MGT 225-business Law- Ucc Quiz (25)
- 1.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."
- A.
Goods
- B.
Services
- C.
Fixtures
- D.
A and B
- 2._________ are governed by Article 2 of the Uniform Commercial Code (UCC) , while Article 2(A) governs __________ contracts.
- A.
Lease; sales
- B.
Sales; lease
- C.
Service; sale of goods
- D.
Sale of goods; service
- 3.Contracts for the sale of goods must be in writing if they are valued at __________ or more under the rules of the UCC.
- A.
$50
- B.
$500
- C.
$5000
- D.
None of the above
- 4.Sam offers to sell all of the chocolate nut brownies that he makes to Beth, who needs them to sell in her specialty foods store, Sam and Beth have created:
- A.
A requirements contract.
- B.
An output contract.
- C.
A void contract.
- D.
An invalid open quantity contract.
- 5.In cases in which a tangible good is mixed with something intangible (example: a service,) most states employ some variation of the __________ test in order to resolve contract issues and disputes.
- A.
User-friendly
- B.
Predominant-purpose
- C.
Substantial performance
- D.
Commercial impracticability Commercial impracticability
- 6.All of the following factors, except which of the following, is an indication of "merchant" status?
- A.
The party typically deals in the kinds of goods involved in the sales contract
- B.
The party is a casual seller
- C.
The party, by occupation, represents him/herself as having knowledge and skill unique to the practices or goods involved in the transaction
- D.
The party in question has employed a broker, agent, or other intermediary
- 7.Under the UCC, a contract involving which of the following goods is an exception to the statute of frauds writing requirement?
- A.
Specifically manufactured goods
- B.
Generically manufactured goods
- C.
Non-specifically manufactured goods
- D.
Traditional goods
- 8.Under the Uniform Commercial Code (UCC), sellers and lessors are obligated to transfer and deliver __________ goods.
- A.
Conditional
- B.
Collaborative
- C.
Conforming
- D.
Custom
- 9.What would the effect of open terms on a contract covered by the UCC be?
- A.
The contract will be void because of the open terms.
- B.
The contract will be valid if it involves the sale of land.
- C.
The contract will be valid if the parties intended to form a contract and there is a reasonable basis for a court to find a remedy
- D.
The contract will be valid as long as the parties expressed some interest in negotiating.
- 10.__________ refers to the history of dealings between the parties involved in the present contract.
- A.
Course of performance
- B.
Usage of trade
- C.
Empirical accord
- D.
Accord and satisfaction
- 11.Under the UCC, the seller can presume acceptance if the buyer fails to __________ the goods within a reasonable time.
- A.
Revoke
- B.
Rehabilitate
- C.
Reject
- D.
Remonstrate
- 12.__________ is defined by the UCC as any practice that members of an industry expect to be part of their dealings.
- A.
Usage of trade
- B.
Course of dealings
- C.
Commercial reasonableness
- D.
Commercial practicality
- 13.A substitute for cash, or a __________, is a written document containing the signature of the creator that makes an unconditional promise or order to pay a sum certain at either a time certain or on demand.
- A.
Contract
- B.
Promissory estoppel
- C.
Negotiable instrument
- D.
Negotiable estoppels
- 14.What are the four specific types of negotiable instruments recognized by the UCC ?
- A.
Notes, certificates of deposit, drafts, and checks
- B.
Notes, certificates of withdrawal, drafts, and checks
- C.
Notes, depository receipts, drafts, and checks
- D.
Notes, certificates of withdrawal, depository receipts, and checks
- 15.The Uniform Commercial Code (UCC) Section 3-108(a) defines an instrument "payable on __________" as one that "(i) states that it is payable on demand or at sight, or otherwise indicates that it is payable at the will of the holder; or (ii) does not state any time of payment".
- A.
Presentment
- B.
Date
- C.
Tender
- D.
Demand
- 16.Under the UCC, types of checks include all but which of the following?
- A.
Cashier's checks
- B.
Traveler's checks
- C.
Certified checks
- D.
Promissory checks
- 17.Payment on __________ instruments can be made only at a specific future time, which Uniform Commercial Code (UCC) Section 3-108(b) says must be easily determined from the document itself.
- A.
Time
- B.
Qualified
- C.
Conditional
- D.
Demand
- 18.Which of the following is not a requirement for negotiability?
- A.
The instrument is in writing
- B.
The instrument is executed by a merchant
- C.
The instrument has an unconditional promise or order to pay
- D.
The instrument is signed by the creator of the instrument
- 19.Negotiable instruments must order or promise that payment be made in:
- A.
Goods of the type specified in the subject contract
- B.
Bearer bonds
- C.
A national currency
- D.
U.S. dollars only
- 20.Under the UCC, which of the following is not a requirement for negotiability?
- A.
The amount to be paid is a sum certain in money
- B.
The amount to be paid includes a fixed rate of interest
- C.
Payment is to be made either on demand or at a fixed future time
- D.
The document must contain the words of negotiability "to the order of" or, in the alternative, words indicating that it is a bearer instrument
- 21.A negotiable instrument that indicates no specific name of the payee, is known as a(n) ___________ instrument.
- A.
Designated
- B.
Unqualified
- C.
Order
- D.
Bearer
- 22.The Uniform Commercial Code (UCC) attempts to provide which of the following:
- A.
Guidelines for making common law contracts that deal with the sale of land.
- B.
A framework for all international contracts dealing with the sale of securities.
- C.
A consistent and integrated framework of rules to deal with all aspects of commercial sales transactions
- D.
A consistent body of rules for dealing with criminal violations of the law that involve either securities or government bonds.
- 23.If you lease an automobile from an automobile dealer, this contract is covered by:
- A.
Article 2 of the UCC.
- B.
Article 2A of the UCC.
- C.
Article 6 of the UCC.
- D.
The common law, because it involves an intangible good.
- 24.Suppose Sue offers to sell her sofa to her friend Brian. Sue does not sell furniture for a living. If, after Sue offers the sofa to Brian for $750, Brian says, “I’ll take it and I want you to throw in the coffee table along with it,” under the UCC, what kind of contract do Sue and Brian have?
- A.
They have no contract because of the mirror image rule.
- B.
They have a contract for the sofa and coffee table
- C.
They have a contract for the sofa only.
- D.
They have no contract.
- 25.If Smith sells Burns copper that he removed from land that he owns in Colorado, this contract:
- A.
Will be covered by Article 2 of the UCC.
- B.
Will be covered by Article 2A of the UCC.
- C.
Will be covered by Article 3 of the UCC.
- D.
Will be covered by the common law.
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