5 - NR275.BUS.241.35.SP11 - ( [Spring 2011] BUS 241-35:...

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NR275.BUS.241.35.SP11 - ([Spring 2011] BUS 241-35: Business Law I) Assignments ... Module 4 Practice Test Review Test Submission: Module 4 Practice Test Review Test Submission: Module 4 Practice Test User Kristen M Ritch Submitted 3/5/11 5:05 PM Name Module 4 Practice Test Status Completed Score 0 out of 100 points Time Elapsed 4 seconds out of 2 hours and Instructions Question 1 Under the UCC, the validity of a contract depends on its price term. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 2 Over the course of a year, Retail Marketers, Inc., sells goods from its inventory and one of its warehouses. In exchange, Retail receives checks and other items that substitute for cash, which Retail uses to repay a loan from Savings Bank. Article 2 of the UCC governs Selected Answer: [None Given] Correct Answer: the sale of the goods. 0 out of 2 points Question 3 If a seller is a merchant, and the seller holds the goods, the risk of loss passes to a buyer when the buyer takes physical possession of the goods. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 4 Doctors Medical Clinic orders 1,000 bandages from Emergency Supplies Company but fails to specify the sizes. The bandages are delivered in an assortment of sizes. Doctors Medical Clinic may Selected Answer: [None Given] Correct Answer: accept only the bandages that it wants and reject the rest. 0 out of 2 points Question 5 0 out of 2 points NR275.BUS.241.35.SP ([Spring 2011] BUS 241-35: Business Law I) Announcements Assignments Course Documents Discussion Board My Grades Communication Tools Resources
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A buyer has an insurable interest in identified goods. Selected Answer: [None Given] Correct Answer: True Question 6 Quik Sales Corporation orders goods from Re Stock Company. Re plans to market the goods to consumers generally. Re identifies the goods. Before they are shipped to Quik, an insurable interest in the goods exists in Selected Answer: [None Given] Correct Answer: Quik and Re, but not consumers generally. 0 out of 2 points Question 7 A lessee is a party who transfers a right to the possession and use of goods under a lease. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 8 On behalf of Premier Shipbuilding Corporation (PSC), Rita orders 1,000 cases of 1/4-inch nuts from Steel Parts Company's 10,000- case lot. Steel Parts separates 1,000 cases from the lot. Title and risk of loss Selected Answer: [None Given] Correct Answer: shift to PSC when Steel Parts separates the cases. 0 out of 2 points Question 9 customers. Their contract will not be enforceable unless it includes Selected Answer: [None Given] Correct Answer: the quantity of the goods. 0 out of 2 points
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5 - NR275.BUS.241.35.SP11 - ( [Spring 2011] BUS 241-35:...

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