Question
TRUE/FALSE: (Place T or F at the end of the sentence in the blank) 1. If the parties to a sales contract do not agree
TRUE/FALSE: (Place T or F at the end of the sentence in the blank)
1. If the parties to a sales contract do not agree to the time, place, and manner of delivery of the goods, the place for delivery is the sellers place of business. ______
2. Acceptance of nonconforming goods is a breach of contract by the buyer. ______
3. In a sale on approval, there is no sale unless and until the buyer accepts the goods. _____
4. The measure of damages for nondelivery is the difference between the contract price and
the market price at the time the breach is realized. ______
5. Pre-established damages mentioned in a contract are known as liquidated damages. ____
6. A sellers or lessors statement of opinion or commendation of the goods creates an
express warranty. ______
7. A check is a type of promissory note. ______
8. Security posted by promissory note maker to the lender for repayment of money is known as collateral. ______
9. A person cannot be held contractually liable on a negotiable instrument unless his or her signature appears on it. ______
10. Fraud in the inception is a type of personal defense. ______
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