Question

If, before either party to a contract has a duty to perform,one of the parties refuses to perform

a.the non-breaching party must remain ready to perform for a reasonable time.

b.the non-breaching party must perform to the extent commercially reasonable.

c.both parties are excused from performing the contract.

d.the refusal to perform can be treated as a present breach of contract and damages can be immediately sued for by the non-breaching pa

When time is stated to be “of the essence” in a contract

a.performance must take place within a reasonable time.

b.this means that time is a contract condition that must be strictly complied with.

c.this means that performance must be completed within the limits specified by the UCC.

d. has been construed to mean that delay, unless unreasonable, will not eliminate a party’s right to payment.

Contracts that have been executed on one side

a.can be rescinded only if the party who has performed receives consideration to call off the deal.

b.are deemed to be completely unexecuted.

c.cannot be amended.

d.can only be amended by the party who has executed the contract.

Partial payment of a debt after it has been discharged in bankruptcy

a.revives the entire unpaid balance of the debt.

b.cannot be accomplished without the approval of the bankruptcy court.

c.requires the creditor who has been paid to return the payment to the bankruptcy court.

d.will not revive the entire unpaid balance of the debt.

If a sale involves specific goods already in existence, identification under the UCC occurs

a.when the goods are set apart from other goods by the seller.

b.when the goods are labeled by the seller as belonging to a particular contract.

c.when the goods are shipped to the buyer.

d.when the contract is made.

Under a shipment contract

a.title to goods passes at the time and place of shipment.

b.title to goods passes upon delivery of the goods to the buyer.

c.title passes upon the buyer executing a receipt for the goods.

d.title to the goods passes to the buyer no later than 3 days after the buyer has had the opportunity to inspect them.

If a seller or lessor of goods has stolen the goods

a.his/her title to the goods is voidable.

b.the owner of the goods can reclaim the goods if the owner acts promptly after discovery of the theft or acts promptly after he/she should have discovered the theft.

c.can pass title to the goods to a good faith purchaser of the goods who has given consideration for the goods.

d.his/her title to the goods is void

Answer 1

1. If, before either party to a contract has a duty to perform,one of the parties refuses to perform

Answer: d.the refusal to perform can be treated as a present breach of contract and damages can be immediately sued for by the non-breaching party

2. When time is stated to be “of the essence” in a contract

Answer: d. has been construed to mean that delay, unless unreasonable, will not eliminate a party’s right to payment.

3. Partial payment of a debt after it has been discharged in bankruptcy

Answer: d.will not revive the entire unpaid balance of the debt.

4. If a sale involves specific goods already in existence, identification under the UCC occurs

Answer: b.when the goods are labeled by the seller as belonging to a particular contract.

5. Under a shipment contract

Answer: a.title to goods passes at the time and place of shipment.

6. If a seller or lessor of goods has stolen the goods

Answer: d.his/her title to the goods is void