Clark_11e-TB-Comb-Ch20

Clark_11e-TB-Comb-Ch20 - Chapter 20 The Formation of Sales...

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Chapter 20 The Formation of Sales and Lease Contracts TRUE/FALSE QUESTIONS A1. Article 2 of the UCC governs contracts for sales of goods. ANSWER: T PAGE: 393 TYPE: = NAT: AACSB Analytic AICPA Legal B1. Under the UCC, a sale of goods will be considered valid only if the goods are  paid for with money. ANSWER: F PAGE: 394 TYPE: = NAT: AACSB Analytic AICPA Legal A2. Under the UCC, a sale occurs when title passes from a seller to a buyer for  a price. ANSWER: T PAGE: 394 TYPE: = NAT: AACSB Analytic AICPA Legal B2. A copyright is an example of property that does not come under Article 2. ANSWER: T PAGE: 394 TYPE: = NAT: AACSB Reflective AICPA Legal A3. For an item to be characterized as a “good” under the UCC, it must be  intangible. ANSWER: F PAGE: 394 TYPE: = 201
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202 NAT: AACSB Analytic AICPA Legal B3. The UCC governs sales of services. ANSWER: F PAGE: 395 TYPE: = NAT: AACSB Analytic AICPA Legal A4. A contract for the sale of minerals is considered to be a contract for the sale  of goods if the severance is to be made by the buyer. ANSWER: F PAGE: 395 TYPE: = NAT: AACSB Reflective AICPA Legal B4. If a seller is to remove a structure attached to land, the sale of the structure  is treated as one involving goods. ANSWER: T PAGE: 395 TYPE: = NAT: AACSB Reflective AICPA Legal A5. A sale of a fixture is always considered a sale of realty. ANSWER: F PAGE: 395 TYPE: = NAT: AACSB Reflective AICPA Legal
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CHAPTER 20:  THE FORMATION OF SALES AND LEASE CONTRACTS           203 B5. 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: 395 TYPE: = NAT: AACSB Reflective AICPA Legal A6. The   UCC   imposes   some   different   rules   of   conduct   on   merchants   and  consumers. ANSWER: T PAGE: 396  TYPE: = NAT: AACSB Analytic AICPA Legal B6. The UCC does   not   impose different standards on merchants than it im- poses on consumers. ANSWER: F PAGE: 396 TYPE: = NAT: AACSB Analytic AICPA Legal A7. 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: 396 TYPE: = NAT: AACSB Reflective AICPA Legal B7. Article 2A of the UCC covers subleases of goods. ANSWER: T PAGE: 398 TYPE: + NAT: AACSB Reflective AICPA Legal A8. A consumer lease is subject to Article 11 of the CISG. ANSWER:
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This note was uploaded on 10/11/2010 for the course MGT 301 taught by Professor Pederson during the Fall '10 term at SUNY Stony Brook.

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Clark_11e-TB-Comb-Ch20 - Chapter 20 The Formation of Sales...

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