Question

In: Accounting

18. Negotiable instruments a. are a substitute for cash. b. are generally also gold certificates. c....

18. Negotiable instruments

a. are a substitute for cash.

b. are generally also gold certificates.

c. make business deals more difficult.

d. are part of federal regulatory controls.

e. are part of the Federal Reserve System.

19. Which of the following contracts would most likely fall under UCC Article 2?

a. IBM sells an office building in Atlanta to Microsoft.

b. GM buys seat belts from Ace to install in new Cadillac cars.

c. Nock hires CompuW to service its computer system for the next year.

d. Disney buys the copyright on a book to make it into a movie.

e. All of the above would fall under UCC Article 2.

20. Under the UCC, a warranty is

a. a guarantee of payment by the seller.

b. a statement by the buyer that the goods conform to certain quality, safety, performance, or title standards.

c. a statement by the seller that the goods conform to certain quality, safety, performance, or title standards.

d. a statement by the buyer that the goods conform to industry standards.

e. a statement by the seller that it accepts responsibility for any harm the goods causes.

21. Under the UCC, a warranty of title means

a. the buyer warrants that the goods conform to certain quality, safety, performance, or title standards.

b. the seller warrants that the goods conform to certain quality, safety, performance, or title standards.

c. the seller is the rightful owner of the goods being sold and they are free of any claim against them.

d. the name on the goods is properly displayed and it is it the true and accurate name of the goods.

e. The UCC does not address a warranty of title.

22. The purpose of the UCC is

a. to give each state a unique set of trade laws.

b. to mediate international business disputes.

c. to make it easier to prosecute parties who breach contracts.

d. to simplify, clarify and modernize the law governing commercial transactions.

e. to reduce taxes.

Expert Solution

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ekkarill92 answered 2 years ago

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