Exam 21: Introduction to Sales and Lease Contracts

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A) Two sources of laws that interpret sales contracts exist: state common law and the Uniform Commercial Code.
B) Two sources of laws that interpret sales contracts exist: the Uniform Commercial Code and state statutory law.
C) Two sources of laws that interpret sales contracts exist: state common law and state statutory law.
D) Three sources of laws that interpret sales contracts exist: state common law,the Uniform Commercial Code,and state statutory law.
E) The Uniform Commercial code is the only source of law interpreting sales contracts.

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A) Yes,she should attempt to get the customer to admit that he ordered the T-shirts.
B) No,because once the parties are in court,positions of the parties are frozen.
C) Yes,she should dismiss the case before she is charged with the other party's attorney fees.
D) Yes,she should dismiss the case before she is charged with sanctions.
E) No,because once the parties are in court,only the judge can add evidence.

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A) China currently has legislation that covers the sale of goods and the provision of services,but no legislation that covers leases.
B) China currently has legislation that covers the sale of goods but not the provision of services or leases.
C) China currently has legislation that covers the sale of goods,the provision of services,and leases.
D) China has legislation that covers leases and the sale of goods,but not the provision of services.
E) China currently has legislation that covers leases but not the provision of services or the sale of goods.

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A) ABC Carpet is bound by the offer,but only for a period of seven days.
B) ABC Carpet is bound by the offer,but only for a period of ten days.
C) ABC Carpet is bound by the offer,but only if Joaquin can establish reliance.
D) ABC Carpet was bound by the offer.
E) ABC Carpet is not bound by the offer because Joaquin did not provide any consideration.

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A) If payment terms are omitted,payment is due at the time and place at which the buyer is to receive the goods,and the place for delivery is the seller's place of business.
B) If payment terms are omitted,payment is due at the time and place at which the buyer is to receive the goods,and the place for delivery is the buyer's place of business.
C) If payment terms are omitted,payment is due at least 10 days prior to the date set for delivery,and the place for delivery is the buyer's place of business.
D) If payment terms are omitted,payment is due at least 10 days prior to the date set for delivery,and the place for delivery is the seller's place of business.
E) There is no contract if these terms are omitted.

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A finance lease is complicated by the ad...

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A) That the CISG did not apply because a construction of an arena,which would result in a type of realty,was concerned and that the statute of frauds contained within the UCC barred enforcement of the contract.
B) That the CISG applied and that oral discussions could have formed a contract.
C) That the CISG applied and that no contract could have resulted because of the lack of a writing.
D) That the CISG did not apply because the contract referred to provisions of the UCC and that the statute of frauds contained within the UCC barred enforcement of the contract.
E) That the CISG did not apply because significant provisions in the contract were left unwritten but that the statute of frauds was inapplicable.

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A) Kim is partially correct.The UCC does not apply in the retail arena if the parties have had significant past dealings under common law.
B) Kim is partially correct.The UCC does not apply in the retail arena if the parties are located in the same state.
C) Kim is incorrect.
D) Kim is partially correct.The UCC does not apply in the retail arena if the contract at issue is for an amount under $10,000.
E) Kim is correct in that the UCC does not apply in the retail arena.

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A) Commercial
B) Retail
C) Consumer
D) Finance
E) Regulated

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A) Yes,because crops that are sold while still growing in the field are considered goods.
B) Yes,but only if Morton cuts them down and then sells them to Winslow.
C) No,because the wheat is still growing and affixed to the land,and land sales are covered by common law.
D) No,because crops are not considered goods.
E) Yes,but only if Morton sells Winslow the right to come onto his property and remove the wheat.

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A) Minerals taken from real estate and sold by the owner,soil taken from real estate and sold by the owner,and the right to remove soil from real estate are all considered goods under the UCC.
B) The right to remove soil from real estate is considered a good under the UCC,but neither minerals taken from real estate and sold by the owner nor soil taken from real estate and sold by the owner are considered goods under the UCC.
C) Soil taken from real estate and sold by the owner is considered a good under the UCC,but neither minerals taken from real estate and sold by the owner nor the right to remove soil from real estate are considered goods under the UCC.
D) Minerals taken from real estate and sold by the owner and the right to remove soil from real estate are considered goods under the UCC,but soil taken from real estate and sold by the owner is not considered a good under the UCC.
E) Minerals taken from real estate and sold by the owner and soil taken from real estate and sold by the owner are considered goods under the UCC,but the right to remove soil from real estate is not considered a good under the UCC.

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The UCC defines merchant as a person who...

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A) Common law will be applied,not the UCC,because the contract was mixed.
B) The court will apply the service-warranty test to determine whether the predominant purpose of the contract was the sale of goods in which case the UCC would apply.
C) The court will apply the predominant-purpose test to determine whether the predominant purpose of the contract was the sale of goods in which case the UCC would apply.
D) The court will apply the service-warranty test to determine whether the predominant purpose of the contract was the provision of a service in which case the UCC would apply.
E) The UCC will be applied,not common law,because the contract was mixed.

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A) The Uniform Commercial Code was created by the National Conference of Commissioners on Uniform State Laws,the American Law Institute,and the U.S.Commercial Consortium.
B) The Uniform Commercial Code was created by the National Conference of Commissioners on Uniform State Laws and the American Law Institute,but not the U.S.Commercial Consortium.
C) The Uniform Commercial Code was created by state legislative representatives from all 50 states.
D) The Uniform Commercial Code was created by a federal congressional committee.
E) The Uniform Commercial Code was created by the U.S.Commercial Consortium and the National Conference of Commissioners on Uniform State Laws,but not the American Law Institute.

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A) UCITA was adopted by the UCC.
B) All states have adopted UCITA.
C) In 2001,Virginia became the first state to enact UCITA,probably because major Internet-related companies are headquartered in Northern Virginia.
D) UCITA applies to physical goods,like the UCC.
E) Unlike the UCC,states can decide whether or not to adopt UCITA.

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