., sells goods from its inventory and one of its warehouses. In exchange, Retail receives checks and other items that substitute for cash, which Retail uses to repay a loan from Savings Bank. Article 2 of the UCC governs

Toro, S.A., which is based in Mexico, enters into a contract for the purchase of portable livestock fencing from United Fencing Company, which is based in the United States. This contract is governed by

Under the UCC, an offeror must be notified within a reasonable time that the offeree has accepted.

Rice River Farms offers to sell Sensei Sushi Restaurants, Inc., five hundred bushels of rice. Sensei responds, "We agree to buy five hundred bushels only if the rice is Grade A quality." This statement is

Talk, Inc., offers to buy from Ultra Corporation 1,000 smartphones. Without notifying Talk, Ultra timely ships phones of a different quality. With respect to the offer and a possible contract, this shipment is an acceptance and

Brad buys a bulldozer from Construction Equipment Corporation, which he leases to Deep Digg, Inc. In this situation, the lessee is

The United Nations Convention on Contracts for the International Sale of Goods (CISG) is the uniform international sales law of countries that account for more than two-thirds of all global trade.

A lessor is a party who acquires a right to the possession and use of goods under a lease.