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Study Resources (Business Management)

  68.Which of the following is true regarding express warranties?  A. They may be part of a brochure. B. They may arise from a salesperson's oral promise. C. A sample or model may provide an express warranty. D. They may be part of a brochure, they may arise from a salesperson's oral promise, and a sample or model may.
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  98.Which of the following are damages for lost profits a buyer or lessee may recover in the event of a breach?  A. Approved damages B. Consequential damages C. Remedial damages D. Approved, consequential, and remedial damages E. Approved and consequential damages, but not remedial damages 99.Under the UCC buyers and lessees may recover goods identified in the contract if the seller.
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  21.Good faith is generally relevant in determining whether someone has a valid title. 22.According to common law, when a seller transfers goods to a buyer, the buyer gets only voidable title if the buyer is a minor. 23.If a shipment contract is vague or ambiguous on the issue, an origin contract will.
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  40.Which of the following do not meet the UCC definition of a good? A.Real estate B.Corporate stocks C.Copyrights D.Neither real estate, corporate stocks, nor copyrights meet the definition of good E.Real estate and corporate stocks do not, but copyrights do meet the definition of good 41.Which of the following are considered goods under the UCC? A.Minerals taken.
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  Multiple Choice Questions 38.Which of the following determines the obligations of sellers/lessors and buyers/lessees?  A. Terms the parties outline in agreements B. Custom C. Rules outlined by the UCC D. Terms the parties outline in agreements, custom, and rules outlined by the UCC E. Terms the parties outline in agreements and custom, but not rules outlined by the UCC 39.The UCC requires.
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  90.In a conditional sales contract, a _____ occurs when the seller and buyer agree that the buyer may return the goods at a later time. A.sale-on-approval contract B.sale-or-return contract C.condition-or-sale contract D.return-or-purchase E.return-or-sale 91.What may a buyer do if a seller does not provide goods that were described in the contract? A.Accept the nonconforming goods as is B.Reject.
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  Multiple Choice Questions 22.When a party's obligations under a contract are terminated, the party is said to be ______.  A. finished B. terminated C. completed D. discharged E. recoursed 23.A party's contractual obligations are terminated through _______________.  A. performance B. the failure of a condition to occur C. operation of law D. performance, the failure of a condition to occur, and operation of law E. performance and the failure of a condition.
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  Essay Questions 81.List the ways by which a party's contractual obligations can be terminated.  82.Yolanda and Rodney agreed that Rodney would paint Yolanda's home for $800 with Yolanda supplying the paint. Rodney went to Yolanda's home on several occasions to do the job, but she never had the paint ready. Finally, he.
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  50.Under the UCC, how may an acceptance be made? A.Only be writing. B.Only orally or by a writing. C.Only by electronic communication or by writing. D.Only by facsimile or by mail. E.By any reasonable means of communication. 51.Under the UCC, when is an acceptance effective? A.When dispatched B.When received C.When received only if acceptance by electronic means is made,.
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  True / False Questions 1.A negotiable instrument is a substitution for cash.  2.UCC Article 2(A) labels commercial papers as negotiable instruments.  3.A note is a promise, by the maker of the note, to pay a payee.  4.A draft is an instrument validating an order by a drawer to a drawee to pay a payee.  5.A.
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  52.If the plaintiff is seeking legal damages which would put him in the same position he would have been in had the contract been fully performed, he is suing for _____________ damages.  A. equitable B. compensatory C. deserved D. learned E. punitive 53.Which of the following are foreseeable damages within the contemplation of the parties at the time the breach occurs.
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  True / False Questions 1.Under ordinary circumstances, a party's duty to perform the promise agreed to in a contract is absolute.  2.Contractual conditions may be expressly inserted into the contract by the parties but may not be implied.  3.A conditional contract is an agreement that becomes enforceable only on the happening or termination.
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  Multiple Choice Questions 30.Which of the following is a substitute for cash?  A.A negated instrument B.A promised instrument C.A negotiable instrument D.A promissory agreement E.A negotiable oral promise 31.In a sales contract, how can payment by the buyer be made?  A.Cash and negotiable instruments B.Credit arrangements and negotiable instruments C.Cash and credit arrangements D.Negotiable instruments and cash E.Cash, credit arrangements, and negotiable.
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  70.With a simple delivery contract in which the seller is not a merchant, which party sustains a loss if, through no fault of either party, the goods are destroyed through fire prior to delivery? A.The seller if tender of delivery has occurred B.The buyer if tender of delivery has occurred C.Both the buyer.
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  11.If goods identified in a contract are destroyed before the risk passes to the buyer, the seller must obtain substitute goods.  12.A buyer who has accepted goods may later revoke the acceptance if the buyer can show that the defects substantially impair the value of the goods.  13.Under UCC sections 2-301 and.
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  99.A(n) ______ beneficiary is a third party who benefits from a contract in which a promisor agrees to give a gift to a third party.  A. creditor B. donee C. incidental D. promised E. avowed 100.Which of the following references the maturing of rights such that a party can legally act on the rights?  A. Absoluting B. Gelling C. Forming D. Vesting E. Finishing 101.Creditor beneficiaries can enforce their rights under a.
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  Essay Questions 124.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 half of the bears partially melted. What are the rights and duties.
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  78.Which is true regarding a buyer's right to waive warranties?  A. A buyer may not waive warranties. B. A buyer may waive implied warranties but not express warranties. C. A buyer may waive express warranties but not implied warranties. D. A buyer may waive both express warranties and implied warranties. E. A buyer may waive express warranties and the implied.
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  80.Which of the following is true when the designation FAS is used? A.The buyer, at the buyer's expense, delivers the goods alongside the ship before the risk passes to the buyer. B.The buyer, at the seller's expense, delivers the goods alongside the ship before the risk passes to the buyer. C.The seller, at.
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  42.When a contracting party refuses to complete the contract before the actual time of performance, it is called a(n) __________________________________.  A. preemptive repudiation B. anticipatory repudiation C. advance refusal D. advance repudiation E. preparatory refusal 43.Which is not considered a discharge of contractual obligations by mutual agreement?  A. Mutual rescission B. Substituted contract C. Accord and satisfaction D. Novation E. Bankruptcy 44.Which of the following occurs when parties agree that they simply.
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  21.An allonge is an additional piece of paper with the endorsements that must be firmly attached to the endorsement.  22.According to the UCC, a check is a special kind of draft.  23.Under UCC Section 3-104, money orders are considered checks.  24.Banks are required by the UCC to certify the check if a customer.
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  11.If an instrument is silent as to the time of payment, the UCC presumes that it is a demand instrument.  12.A negotiable instrument must be a conditional order to pay.  13.The law does not permit an oral negotiable instrument.  14.An automated signature satisfies the UCC requirement that the signature of the creator appear.
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  21.The UCC assumes that the seller has the right to transfer title free and clear of intellectual property rights of which the buyer does not have knowledge.  22.To invoke the implied warranty of merchantability, the purchaser or lessee must have purchased or leased the good from a merchant.  23.An express warranty is.
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  True / False Questions 1.Contract law is based upon federal statutes. 2.The UCC is a statutory source of contract law that is applicable to transactions involving the sale of goods. 3.The UCC pertains to all business transactions. 4.Article 2 of the UCC governs sales contracts while Article 3 governs lease contracts. 5.The passing of title.
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  Essay Questions 124.What are the three main purposes of the statute of frauds?  125.What types of contracts does the statute of frauds require to be in writing?  126.Define the term "admission" in relation to contracts under the statute of frauds. Discuss the pros and cons of the rule on admissions, and whether you.
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  49.Which of the following is needed in order to satisfy the UCC's requirement for a written document?  A. The contract or memorandum needs only to state the price of the goods. B. The contract or memorandum needs only to state the quality of the goods. C. The contract or memorandum needs only to state the quantity.
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  118.Hot Toaster. Rebecca bought a toaster from Super Store and brought it home. A friend of hers, Greg, was at her house making toast. The toaster malfunctioned and shocked Greg resulting in a small burn to his hand requiring medical attention. At a garage sale, Rebecca also purchased a blender.
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  58.Under UCC Sections 2-513(1) and 2A-515(1), the seller or lessor must provide _____________.  A. the right to cure problems with nonconforming goods B. the right to be excused from performance if the goods are destroyed C. an opportunity for inspection before enforcing payment D. an extension for payment of a destroyed item E. a course of dealing 59.Which of the following.
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  32.The discharge by parties of their obligations by doing what they respectively agreed to do under the terms of the contract is called ______.  A. discharge by tender B. discharge by performance C. discharge by finishing D. discharge by absolution E. discharge by reason 33.An offer of performance by being ready, willing, and able to perform is known as ______.  A. offering B. showing C. tender D. completer E. implied acceptance 34.Which.
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  111.Belinda purchases a couch from Good Furniture Store. She pays for the couch, and the store agrees to deliver it. Unfortunately, on the way to her house, the vehicle overheats and burns, destroying the truck and the couch inside. Belinda asks for a refund or another couch. The storeowner refuses.
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  62._________ is the return of any property given up under the contract.  A. Rescission B. Reformation C. Restitution D. Injunction E. Compensation 63.Under the UCC, when may orders for specific performance of a contract for the sale of goods be awarded?  A. Only when the goods are unique. B. Only when the goods are in excess of 500 in quantity. C. Only when the goods have been.
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  11.The most frequently awarded damages are compensatory damages.  12.All real property is considered unique.  13.Liquidated damages will be enforced based upon the free-will concept of contracts even if the liquidated damages amount is unreasonable.  14.Rewriting a contract to reflect what the parties had agreed on is referred to as rescission.  15.When an enforceable contract.
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  59.Which of the following parties must sign a document coming within the statute of frauds?  A. The party against whom action is sought B. The offeror only C. The offeree only D. Only a person who has agreed to pay the debt of another E. Any party to the contract 60.Which of the following may constitute a writing under the UCC?  A. Faxes B. E-mails C. Formal.
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  Multiple Choice Questions 30.Which laws used to interpret sales contracts? A.State common law B.The Uniform Commercial Code C.State statutory law D.State common law, the Uniform Commercial Code, and state statutory law E.State common law and the Uniform Commercial Code, but not state statutory law 31.All states, except Louisiana, follow the _____ common law. A.English B.French C.Italian D.Spanish E.Welsh 32.The UCC was created in.
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  True / False Questions 1.Under the UCC, sellers and lessors are obligated to accept and pay for conforming goods in accordance with the contract.  2.Courts rely upon the UCC rules to clarify seller and lessor obligations when the contract or lease is unclear.  3.The UCC requires good faith in the performance and enforcement.
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  48.What do UCC Sections 2-601 and 2A-509 indicate in reference to the perfect tender rule?  A. That if goods or tender of delivery fail in any respect to conform to the contract, the buyer/lessee has the right to accept the goods, reject the entire shipment, or accept part and reject part. B. That if.
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  69.Which of the following are written contracts intended to be the complete and final representation of the parties' agreement?  A. Complete contracts B. Integrated contracts C. Adhesion contracts D. Bilateral contracts E. Acknowledged contracts 70.One way parties can indicate their desire to create an integrated contract is through the use of a(n) ______ clause.  A. complete B. merger C. adhesion D. bilateral E. acknowledged 71.Which of the following is a contractual party.
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