Hi this class is ACCT *410* LAW & PROF RESPON FOR ACCTNTS

chapter 21

Ari makes a written offer to Linville, who replies with a conditional acceptance. Ari ships the goods, which Linville accepts. A contract: a. consists of the written terms to which Ari and Linville agreed, along with supplementary provisions of the UCC. b. was formed when Linville conditionally accepted. c. was never formed. d. consists only of the written terms to which Ari and Linville agreed.

If a contract does not comply with the statute of frauds, it is void. True or False

In dealing with unconscionability: a. courts have applied the doctrine to the negotiation process, which involves substantive unconscionability. b. most cases have involved low-income consumers. c. courts have not considered inequality in the bargaining positions of the parties. d. courts have demonstrated an unwillingness to limit freedom of contract.

To accommodate electronic commerce, which of the following was enacted or promulgated? a. The UCC b. The UETA c. The CISG d. GATT

Which of the following is not considered "goods" within the meaning of Article 2? a. An unborn calf b. A field of corn still in the field c. Timber which is still standing d. All of these are goods under Article 2.

A prompt promise to ship or prompt shipment of goods is a valid acceptance of an offer to buy goods for prompt or current shipment. True or False

In a contract to sell goods, the sale does not take place until the seller transfers the title to the goods to the buyer. True or False

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Chapter 22

Knecht contracts to sell $20,000 of goods to Morales. Later, Morales hears from another supplier that Knecht is having financial trouble, and Morales is concerned that Knecht will not be able to fill his order. If Morales has reasonable grounds for insecurity about Knechts contractual performance: a. Morales may demand assurance of performance from Knecht, and Knecht must provide adequate assurance within ten days or the contract is repudiated. b. Morales may demand written assurance of performance from Knecht before the contract delivery date, and Knecht must provide adequate assurance within a reasonable time not exceeding 30 days. c. the statement by the other supplier creates an anticipatory repudiation which allows Morales to avoid the contract. d. Morales has no recourse except to wait for the contractual delivery date and, if Knecht fails to deliver, Morales can then sue for breach of contract.