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Kubasek Quiz 21 & 22

Kubasek Chapter 21 & 22 Leases, Sales,

QuestionAnswer
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