Ch20-TB1-WBL-10e

Ch20-TB1-WBL-10e - Chapter 20 The Formation of Sales and...

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Chapter 20 The Formation of Sales and Lease Contracts N.B.:   TYPE  indicates that a question is new, modified, or unchanged, as  follows. N A question  new  to this edition of the Test Bank. + A question  modified  from the previous edition of the Test Bank, = A question  included  in the previous edition of the Test Bank. TRUE/FALSE QUESTIONS 1. Article 2 of the UCC governs the sale of goods. ANSWER: T PAGE: 382 TYPE: = 2. Under the UCC, a sale occurs when title passes from a seller to a buyer for  a price. ANSWER: T PAGE: 383 TYPE: = 3. For an item to be characterized as a “good” under the UCC, it must be  intangible. ANSWER: F PAGE: 383 TYPE: = 4. 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: 384 TYPE: = 197
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198 TEST BANK 1: UNIT FOUR: DOMESTIC AND INT’L SALES AND LEASE CONTRACTS 5. A sale of a fixture is always considered a sale of realty. ANSWER: F PAGE: 384 TYPE: = 6. The   UCC   imposes   some   different   rules   of   conduct   on   merchants   and  consumers. ANSWER: T PAGE: 386  TYPE: = 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: 386 TYPE: = 8. Article 2A applies only to consumer leases. ANSWER: F PAGE: 387 TYPE: = 9. A lease agreement is the lessor and lessee’s bargain. ANSWER: T PAGE: 387 TYPE: = 10. If a contract for a sale of goods does not include a price term, it may still be  enforceable. ANSWER: T PAGE: 388 TYPE: = 11. If a contract for a sale of goods does not include the terms for payment,  there is no basis for enforcing it. ANSWER: F PAGE: 388 TYPE: = 12. The UCC imposes a good faith limitation on output contracts. ANSWER: T PAGE: 389 TYPE: = 13. When an offer does not specify a means of acceptance, it can be accepted by  any means reasonable under the circumstances. ANSWER: T PAGE: 390 TYPE: =
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CHAPTER 20: THE FORMATION OF SALES AND LEASE CONTRACTS 199 14. Under the mirror image rule, an offer must be accepted in its entirety  without modification or reservation or else no contract can be formed. ANSWER: T PAGE: 391 TYPE: = 15. If   a   nonmerchant’s   offer  expressly   conditions   acceptance   on   a   nonmer- chant’s  agreement to the terms of the offer, a positive response may consti- tute an acceptance even if it contains additional terms.
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Ch20-TB1-WBL-10e - Chapter 20 The Formation of Sales and...

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