Damages awarded by a court that are meant to punish the wrongdoer for his actions and to serve as a warning to others are referred to as:

Group of answer choices

A. Punitive.

B. Compensatory.

C. Consequential.

D. Benevolent.

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Question 3

4pts

3. Reliable Appliances, Inc. and Edward entered into a contract for a sale of kitchen appliances. Reliable, a merchant who deals in goods of the kind sold, notes that its goods come with an implied warranty of merchantability. Under the U.C.C., this means that the goods are reasonably:

Group of answer choices

A. Fit for the buyer's particular purpose.

B. Fit for the ordinary purpose for which such goods are sold.

C. Suitable for resale at an acceptable price.

D. The best quality that money can buy.

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Question 4

4pts

4. Which of the following Articles under the U.C.C. is the article that deals with the contract for the sale of personal goods?

Group of answer choices

A. Article 2.

B. Article 3.

C. Article4.

D. Article 9.

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Question 5

4pts

5. The federal law which created a new negotiable instrument called a substitute check is:

Group of answer choices

A. Federal Monetary Act.

B. Check 21.

C. Biden-Rogers Act.

D. There is no such item called a substitute check.

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Question 6

4pts

6. Good Tire Company and Highway Auto Service enter into a contract for a sale of tires. Good Tire is a merchant who deals in goods of the kind sold. Under the U.C.C., an implied warrant of merchantability arises:

Group of answer choices

A. Only if the buyer asks for it.

B. Only if the seller specifies it.

C. Only in conjunction with lease contracts, not sales contracts.

D. Automatically in sales contracts.

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Question 7

4pts

7.Simon buys spiked mountain-climbing shoes from Rockridge Gear Store. The spikes come out of the shoes when Simon is on the side of a mountain, causing him to be injured in a fall. Rockridge breached:

Group of answer choices

A. An implied warranty of time.

B. An implied warranty of fitness for a particular purpose.

C. An implied warranty of use.

D. An implied warranty of title.

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Question 8

4pts

8. Written defamation of a person's reputation is referred to as:

Group of answer choices

A. Libel.

B. Slander.

.C. Contributory Negligence.

D. Constructive Criticism.

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Question 9

4pts

9. The payment of Ron's debt to Donald is guaranteed by Ron's personal property. The process by which Donald can protect himself against the claims of third parties to this property is:

Group of answer choices

A. Calculation.

B. Default.

C. Perfection.

D. Termination.

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Question 10

4pts

10. Manuel is walking past Thomas's house when he hears a smoke alarm going off. He also hears a child calling for help and sees smoke coming from a window. Manuel rushes into Thomas's house, finds the child and brings her outside. If Thomas sues Manuel for trespass on his property, Manuel's defense would be:

Group of answer choices

A. Assisting someone in danger.

B. Consent.

C. Self-defense.

D. The Reasonable Person defense.

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Question 11

4pts

11. Quincy enters into a series of agreements with Roland involving a sale of the Suite Dreams Motel, including the land, building, and furnishings. Quincy, the buyer, also contracts with Theodore to create an ad campaign for his upcoming business venture at the morel. Roland suspects that Quincy may be misrepresenting some of the facts so he looks into the Uniform Commercial Code's Statute of Frauds. But this Statute of frauds will only cover:

Group of answer choices

A. The sale of any of the property evidenced by a writing.

B. The entire deal, including the marketer's services.

C. The sale of the furnishings priced at $500 or more.

D. The sale of the land.

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Question 12

4pts

12. Bernie owns a farm in Delaware. Doyle drives his sport utility vehicle off the highway and onto Bernie's land. Doyle commits trespass if he:

Group of answer choices

A. Does not have Bernie's permission to drive on the property.

B. Drives on the property for recreational purposes.

C. Harms the property in a material way.

D. Harms the property in any way.

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Question 13

4pts

13. The payment of John's debt to Kristen is guaranteed by John's personal property. Kristen can perfect her interest by:

Group of answer choices

A. Attaching a bright label to John's property.

B. Calculating the precise amount of John's debt.

C. Correcting grammatical errors in the parties' written agreement.

D. Filing a financing statement with the appropriate authority.

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Question 14

4pts

14. Ace Investments, Inc. and Harbor Bank are secured parties with security interests in property owned by Gramm Manufacturing Corporation. Priority between these security interests is generally determined by:

Group of answer choices

A. The amount of the claim.

B. The custom in the trade.

C. The time of perfection.

D. The time the contract was signed.

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Question 15

4pts

15.Quotient Financial Corporation is a secured party with a security interest in property owned by Retail Sales Company. Perfection of this security interest may not protect Quotient Financial against the claim of:

Group of answer choices

A. A Bank.

B. A buyer in the ordinary course of business.

C. A subsequent lien creditor.

D. A trustee in bankruptcy.

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Question 16

4pts

16. For how long from its date must a check not be deposited or cashed in order for it to be considered a stale check?

Group of answer choices

A. Six days.

B. Six weeks.

C. Six months.

D. No such thing as a stale check.

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Question 17

4pts

17. Anthony, an agent for Buy Your Car Here, Inc., on August 1st writes a letter to Dianne stating that he will sell her a 2016 sports car sedan for $25,000 between August 1st and September 30th. Anthony's letter to Dianne is:

Group of answer choices

A. A firm offer.

B. An acceptance.

C. A bilateral contract.

D. A breach.

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Question 18

4pts

18.The payment of Stephen's debt to Matthew is guaranteed by Stephen's 2015 Mercedes Benz. Matthew filed the financing statement on September 1, 2016. If Matthew does nothing else, the financing statement will be effective until:

Group of answer choices

A. September 1, 2017.

B. September 1, 2018.

C. September 1, 2021.

D. September 1, 2026.

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Question 19

4pts

19. Sparkling Gem Corporation agrees to sell Jewel Outlets, Inc. fifty new diamond rings, but the contract does not specify a place of delivery. Under the U.C.C. rules, the place of delivery is:

Group of answer choices

A. Sparkling Gem's place of business.

B. Jewel Outlet's place of business.

C. The U.S. Postal Service office nearest to Sparkling Gem's place of business.

D. The U. S. Postal Service office nearest to Jewel Outlet's place of business.

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Question 20

4pts

20. Perfect Potato Chip Company makes an offer that Snack Foods Corporation would like to accept. Under the "mirror image rule" relating to offer and acceptance, an acceptance:

Group of answer choices

A. May include additional terms not contained in the offer so long as they do not materially alter the agreement.

B. May include additional terms not contained in the offer that will become part of the agreement if the offeror does not object within a reasonable period of time.

C. Must include only those terms and conditions contained in the offer.

D. May contain additional terms as long as all parties agree to the additional terms at some time before delivery of the goods.

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Question 21

4pts

21. Nancy and Mitch enter into a contract for a sale of seventy-six specially made motion detectors. When Mitch does not deliver within a reasonable time after the agreed upon date, Nancy files a suit for breach of contract. Mitch asserts the doctrine of commercial impracticality as a defense. This doctrine extends only to problems that are:

Group of answer choices

A. foreseen.

B. unforeseen.

C. preventable.

D. ordinarily assumed by a seller or lessor

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Question 22

4pts

22. Equipment Builders Corporation and Carrier Trucking Corporation enter into a contract for the sale of ten hydraulic lifts. Under the perfect tender rule, Equipment Builders Corporation must ship or tender goods to the buyer that:

Group of answer choices

A. Nearly conform to most of the details of the contract.

B. Entirely conforms to the contract except in one or two details.

C. Exactly conform to the contract in every detail.

D. Substantially conform to the contract in most details.

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Question 23

4pts

23. Sumer Breeze, Inc. contracts for the sale of fifty ceiling fans to the Island Dcor store. If Summer Breeze fails to deliver the goods, Island Dcor must commence a suit for breach of contract within:

Group of answer choices

A. Four years.

B. Not more than one year.

C. Five years.

D. Thirty days.

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Question 24

4pts

24. If a bank is both the drawer and the drawee with regard to a draft, then the draft is a:

Group of answer choices

A. Certificate of deposit.

B. Cashier's check.

C. Non-negotiable Instrument.

D. Promissory Note.

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Question 25

4pts

25. Craft Engineering, Inc. contracts for a sale of technical instruments to Detail Design Company. Before the date on which performance is due, Craft Engineering notifies Detail Design that it will not perform. This is:

Group of answer choices

A. Anticipatory Repudiation.

B. Perfect Tender.

C. Rejection of Performance.

D. A valid Revocation of Acceptance.