Question 1

A title for goods obtained by a seller through fraud, impersonation, or a dishonored check is referred to as a ________.

Accepted Answer

A)   unenforceable title
B)   voidable title
C)   conditional title
D)   unequivocal titleE) A) and B)
F) A) and C)

Question 2

In a finance lease, the lessor manufactures and supplies the goods of the contract.

Accepted Answer

A) True 
 B)False

Question 3

What of the following is true of an "as is" disclaimer?

Accepted Answer

A)   It disclaims all implied warranties.
B)   It disclaims all express warranties.
C)   It is a type of implied warranty.
D)   It cannot be replaced by another warranty.E) A) and B)
F) A) and C)

Question 4

The ________ rule permits certain open terms to be "read into" a sales or lease contract.

Accepted Answer

The answer of The ________ rule permits certain open terms...

Question 5

In a lease contract, the title of goods is passed from the lessor to the lessee.

Accepted Answer

A) True 
 B)False

Question 6

Article 2 of the UCC governs ________.

Accepted Answer

The answer of Article 2 of the UCC governs ________....

Question 7

The ________ is a model act passed in 1949 that includes comprehensive laws that cover most aspects of commercial transactions.

Accepted Answer

A)   Gramm-Leach Bliley Act
B)   Sarbanes-Oxley Act
C)   Uniform Sales Act
D)   Uniform Commercial CodeE) All of the above
F) B) and C)

Question 8

Which of the following sales would be covered by Article 2 of the UCC?

Accepted Answer

A)   the sale of intangible goods
B)   the sale of tangible goods
C)   the sale of real estate
D)   the sale of stocksE) B) and C)
F) All of the above

Question 9

Revised Article 2A (Leases)includes provisions that recognize the importance of electronic lease contracts.

Accepted Answer

A) True 
 B)False

Question 10

________ are damages that will be paid upon a breach of contract that are established in advance.

Accepted Answer

The answer of ________ are damages that will be paid...

Question 11

Which of the following is true of additional terms being added under the UCC?

Accepted Answer

A)   They are considered to be counteroffers.
B)   It can be added when the sale is between two merchants.
C)   It can be added into the contract without the consent of the offeror.
D)   It can be added in a sale that involves one or both parties being a nonmerchant.E) C) and D)
F) A) and B)

Question 12

Which of the following would constitute the creation of an express warranty for goods?

Accepted Answer

A)   description of the goods
B)   commendation of the goods
C)   prior experience with the goods
D)   affirmation of the value of the goodsE) A) and C)
F) B) and C)

Question 13

The implied warranty of fitness for a particular purpose applies only to merchants.

Accepted Answer

A) True 
 B)False

Question 14

The term ________ refers to a situation in which a thief acquires no title to goods he or she steals.

Accepted Answer

The answer of The term ________ refers to a situation...

Question 15

A finance lease involves a lessor leasing money to a lessee.

Accepted Answer

A) True 
 B)False

Question 16

What is the passage of title to goods?

Accepted Answer

Once the goods that are the subject of a...

Question 17

Which of the following does Article 2A of the Uniform Commercial Code govern?

Accepted Answer

A)   mixed sales
B)   sale of goods
C)   leases
D)   letters of creditE) All of the above
F) C) and D)

Question 18

Give an account of express warranties.

Accepted Answer

Express warranties are created when a se...

Question 19

A contract is only created when the offeror receives the offeree's acceptance.

Accepted Answer

A) True 
 B)False

Question 20

A person who transfers the right of possession and use of goods under a lease is known as the ________.

Accepted Answer

A)   lessor
B)   lessee
C)   seller
D)   consigneeE) B) and C)
F) B) and D)

Exam 12: UCC Sales and Lease Contracts and Warranties

A finance lease involves a lessor leasing money to a lessee.

Correct AnswerverifiedShow Answer

In a finance lease, the lessor manufactures and supplies the goods of the contract.

Correct AnswerverifiedShow Answer

Which of the following does Article 2A of the Uniform Commercial Code govern?

Correct AnswerverifiedShow Answer

The ________ is a model act passed in 1949 that includes comprehensive laws that cover most aspects of commercial transactions.

Correct AnswerverifiedShow Answer

________ are damages that will be paid upon a breach of contract that are established in advance.

Correct AnswerverifiedShow Answer

A person who transfers the right of possession and use of goods under a lease is known as the ________.

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In a lease contract, the title of goods is passed from the lessor to the lessee.

Correct AnswerverifiedShow Answer

Which of the following would constitute the creation of an express warranty for goods?

Correct AnswerverifiedShow Answer

The ________ rule permits certain open terms to be "read into" a sales or lease contract.

Correct AnswerverifiedShow Answer

Which of the following is true of additional terms being added under the UCC?

Correct AnswerverifiedShow Answer

The implied warranty of fitness for a particular purpose applies only to merchants.

Correct AnswerverifiedShow Answer

A contract is only created when the offeror receives the offeree's acceptance.

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What is the passage of title to goods?

Correct AnswerverifiedOnce the goods that are the subject of a...View AnswerShow Answer

What of the following is true of an "as is" disclaimer?

Correct AnswerverifiedShow Answer

Give an account of express warranties.

Correct AnswerverifiedExpress warranties are created when a se...View AnswerShow Answer

A title for goods obtained by a seller through fraud, impersonation, or a dishonored check is referred to as a ________.

Correct AnswerverifiedShow Answer

Which of the following sales would be covered by Article 2 of the UCC?

Correct AnswerverifiedShow Answer

Article 2 of the UCC governs ________.

Correct AnswerverifiedShow Answer

Revised Article 2A (Leases)includes provisions that recognize the importance of electronic lease contracts.

Correct AnswerverifiedShow Answer

The term ________ refers to a situation in which a thief acquires no title to goods he or she steals.

Correct AnswerverifiedShow Answer

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Once the goods that are the subject of a...
View Answer

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Express warranties are created when a se...
View Answer

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