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Exam 11: Sales and Lease Contracts

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Question 21

True/False

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Under the UCC, good faith means honesty in fact and the observance of reasonable commercial standards of fair dealing in the trade.

A) True
B) False

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Question 22

Multiple Choice

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Cakes & Cookies Corporation orders Delicioso-brand chocolate from Edibles Distribution Inc. Edibles identifies the goods. Before they are shipped to Cakes & Cookies, an insurable interest in the goods exists in​

A) Cakes & Cookies and Edibles.
B) Delicioso and Edibles.
C) Cakes & Cookies and Delicioso.
D) all of the parties as tenants in common.

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

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Question 23

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Commercial Rents Corporation agrees to lease a pressure washer to Delivery Trucks, Inc., which agrees to pick it up at E Street Warehouse. Before Delivery Trucks retrieves the washer, it is stolen. The loss is suf-fered by​

When goods are held by a bailee, risk of loss cannot pass to a buyer.

If the parties to a contract for a sale of goods have not agreed on a price, a court will determine a reasonable price at the time for delivery.

When a buyer breaches a contract, the risk of loss immediately shifts to the buyer.

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

Quaff n' Quench Café buys twenty-five crates of oranges from Reynaldo Produce, Inc. Reynaldo ships the oranges "F.O.B. Quaff n' Quench" via Sham Shipping Company. The oranges rot in transit. The loss is suffered by​

Both the buyer and the seller can have an insurable interest in identical goods at the same time.

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

Title and risk of loss can pass to the buyer from the seller before the goods are identified to the contract.

Under the United Nations Convention on Contracts for the International Sale of Goods, an international sales contract does not need to be in writing or any particular form.

Bert sells his car to Conrad for $5,000 and his bike to Del for $600. Bert sells his vinyl record collection to Elena for $1,000 and his stock in Altogether Now, Inc.-a firm that markets an app for organizing digital music files-to Franz for $4,000. UCC Article 2 covers all of these transactions except the sale of​

Pipes & Culverts Company orders six irrigation pumps from Quality Plumbing, Inc. The pumps are stored in Restorers Warehouse. Under the terms of the order, Quality must give Pipes a warehouse receipt for the goods, which Pipes will then pick up. Title to the goods passes to Pipes when

Under the UCC, if a contract for a sale of goods does not specify the quantity, a court will objectively determine what is a reasonable quantity.

Under the UCC, the meaning of any agreement must be interpreted in light of commercial practices.

County Dentists Clinic offers to buy from Dental & Medical Supplies Company a certain quantity of floss and other items for a certain price. Dental & Medical can accept the offer by

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

Under the United Nations Convention on Contracts for the International Sale of Goods, there are no irrevocable offers.

Fits Like A Glove Shoes, Inc., and Retail Footwear Stores enter into a contract for a sale of shoes. The contract indicates that the price includes transportation costs to a specific destination by including the term​