Chapter20 Formation of Sales and Lease Contracts

Chapter20 Formation of Sales and Lease Contracts - MULTIPLE...

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MULTIPLE CHOICE QUESTIONS 1. Bild-Rite, Inc., is a Colorado-based firm that does business with clients throughout North America. Bild-Rite oversees construction projects, and buys and sells commercial buildings, undeveloped land, and construction supplies and other goods. Bild-Rite has had to deal with work-site theft and vandalism. With respect to these circumstances, the Uniform Commercial Code (UCC) provides a framework for a. commercial transactions for the sale of and payment for goods. b. international construction contracts. c. domestic and foreign transactions in real estate. d. prosecuting crimes against business interests. 2. Omni Corporation is a Pennsylvania-based firm that does business throughout the United States. With respect to this circumstance, the UCC has been adopted by, and applies in, a. a few of the states. b. all of the states, in whole or in part. c. half of the states. d. none of the states, to date. 3. 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 a. the checks. b. the payment of the loan. c. the sale of the buildings. d. the sale of the goods. 4. Nemo pays Office Supply Company $1,500 for a laptop computer. Under the UCC, this is a. a gift.
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b. a lease. c. a sale. d. not a gift, a lease, or a sale. 5. In a dispute over a sale involving a bicycle, Dain argues that as to this deal Elle’s Hobby Shop, where Dain bought the bike, is a merchant. A court may determine whether Elle’s is a merchant by assessing whether a. it has sold any bikes within the last year. b. it holds itself out by occupation as having knowledge or skill unique to the bike
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This note was uploaded on 05/18/2011 for the course BUSINESS 2041 taught by Professor Miller during the Fall '08 term at DeAnza College.

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Chapter20 Formation of Sales and Lease Contracts - MULTIPLE...

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