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Ch11-TB-BLTE-8e

Ch11-TB-BLTE-8e - Chapter11 SalesandLeases...

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Chapter 11 Sales and Leases: Formation, Title, and Risk TRUE/FALSE QUESTIONS 1. The UCC governs sales of goods. ANSWER: T PAGE: 325 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 2. The UCC does  not  impose different standards on merchants than it imposes  on consumers. ANSWER: F PAGE: 325 TYPE: + MISC: AACSB Analytic Skill Level: AICPA Legal 3. The   UCC   imposes   some   different   rules   of   conduct   on   merchants   and  consumers. ANSWER: T PAGE: 325  TYPE: + MISC: AACSB Analytic Skill Level: AICPA Legal 4. A contract for the sale of a copyright is subject to Article 2. 159
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160 TEST BANK TO ACCOMPANY BUSINESS LAW TODAY: THE ESSENTIALS ANSWER: F PAGE: 326 TYPE: N MISC: AACSB Reflective Skill Level: AICPA Legal 5. A contract for the sale of stock is subject to Article 2. ANSWER: F PAGE: 326 TYPE: N MISC: AACSB Reflective Skill Level: AICPA Legal
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CHAPTER 11: SALES AND LEASES: FORMATION, TITLE, AND RISK 161 6. In a contract in which goods and services are combined, the contract is al- ways considered an agreement for the sale of goods. ANSWER: F PAGE: 327 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 7. Under the UCC, a merchant who sells one type of good will be considered a  merchant for any other type of good that he or she may sell. ANSWER: F PAGE: 328 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 8. Article 2A applies only to consumer leases. ANSWER: F PAGE: 329 TYPE: + MISC: AACSB Analytic Skill Level: AICPA Legal 9. lease agreement  is the lessor and lessee’s bargain. ANSWER: T PAGE: 329 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 10. lessor  is one who sells the right to the possession and use of goods under  a lease. ANSWER: T PAGE: 329 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 11. If a contract for a sale of goods does  not  include a price term, there is no ba- sis for enforcing it. ANSWER: F PAGE: 330 TYPE: + MISC: AACSB Analytic Skill Level: AICPA Legal
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162 TEST BANK TO ACCOMPANY BUSINESS LAW TODAY: THE ESSENTIALS 12. If a contract for a sale of goods does  not  include the delivery date, there is  no basis for enforcing it. ANSWER: F PAGE: 331 TYPE: = MISC: AACSB Analytic Skill Level: AICPA Legal 13. The rules governing firm offers apply to certain merchants only. ANSWER: F PAGE: 333 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal
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CHAPTER 11: SALES AND LEASES: FORMATION, TITLE, AND RISK 163 14. Under the UCC, an agreement modifying a contract needs new considera- tion to be binding. ANSWER: F PAGE: 336 TYPE: + MISC: AACSB Analytic Skill Level: AICPA Legal 15. An oral contract may be enforceable under the UCC.
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