Question

5) Except when required by the equal dignity rule, a written agreement is not required to create an agency relationship.

True

False

6) Under the UCC, when one party makes an offer, the offeree's acceptance must match the offer's exact terms to be valid.

True

False

7) Article 2 of the Uniform Commercial Code applies to which of the following transactions?

	A.	Tito’s sale of legal services to Janet.
	B.	Tito’s sale of his 1958 Edsel automobile to Janet.
	C.	Tito’s sale of his home, Neverland Ranch, to Janet.
	D.	Tito’s renting of his home, Neverland Ranch, to Janet.
10)		As it pertains to the scope of the application of UCC Article 2, choose the best description of the holding in the case of Connie Beale, Inc. v Plimpton. A. UCC Article 2 applied to the sale of design services because the arrangement also included the sale of some goods, such as furniture. B. Although, as a designer, Connie Beale presented furniture, window coverings and other items to Plimpton for sale, the agreement to provide interior design services was not a contract for the sale of goods under UCC Article 2 because the predominant purpose of the arrangement was the sale of services. C. Because she was an agent of Plimpton, UCC Article 2 applied to Connie Beale's contract with Plimpton. D. Incidental sales of goods coupled with the rendering of services required the application of UCC Article 2.

12) Which is not a kind of title?

	A.	Good
	B.	Void
	C.	Voidable
	D.	Vacated

13) Indicate all of the correct statements concerning the duration of a perfected security interest.

	A.	The duration of a filed UCC Form 1 financing statement is five years.
	B.	Financing statements automatically renew.
	C.	A financing statement may only be renewed by the execution of an amended security agreement and the filing of another UCC Form 1.
	D.	Perfected security interests are renewable upon the filing of a continuation statement.
	E.	Perfected security interests are subject to termination by the filing of a termination statement.
	F.	Once perfected by the filing of a financing statement, a perfected security interest may not be terminated prior to the conclusion of the original term.

14) Under Article 2 of the Uniform Commercial Code, merchants are always treated the same as non-merchants.

True

False

15) Which one of the following statements concerning Superior Boiler Works, Inc. v. R.J. Sanders, Inc. is true?

		The court found that because the contract between the parties called for the delivery of both goods and service, Uniform Commercial Code Article 2 did not apply.
		As interpreted under UCC Article 2, the contradictory delivery terms contained in the communications between the parties struck one another out. Despite the contradictory terms, the parties still had an enforceable agreement, but the court had to determine what a reasonable date for delivery would be.
		As interpreted under UCC Article 2, the contradictory delivery terms contained in the communications between the parties precluded the parties from having an enforceable agreement.
		As interpreted under UCC Article 2, the failure of the parties to reach agreement concerning the number of boiler units to be delivered precluded the parties from having an enforceable agreement.

18) 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 (that is, not variable) 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.

19) After the contract deadline for delivery has passed, a seller is absolutely precluded from curing through the delivery of conforming goods.

True

False

Answer 1

Solution:

5)

The statement is TRUE

A written agreement is not required to create an agency relationship. But some states requires an agency to be in writing if the contract involves sale of land. Also, many states apply the equal dignity rule. In these states, an agency must be in writing if the agent is to enter into a contract required to be in writing.

6)

The statement is TRUE

Acceptance must exactly match the term of the offer. the acceptance must be a mirror image of the offer to constitute valid acceptance.

7)

Article 2 of the Uniform Commercial Code applies to “Tito’s sale of his 1958 Edsel automobile to Janet”

Explanation: Article 2 of UCC applied to “transaction is goods” and defines "goods" to include tangible personal property that is moveable at the time it is defined to the contract.

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