BLAWTest4 - BLAW 1 Review Sheet for Final Exam Note: This...

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BLAW 1 Review Sheet for Final Exam Note: This review sheet only covers the topics which have not previously been tested. For those topics, see the three previous review sheets for Exams 1, 2 and 3. General K Law: Past consideration is no consideration . If a minor goes buys something that is necessary, the minor is only liable for the reasonable price of the product which is not to exceed market value. Seller and buyer contracted for the sale of goods in a seller’s plant contract. The goods were delivered by the carrier to the buyer’s warehouse, where the buyer subjected the goods to an initial reasonable inspection. Upon such inspection, the buyer discovered the goods to be nonconforming. The buyer notified the seller that the goods were rejected. Shortly after such notification of rejection, and without the buyer’s fault there was a fire in the buyer’s warehouse. And the goods were destroyed. The contract price of the goods was 4500 and the buyer did not have the goods insured. Punitive damages are recoverable for a breach of a contract for the sale of goods: FALSE Breach of warrant is a contract theory of recovery A seller’s plant contract is the same as a: shipment contract A buyer can get both the differences between the cover price and the contract price and the ordinary measure of damages for breach of contract for the sale of foods: false This offer will stay open for 180 days from the date of this letter: Mort would require to leave the offer open for: 90 days. (Cannot exceed 90 days) The sales provision of Article 2 of the UCC applies to both merchants and nonmerchants: True A seller can get both the difference between the resale price and the contract price and the ordinary measure of damages for breach of a contract for the sale of goods: False 1. What is an allonge? Paper attached to negotiable instrument, on which transferees can make indorsements. Blank piece of paper to continue indorsements 2. What are the differences among the following: draft, check, promissory note and certificate of deposit?
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Draft – An order by one person to another person or to bearer. It is an unconditional written order that involves three parties. Drawer (writer of check) creates the draft who orders the drawee (bank on which the check is drawn) to pay the money usually to the payee (3 rd party of whom the check is made payable to). Check – A draft drawn on a bank and payable on demand. This is the most common type of draft. Checks demand instruments because they are payable on demand. Drafts and Checks are ORDERS TO PAY . Promissory Note – a promise by one party to pay money to another party or to bearer. It is a written promise made by one person ( maker ) to pay a fixed sum of money to another ( payee ). It can be payable at a definite time or on demand. Certificate of Deposit
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This note was uploaded on 04/04/2011 for the course BLAW 3311 taught by Professor Boykin during the Spring '07 term at UT Arlington.

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BLAWTest4 - BLAW 1 Review Sheet for Final Exam Note: This...

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