Question 1(1 point)

Article 2 of the Uniform Commercial Code (UCC) covers contracts for:

a.real estate transfers.

b.services.

c.sales.

d.leases.

Question 2(1 point)

The term __________ as used in contracts for sale means ownership.

a.title

b.debt

c.beneficiary

d.lease

Question 3(1 point)

According to the UCC, a sale is:

a.payment for goods.

b.a negotiated transaction.

c.a void transaction.

d.the passing of title from the seller to the buyer for a price.

Question 4(1 point)

A legally enforceable agreement that has as its purpose the immediate transfer of title to personal property in return for consideration is known as a(n):

a.contract for sale.

b.contract for goods.

c.contract for materials.

d.contract to sell.

Question 5(1 point)

Future goods include all of the following EXCEPT:

a.growing crops and timber.

b.unborn livestock and pets.

c.vehicles.

d.goods not yet manufactured.

Question 6(1 point)

Sales contracts for __________ must be in writing and signed by the affected parties to be enforceable.

a.$499 or less

b.$300 or more

c.$500 or more

d.$1000 or more

Question 7(1 point)

A sales contract for goods of special design, construction, or manufacture is a contract for:

a.specialty goods.

b.fraud.

c.labor and materials.

d.manufacturing

Question 8(1 point)

Certain kinds of goods are frequently sold on a __________, also known as __________.

a.quasi-contract, contract for sale with the right of return

b.trial basis, contract for sale with the right of return

c.trial basis, trial contract

d.temporary contract, trial contract

Question 9(1 point)

A sale of goods can be made with the understanding that the purchaser takes title to the goods but has the right to return them within:

a.a reasonable time.

b.a period of one month.

c.a period of two months.

d.one year.

Question 10(1 point)

At an auction sale, the seller is the owner of the goods and the buyer is the party:

a.conducting the transaction.

b.abstaining from negotiation.

c.giving the opinion.

d.making the offer.

Question 11(1 point)

Before the hammer falls, a bidder may retract the bid:

a.only if they cannot afford to pay.

b.within five seconds of the bid.

c.at any time.

d.The bidder may never retract the bid.

Question 12(1 point)

There is a possibility of expensive pieces of the property being sold at auction for a pittance simply because no one offered a higher bid. This possibility occurs only at an auction:

a.with advertisements.

b.without reserve.

c.without advertisements.

d.with reserve.

Question 13(1 point)

Title to goods shipped FOB destination passes when the goods are __________ the buyer.

a.delivered to

b.sold to

c.paid for by

d.None of the options is correct.

Question 14(1 point)

"F.O.B" is the abbreviated form of:

a.freight on the bus.

b.freight on board.

c.freedom on board.

d.free on board.

Question 15(1 point)

If a seller fails to deliver goods as promised, the buyer can buy __________ to substitute for those not delivered.

a.the same goods again

b.similar goods

c.goods of substantially lesser value

d.goods of greater value