Question
Buyer, an elderly man living by himself in a studio apartment, agrees to buy a 65 inch television and pay for it in installments over
Buyer, an elderly man living by himself in a studio apartment, agrees to buy a 65 inch television and pay for it in installments over the course of twenty-four months for a total of $5,000. It has a fair market value of $900. Buyer decides he wants to void the contract because he did not realize he was paying so much for the television. Buyer may be successful because
A. | Seller is a merchant and is therefore held to a higher standard. | |
B. | Buyers are given the benefit of the doubt under the UCC. | |
C. | The contract appears to be unconscionable so it should not be enforced. | |
D. | The buyer is protected under the theory of strict liability in tort. |
Rita, sixteen years old, sells a video game to her neighbor Annie, who plans to give the game to her nephew. Then Annie discovers that her nephew already has that video game, so she sells it instead to an office colleague, Donald. He does not know that Annie bought the game from a minor. He pays cash. Which statement is true?
A. | Rita could have rescinded the contract between her and Annie, thereby making Annie's title voidable. | |
B. | Under the UCC, a minor seller of goods will not win over a good faith purchaser for value. | |
C. | Annie transferred good title to Donald. | |
D. | All of the above statements are true. |
Buyer and seller entered into a contract for the sale of microwave ovens. Buyer needed them on a rush basis and told seller to send the microwave ovens right away and to bill the buyer later. Because the price of the microwave ovens was not agreed upon,
A. | in the event of a dispute, a court will find that buyer and seller did not enter into a valid contract. | |
B. | in the event of a dispute, a court will find that the buyer and seller entered into a valid contract. | |
C. | in the event of a dispute, a court will find that the price will be a reasonable one based on the time and place of delivery. | |
D. | both B and C above are correct. |
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