Commercial Law Fall 2008 EX1

Commercial Law Fall 2008 EX1 - B. L aw 420 Commercial Law...

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B. L aw 420 – Commercial Law Exam #1, September 30, 2008 Covers chapters 21 - 23 Multiple choice: each question is two points. Total: 70 points. Select the best answer. 1. The proper relationship between the common law and the UCC regarding sales is: a. Common law no longer applies to sales. b. The UCC no longer applies to sales. c. The UCC controls sales, but where the UCC is silent, common law still controls. d. The common law controls sales, but where the common law is silent, the UCC controls. 2. A merchant is a person who: a. Deals in goods of the kind involved in the transaction. b. By his or her skill or occupation, holds himself or herself out as being an expert regarding the goods in the transaction. c. Employs an expert as his or her agent. d. Any of the above would qualify a person as a merchant. 3. Under the UCC, firm offers can be made: a. Orally or in writing by either merchants or nonmerchants. b. Orally or in writing only by merchants. c. In writing by either merchants or nonmerchants. d. In writing only by merchants. 4. In a contract for the sale of goods, in which the offeror is a merchant and the offeree is a nonmerchant, what is the effect of minor additional terms contained in an acceptance? a. A contract will be formed incorporating the different terms of the acceptance. b. No contract is formed, and the purported acceptance is treated as a counteroffer. c. A contract is formed, but only if the parties resolve the differences in the offer and the cceptance. d. A contract is formed according to the terms of the offer. 5. A buyer purchases some equipment that costs $20,000. As part of the contract, the seller agrees to install this equipment for an additional $2,000. After the buyer begins using the equipment, problems develop. Some of the problems relate to how the equipment was installed, while others relate to the equipment itself. Which of the following is true in most States? a. The sales portion of the contract is covered by the UCC, but the installation services are covered under common law. b. The entire contract is covered under the UCC. c. The entire contract is covered under common law. d. Either the entire contract is covered under either the UCC or the entire contract is covered under common law; which one covers it depends on whether more of the problems relate to the equipment itself or to the installation.
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6. A buyer who is not a merchant in boats is at a boat store and orally agrees to purchase a sailboat for $2,000. The buyer sends a written, signed confirmation to the boat dealer the next day describing all relevant terms of their agreement. When the buyer goes to the store a week later to pick up the boat, the store refuses to sell the boat for $2,000. Based just on these facts, which is true? a.
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This note was uploaded on 07/29/2011 for the course ACCT 351B taught by Professor Inama during the Spring '11 term at Golden Gate.

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Commercial Law Fall 2008 EX1 - B. L aw 420 Commercial Law...

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