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Kubasek Quiz 21 & 22
Kubasek Chapter 21 & 22 Leases, Sales,
| Question | Answer |
|---|---|
| The Uniform Commercial Code (UCC) has been adopted by __________ states | All fifty (50) |
| Article 2 of the Uniform Commercial Code (UCC) governs __________ contracts, while Article 2(A) governs __________ contracts. | Sales; lease |
| A __________ consists of the passing of title from the seller to the buyer for a price. | Sale |
| Uniform Commercial Code (UCC) Section 2-105 defines __________ as "all (tangible) things...which are movable at the time of identification to the contract for sale." | Goods |
| To resolve contract issues in cases in which a tangible good is mixed with something intangible (example: a service,) most states employ some variation of the __________ test. | Predominant-purpose |
| All of the following factors is an indication of "merchant" status? | The party typically deals in the kinds of goods involved in the sales contract. The party, by occupation, represents him/herself as having knowledge and skill unique to the practices or goods involved in the transaction The party in question has employe |
| A __________ is a person who transfers the right to possession and use of goods under a lease. | Lessor |
| A __________ is a person who acquires the right to possession and use of goods under a lease. | Lessee |
| Under the UCC, contracts for the sale of goods must be in writing if they are valued at __________ or more. | 500 |
| Under the UCC, a contract involving which of the following goods is an exception to the statute of frauds writing requirement? | Specifically manufactured goods |
| Which Are a kind of title? | Good Void Voidable |
| A buyer receives only voidable title if which of the following occurs? | The buyer is a minor |
| Of the following situations, when would the buyer not receive voidable title? | The buyer is a good-faith purchaser for value |
| If an owner __________ the possession of goods to a merchant who deals in goods of that kind, the merchant can transfer all rights in the goods to a buyer in the ordinary course of business. | Entrusts |
| With a __________ contract, the buyer and seller typically execute an agreement, and the buyer leaves with the goods. | Simple delivery |
| If a buyer and seller execute a contract and the seller subsequently places the goods with a common carrier for delivery to the buyer, the parties have executed a __________ contract. | Common-carrier delivery |
| Goods in __are goods that are in some kind of storage, seller cannot transfer physical possession; instead, one of three doc. indicating: a negotiable doc. of title, a | nonnegotiable doc. of title, or a contract or other instrument showing ownership that is nonnegotiable doc. of title. IS Bailment |
| Conditional sales contracts are either __________ or __________ contracts. | Sale-on-execution; sale-on-demand |
| A contract is a __________ contract if the seller allows the buyer to take possession of the goods before deciding whether to complete the contract by making the purchase. | Sale-on-approval |
| A __________ contract occurs when the seller and buyer agree that the buyer may return the goods at a later time. | Sale-or-return |
Created by:
tinafici
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