Question 1

Which of the following is defined by the UCC as any practice that members of an industry expect to be part of their dealings?

Accepted Answer

A)   Trade norm
B)   Course of dealing
C)   Anticipated trade dealing
D)   Usage of trade
E)   Course of performanceF) A) and C)
G) A) and B)

Question 2

Under the UCC when a buyer alleges that goods failed to conform to contract specifications,the buyer does not automatically have the right to reject the goods.

Accepted Answer

A) True 
 B)False

Question 3

The term "reasonable commercial standards of fair dealing" is often called ____.

Accepted Answer

A)   Commercial standards
B)   Commercial reasonableness
C)   Transactional reasonableness
D)   Good faith standards
E)   Good faith reasonablenessF) C) and D)
G) B) and D)

Question 4

Under sections of the UCC,sellers and lessors have the right to ______ or fix problems with nonconforming goods.

Accepted Answer

A)   Cure
B)   Defend
C)   Deduct
D)   Reject
E)   RenounceF) A) and B)
G) C) and D)

Question 5

How does the position of the UCC compare with the common law in regard to the perfect tender rule?

Accepted Answer

A)   The UCC and common law differ with the UCC requiring perfect tender and common law requiring the lesser standard of substantial performance.
B)   The UCC and common law differ with the UCC requiring perfect tender and common law requiring the lesser standard of material performance.
C)   The UCC and common law differ with the UCC requiring the lesser standard of material performance and common law requiring perfect tender.
D)   The UCC and common law differ with the UCC requiring the lesser standard of substantial performance and common law requiring perfect tender.
E)   They are the same.F) A) and B)
G) A) and C)

Question 6

Sally,who has a candy shop,agreed to sell Ricky,a teacher,all the chocolate candy bears in her shop for treats for his class.Unfortunately,through no fault of hers,Sally's air conditioner went out and the bears partially melted.What are the rights and duties of the parties in relation to the contract?

Accepted Answer

Under the UCC if goods are identified at...

Question 7

There are no exceptions to the perfect tender rule.

Accepted Answer

A) True 
 B)False

Question 8

When may a buyer revoke acceptance if a nonconformity substantially impairs the value of goods?

Accepted Answer

A)   For any reason within 24 hours of acceptance.
B)   For any reason within 48 hours of acceptance.
C)   For any reason within 7 days of acceptance.
D)   For any reason within 30 days of acceptance.
E)   Only if the buyer had a legitimate reason for the initial acceptance.F) C) and E)
G) A) and B)

Question 9

Under the UCC which of the following refers to the history of dealings between the parties in the particular contract at issue?

Accepted Answer

A)   Trade norm
B)   Course of dealing
C)   Anticipated trade dealing
D)   Usage of trade
E)   Course of performanceF) None of the above
G) A) and B)

Question 10

Belinda orders a certain type of hybrid rose for her wedding.A disease sweeps through that type of rose,and the florist could only obtain the roses at great cost if at all.Which of the following is the appropriate term for the florist's best defense?

Accepted Answer

A)   Commercial unreasonableness
B)   Commercial impracticability
C)   Substantial hardship
D)   Unforeseen circumstances
E)   Unreasonable brideF) D) and E)
G) A) and B)

Question 11

Considering only the issue involving the time set for delivery,what is the likely effect of Bobby delivering the trophies after the agreed upon time?

Accepted Answer

A)   Bruce has the right to rely on the failure of Bobby to deliver the trophies in a timely manner and will likely prevail.
B)   Bruce's payment for the trophies without inspection and after the time called for by the contract likely waived the performance provisions of the contract regarding the time for delivery.
C)   Bruce did not waive the performance provisions of the contract regarding the time for delivery because he paid by check.
D)   Bruce did not waive the performance provisions of the contract regarding the time for delivery only because he canceled the check before it was cashed by Bobby.
E)   Bruce cannot rely upon the performance provisions of the contract regarding the time for delivery because he did not object within 24 hours of the delivery of the trophies and, therefore, did not meet the UCC 24-hour rule.F) B) and E)
G) C) and E)

Question 12

Which of the following states that when a contract for sale involves repeated occasions for performance by either party with the other's knowledge of the nature of the performance and opportunity for objection to it,any course of performance accepted or acquiesced to without objection is relevant to determine what the parties' agreement means?

Accepted Answer

A)   Trade norm
B)   Course of dealing
C)   Anticipated trade dealing
D)   Usage of trade
E)   Course of performanceF) All of the above
G) A) and D)

Question 13

When parties are merchants,UCC requires ______ in addition to honesty in fact.

Accepted Answer

A)   honesty in equity
B)   honesty in law
C)   reasonable commercial standards of fair dealing
D)   honesty in equity and also reasonable commercial standards of fair dealing
E)   honesty in equity and honesty in lawF) B) and E)
G) A) and E)

Question 14

In claiming that he had the right to fix the problem,Frank was alluding to which of the following under the UCC?

Accepted Answer

A)   The right to cure
B)   The right to review
C)   The right to perform
D)   The right to claim
E)   The right to reclaimF) C) and E)
G) A) and B)

Question 15

What was the result on appeal in the case in the text Alaska Pacific Trading Co.v.Eagon Forest Products Inc.in which the defendant rejected a shipment of logs,and the plaintiff/seller claimed that its late shipment was excused because the contract did not specify that time was of the essence?

Accepted Answer

A)   That by not shipping the logs in a timely manner according to the contract, the seller failed to satisfy the perfect tender rule thereby releasing the defendant buyer from its duty to accept the logs.
B)   That the seller satisfied the perfect tender rule although the logs were late and that the defendant buyer breached the contract by refusing to accept the logs.
C)   That the seller was entitled to rely on the common law doctrine of material breach but that the seller did not substantially perform thereby releasing the buyer from contractual duties.
D)   That the seller was entitled to rely on the common law doctrine of material breach, that the seller substantially performed, and that the buyer was in breach.
E)   That the seller was entitled to rely on the perfect tender rule and that the buyer materially breached the contract by refusing to accept the logs.F) A) and D)
G) C) and D)

Question 16

If goods identified to a contract are destroyed through no fault of the parties before the risk of loss passes to the buyer,the seller must obtain substitute goods.

Accepted Answer

A) True 
 B)False

Question 17

The UCC requires that buyers are obligated to accept and pay for ______ in accordance with the contract.

Accepted Answer

A)   Reasonably conforming goods
B)   Select conforming goods
C)   Materially conforming goods
D)   Significantly conforming goods
E)   Conforming goodsF) A) and B)
G) C) and E)

Question 18

Which of the following is true regarding the UCC and norms in the industry?

Accepted Answer

A)   The UCC requires that courts consider norms in a particular trade only if consumer goods are involved.
B)   The UCC allows courts to consider norms in a particular trade only if the perfect tender rule has been satisfied.
C)   The UCC requires that courts consider norms in a particular trade.
D)   The UCC does not require that courts consider norms in a particular trade.
E)   The UCC requires that courts consider norms in a particular trade only if goods with a unit price of over $500 are involved.F) B) and D)
G) C) and D)

Question 19

The UCC requires that sellers and lessors tender ______ goods to the buyer or lessee.

Accepted Answer

A)   Adequate
B)   Transforming
C)   Conforming
D)   Reasonable
E)   SuperiorF) A) and E)
G) B) and D)

Question 20

UCC Section _____ requires good faith in the performance and enforcement of every contract.

Accepted Answer

A)   1-203
B)   2-205
C)   3-301
D)   3-302
E)   1-007F) A) and B)
G) C) and D)

Exam 23: Performance and Obligations Under Sales and Lease Contracts

When may a buyer revoke acceptance if a nonconformity substantially impairs the value of goods?

Correct Answer
verified

The UCC requires that sellers and lessors tender ______ goods to the buyer or lessee.

Correct Answer
verified

Under sections of the UCC,sellers and lessors have the right to ______ or fix problems with nonconforming goods.

Correct Answer
verified

If goods identified to a contract are destroyed through no fault of the parties before the risk of loss passes to the buyer,the seller must obtain substitute goods.

Correct Answer
verified

How does the position of the UCC compare with the common law in regard to the perfect tender rule?

Correct Answer
verified

Which of the following is defined by the UCC as any practice that members of an industry expect to be part of their dealings?

Correct Answer
verified

Correct Answer
verified
Under the UCC if goods are identified at...
View Answer

There are no exceptions to the perfect tender rule.

Correct Answer
verified

Under the UCC when a buyer alleges that goods failed to conform to contract specifications,the buyer does not automatically have the right to reject the goods.

Correct Answer
verified

What was the result on appeal in the case in the text Alaska Pacific Trading Co.v.Eagon Forest Products Inc.in which the defendant rejected a shipment of logs,and the plaintiff/seller claimed that its late shipment was excused because the contract did not specify that time was of the essence?

Correct Answer
verified

Which of the following is true regarding the UCC and norms in the industry?

Correct Answer
verified

Under the UCC which of the following refers to the history of dealings between the parties in the particular contract at issue?

Correct Answer
verified

Correct Answer
verified

UCC Section _____ requires good faith in the performance and enforcement of every contract.

Correct Answer
verified

The term "reasonable commercial standards of fair dealing" is often called ____.

Correct Answer
verified

When parties are merchants,UCC requires ______ in addition to honesty in fact.

Correct Answer
verified

Considering only the issue involving the time set for delivery,what is the likely effect of Bobby delivering the trophies after the agreed upon time?

Correct Answer
verified

The UCC requires that buyers are obligated to accept and pay for ______ in accordance with the contract.

Correct Answer
verified

In claiming that he had the right to fix the problem,Frank was alluding to which of the following under the UCC?

Correct Answer
verified

Belinda orders a certain type of hybrid rose for her wedding.A disease sweeps through that type of rose,and the florist could only obtain the roses at great cost if at all.Which of the following is the appropriate term for the florist's best defense?

Correct Answer
verified

Exam 23: Performance and Obligations Under Sales and Lease Contracts

When may a buyer revoke acceptance if a nonconformity substantially impairs the value of goods?

Correct AnswerverifiedShow Answer

The UCC requires that sellers and lessors tender ______ goods to the buyer or lessee.

Correct AnswerverifiedShow Answer

Under sections of the UCC,sellers and lessors have the right to ______ or fix problems with nonconforming goods.

Correct AnswerverifiedShow Answer

If goods identified to a contract are destroyed through no fault of the parties before the risk of loss passes to the buyer,the seller must obtain substitute goods.

Correct AnswerverifiedShow Answer

How does the position of the UCC compare with the common law in regard to the perfect tender rule?

Correct AnswerverifiedShow Answer

Which of the following is defined by the UCC as any practice that members of an industry expect to be part of their dealings?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedUnder the UCC if goods are identified at...View AnswerShow Answer

There are no exceptions to the perfect tender rule.

Correct AnswerverifiedShow Answer

Under the UCC when a buyer alleges that goods failed to conform to contract specifications,the buyer does not automatically have the right to reject the goods.

Correct AnswerverifiedShow Answer

What was the result on appeal in the case in the text Alaska Pacific Trading Co.v.Eagon Forest Products Inc.in which the defendant rejected a shipment of logs,and the plaintiff/seller claimed that its late shipment was excused because the contract did not specify that time was of the essence?

Correct AnswerverifiedShow Answer

Which of the following is true regarding the UCC and norms in the industry?

Correct AnswerverifiedShow Answer

Under the UCC which of the following refers to the history of dealings between the parties in the particular contract at issue?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

UCC Section _____ requires good faith in the performance and enforcement of every contract.

Correct AnswerverifiedShow Answer

The term "reasonable commercial standards of fair dealing" is often called ____.

Correct AnswerverifiedShow Answer

When parties are merchants,UCC requires ______ in addition to honesty in fact.

Correct AnswerverifiedShow Answer

Considering only the issue involving the time set for delivery,what is the likely effect of Bobby delivering the trophies after the agreed upon time?

Correct AnswerverifiedShow Answer

The UCC requires that buyers are obligated to accept and pay for ______ in accordance with the contract.

Correct AnswerverifiedShow Answer

In claiming that he had the right to fix the problem,Frank was alluding to which of the following under the UCC?

Correct AnswerverifiedShow Answer

Belinda orders a certain type of hybrid rose for her wedding.A disease sweeps through that type of rose,and the florist could only obtain the roses at great cost if at all.Which of the following is the appropriate term for the florist's best defense?

Correct AnswerverifiedShow Answer

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Under the UCC if goods are identified at...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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