Under the UCC, how may an acceptance be made?

A. Only by a writing.

D. Only by facsimile or by mail.

E. By any reasonable means of communication.

C. Only by electronic communication or by a writing.

B. Only orally or by a writing.

After graduation, four college fraternity brothers decide they want to form a business together. They want to open a sports bar on some property that recently was put up for sale adjacent to the local stadium. The fraternity brothers are not yet sure whether they want to make equal investments and have equal control over the partnership. However, each brother is able to invest a maximum of $20,000. The fraternity brothers are open to considering any of the different forms of business organization frameworks available to them.

Which of the following is TRUE? (Note: multiple selections required)

The fraternity brothers cannot form a sole proprietorship because there are multiple people interested in creating a business organization.

If the fraternity brothers might face should they decide to incorporate, then the corporation is dissolved when shareholders die.

As partners in a general partnership, they would be personally liable for the firm's debts.

Hypothetically, if the fraternity brothers want to combine the tax advantages and management flexibility of a partnership with the limited liability of a corporation, they should form an LLC.

If all the partners agree that they want to share the management responsibilities and profits equally and accept equal personal liability, they should form a business trust.

Suppose Davis owns a custom motorcycle shop. In his line of work, he routinely orders large shipments of parts from manufacturers. On this particular occasion, he orders 15 custom exhaust pipes for Harley-Davidson bikes. He specified on the order form that he desired the chrome 1-3/4" head pipes. However, the parts manufacturer sent Davis 2" head pipes instead.

Which of the following is TRUE about Davis' ability to either accept or reject the goods presented. (Note: there are multiple selections for this answer)

Under Uniform Commercial Code (UCC) Sections 2-513(1) and 2A-515(1), the seller of the exhaust pipes must provide an opportunity for inspection before enforcing payment.

Because the goods Davis received were nonconforming, he is allowed to keep the goods without proper payment for the goods.

After inspection, buyers such as Davis signify the agreement by either accepting conforming goods or accepting goods, even though they are nonconforming.

Because the goods Davis received were nonconforming, he is allowed to revoke or withdraw acceptance of the goods.

After Davis receives the exhaust pipes, he has the right to inspect them at that time or up to one month after delivery depending on the circumstances.