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Exam 12: UCC Sales Contracts, Leases, and Warranties

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Question 31

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Article 2 of the UCC governs ________.

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Question 32

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What type of transactions are covered under the Magnuson-Moss Warranty Act?

A) consumer transactions
B) commercial transactions
C) industrial transactions
D) governmental transactions

E) All of the above
F) B) and C)

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Question 33

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The ________ refers to a model act that includes comprehensive laws that cover most aspects of commercial transactions.

Klint Microsystems,a microprocessor manufacturer,was contracted by Zeitar Studios to manufacture specially designed microchips to be used in an audio engineering process.Zeitar was to pay Klint $300,000 as per the contract.Klint decided to redesign its existing microchips and make them suitable for Zeitar.While the finished microchips were being shipped via a carrier,Klint was informed of Zeitar's insolvency.Klint cancelled the shipment before it was delivered.Klint then resold the chips to another studio where it had to settle for $150,000,as the chips were now suitable for specific audio engineering processes only.What remedy did Klint exercise when it stopped shipment to Zeitar?

Which of the following sales is covered by Article 2 of the UCC?

According to the Statute of Frauds,all contracts for the sale of goods costing $500 or more must be in writing.

A ________ is a transfer of the right to the possession and use of named goods for a set term in return for certain consideration.

A warranty that is created when a seller or lessor makes an affirmation that the goods he or she is selling or leasing meet certain standards of quality,description,performance,or condition is known as a(n) ________ warranty.

In a destination contract,the seller is required to replace any goods lost in transit.

If the parties to a sales contract do not agree to the time,place,and manner of delivery of the goods,the place for delivery is ________.

If the "as is" type of disclaimer is not used,a disclaimer of the implied warranty of merchantability must specifically mention the term merchantability for the implied warranty of merchantability to be disclaimed.

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

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

A ________ is defined as the passing of title of goods from a seller to a buyer for a price.

Article ________ of the UCC governs leases of goods.

In a case in which a buyer purchases goods from a thief who has stolen them,the purchaser does not acquire title to the goods.

The doctrine of ________ governed the law of sales and leases for centuries before the UCC was adopted.

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

Kimberley,a merchant seller in Kansas,had an oral contract to sell goods to Jane,a merchant buyer in Memphis,for $100,000.Two days after contracting,Kimberley sends a sufficient written confirmation to Jane of the agreed-upon transaction.Jane,who has reason to know the contents of the written confirmation,fails to immediately object to the contents of the confirmation.Two weeks after receiving the written confirmation,Jane receives delivery of the goods from Kimberley,and Jane then sends an objection to the written confirmation to Kimberley.Which of the following is true of the contract between Kimberley and Jane?

The right to withhold delivery is available to the seller if the buyer or lessee wrongfully rejects or revokes acceptance of the goods.