Test 4 Review - Review for Test 4 Chpt. 20 1. What does...

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Review for Test 4 Chpt. 20 1. What does article 2 of the UCC cover? Sale of goods 2. What is not covered under Article 2? Does not apply to the sale of real estate 3. Why is the status of “merchant” so important under the UCC? A person who employs a merchant as a broker, agent, or other intermediary has the status of merchant in that transaction. 4. What circumstances make someone is a “merchant” under the UCC? A merchant is a person who deals in goods of the kind involved in sales contract. 5. What is the effect of open terms in a contract under the UCC? An offer must be definite enough for the parties, and courts, to ascertain its essential terms when it is accepted. 6. What rules apply to a shipment of noncorming goods under the contract? 7. What rules apply to the place of delivery? Unless otherwise agreed, buyer takes delivery at the Seller’s place of business. Chpt. 23 1. How are warranties created? A sale must take place? 2. What is the difference between express and implied warranties? Express:
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Test 4 Review - Review for Test 4 Chpt. 20 1. What does...

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