ch 20 - Chapter 20 The Formation of Sales and Lease...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Sheet1 Page 1 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: = NAT: AACSB Analytic AICPA Legal B3. The UCC governs sales of services. ANSWER: F PAGE: 395 TYPE: =
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Sheet1 Page 2 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 CHAPTER 20: THE FORMATION OF SALES AND LEASE CONTRACTS B5. In a contract in which goods and services are combined, the contract is always 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 imposes on consumers. ANSWER: F PAGE: 396 TYPE: = NAT: AACSB Analytic AICPA Legal
Background image of page 2
Sheet1 Page 3 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 o 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: F PAGE: 398 TYPE: N NAT: AACSB Analytic AICPA Legal B8. A consumer lease is excepted from coverage under the UCC. ANSWER: F PAGE: 398 TYPE: N NAT: AACSB Analytic AICPA Legal A9. A lessor is a party who acquires a right to the possession and use of goods under a lease. ANSWER: F PAGE: 398 TYPE: N NAT: AACSB Analytic AICPA Legal B9. A lessee is a party who transfers a right to the possession and use of goods under a lease. ANSWER: F
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/26/2011 for the course BUS 112 taught by Professor Lukepeer during the Fall '08 term at Florida Southern College.

Page1 / 20

ch 20 - Chapter 20 The Formation of Sales and Lease...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online