Ch12-TB-BLTE-8e

Ch12-TB-BLTE-8e - Chapter12 TRUE/FALSEQUESTIONS 1...

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Chapter 12 Performance and Breach of Sales and Lease Contracts TRUE/FALSE QUESTIONS 1. The duties and obligations of the parties to a contract include those speci- fied by custom. ANSWER: T PAGE: 355 TYPE: + MISC: AACSB Analytic Skill Level: AICPA Legal 2. When one party fails to cooperate with the other party in carrying out the  terms of a contract, the other party may be excused from performing. ANSWER: T PAGE: 355 TYPE: = MISC: AACSB Analytic Skill Level: AICPA Legal 3. A seller’s tender of goods is a valid tender even if it does not conform to a  contract in a minor way. ANSWER: F PAGE: 356 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 175
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176 TEST BANK TO ACCOMPANY BUSINESS LAW TODAY: THE ESSENTIALS 4. Tender of delivery can occur in any manner. ANSWER: F PAGE: 356 TYPE: + MISC: AACSB Analytic Skill Level: AICPA Legal 5. If a contract does not specify where the goods are to be delivered and the  buyer is to pick them up, the place of delivery is the location of the goods. ANSWER: F PAGE: 356 TYPE: = MISC: AACSB Analytic Skill Level: AICPA Legal
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CHAPTER 12: SALES AND LEASES: PERFORMANCE AND BREACH 177 6. Goods may be tendered in installments if the parties prefer it that way. ANSWER: T PAGE: 356 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 7. A seller fulfills a contract by delivering goods that conform to the terms. ANSWER: T PAGE: 357 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 8. Under a  shipment  contract, the seller is responsible for making sure that  the goods are shipped properly. ANSWER: T PAGE: 357 TYPE: = MISC: AACSB Analytic Skill Level: AICPA Legal 9. Goods may be rejected only if they are substantially nonconforming with  the terms of the contract. ANSWER: F PAGE: 357 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 10. Under a  destination  contract, a seller must deliver the goods to a carrier. ANSWER: F PAGE: 357 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 11. A seller cannot exercise the right to cure once the time for performance un- der the contract has expired. ANSWER: T PAGE: 358 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal
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TEST BANK TO ACCOMPANY BUSINESS LAW TODAY: THE ESSENTIALS 12. A substitution of one commercially reasonable carrier for another can be a  valid tender of delivery if it is done within the time for performance. ANSWER: T PAGE: 358 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 13. A   seller   can   exercise   the   right   to   cure   within   the   contract   time   for  performance. ANSWER:
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Ch12-TB-BLTE-8e - Chapter12 TRUE/FALSEQUESTIONS 1...

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