Question
5) Except when required by the equal dignity rule, a written agreement is not required to create an agency relationship. True False 6) Under the
5) Except when required by the equal dignity rule, a written agreement is not required to create an agency relationship.
True
False
6) Under the UCC, when one party makes an offer, the offeree's acceptance must match the offer's exact terms to be valid.
True
False
7) Article 2 of the Uniform Commercial Code applies to which of the following transactions?
A. | Titos sale of legal services to Janet. | |||||||||||||
B. | Titos sale of his 1958 Edsel automobile to Janet. | |||||||||||||
C. | Titos sale of his home, Neverland Ranch, to Janet.
| |||||||||||||
D. | Titos renting of his home, Neverland Ranch, to Janet.
| |||||||||||||
10) |
| As it pertains to the scope of the application of UCC Article 2, choose the best description of the holding in the case of Connie Beale, Inc. v Plimpton.
|
12) Which is not a kind of title?
A. | Good | |
B. | Void | |
C. | Voidable | |
D. | Vacated |
13) Indicate all of the correct statements concerning the duration of a perfected security interest.
A. | The duration of a filed UCC Form 1 financing statement is five years. | |
B. | Financing statements automatically renew. | |
C. | A financing statement may only be renewed by the execution of an amended security agreement and the filing of another UCC Form 1. | |
D. | Perfected security interests are renewable upon the filing of a continuation statement. | |
E. | Perfected security interests are subject to termination by the filing of a termination statement. | |
F. | Once perfected by the filing of a financing statement, a perfected security interest may not be terminated prior to the conclusion of the original term. |
14) Under Article 2 of the Uniform Commercial Code, merchants are always treated the same as non-merchants.
True
False
15) Which one of the following statements concerning Superior Boiler Works, Inc. v. R.J. Sanders, Inc. is true?
The court found that because the contract between the parties called for the delivery of both goods and service, Uniform Commercial Code Article 2 did not apply. | ||
As interpreted under UCC Article 2, the contradictory delivery terms contained in the communications between the parties struck one another out. Despite the contradictory terms, the parties still had an enforceable agreement, but the court had to determine what a reasonable date for delivery would be. | ||
As interpreted under UCC Article 2, the contradictory delivery terms contained in the communications between the parties precluded the parties from having an enforceable agreement. | ||
As interpreted under UCC Article 2, the failure of the parties to reach agreement concerning the number of boiler units to be delivered precluded the parties from having an enforceable agreement. |
18) Which of the following is NOT a requirement for negotiability?
A. | The amount to be paid is a sum certain in money.
| |
B. | The amount to be paid includes a fixed (that is, not variable) rate of interest.
| |
C. | Payment is to be made either on demand or at a fixed future time.
| |
D. | The document must contain the words of negotiability "to the order of" or, in the alternative, words indicating that it is a bearer instrument. |
19) After the contract deadline for delivery has passed, a seller is absolutely precluded from curing through the delivery of conforming goods.
True
False
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started