Answer the following questions.

41.When time is stated to be "of the essence" in a contract

a.performance must take place within a reasonable time.

b.this means that time is a contract condition that must be strictly complied with.

c.this means that performance must be completed within the time limits specified by the UCC.

d.has been construed to mean that delay, unless unreasonable, will not eliminate a party's right to payment

42.Compensatory damages in a contract action

a.are designed to put the non-breaching party in the same position he/she would have been in had the contract been fully performed.

b.are the same as punitive damages.

c.cannot be awarded for the breach ofreal estate contract.

d.is an example of an equitable remedy.

43.The measure of damages in an action brought for the breach of contract for the sale of goods will be

a.liquidated damages.

b.the difference between the market price and the contract price.

c.what the parties to the contract have agreed upon.

d.what a court decides and not an arbitrator.

44.Consequentialdamages

a.are unforeseeable damages resulting from the consequences of a breach of contract.

b.are foreseeable damages resulting from the consequences of a breach of contract.

c.are a type of liquidated damages.

d.are not subject to arbitration.

45.Mitigation of damages

a.is expressly eliminated by the UCC.

b.means that the non-injured party has a duty to take reasonable steps to limit damages.

c.is not required for the breach of a contract for the sale of goods.

d.means that the injured party has a duty to take reasonable steps to limit damages.

46.If before either party to a contract has a duty to perform and one of the parties refuses to perform

a.the non-breaching partymust remain ready to perform for a reasonable time.

b.the non-breaching party must perform to the extent commercially reasonable.

c.both parties are excused from performing the contract.

d.the refusal to perform can be treated as a present breach of contract and damages can be immediately sued for by the non-breaching party.

47.If a sale involves specific goods already in existence, identification under the UCC occurs

a.when the goods are set apart from other goods by the seller.

b.when the good are labeled by the seller as belonging to a particular contract.

c.when the goods are shipped to the buyer.

d.when the contract is made.

48.Under a shipment contract

a.title to goods passes to the buyer at the time and place of shipment.

b.title to goods passes upon delivery of the goods to the buyer.

c.title passes upon the buyer executing a receipt for the goods.

d.title to the goods passes to the buyer no later than 3 days after the buyer has had the opportunity to inspect them.

49.If a seller or lessor of goods has stolen the goods

a.his/her title to the goods is voidable.

b.the owner of the goods can reclaim the goods if the owner acts promptly after discovery of the theft or acts promptly after he/she should have discovered the theft.

c.can pass title to the goods to a good faith purchaser of the goods who has given consideration for the goods.

d.his/her title to the goods is void.

50.When the owner of goods delivers goods to a merchant and the goods are of a kind the merchant deals in, this is known as

a.a principal/agency relationship

b.an independent contracter relationship.

c.an entrustment.

d.an employer/employee relationship.