Commercial Law spring 2008 EX1

Commercial Law spring 2008 EX1 -...

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Unformatted text preview: http://www.cbe.uidaho.edu/wegman/420%20exams/420%20Spr%202008-1web.htm B. Law 420 Spring 2008, Exam #1 February 19, 2008 Multiple choice portion of the exam. 35 questions. Each question is 2 points. Select the best answer, even if you feel that it is not perfect. 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 non- merchant, 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 acceptance. 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. http://www.cbe.uidaho.edu/wegman/420%20exams/420%20Spr%202008-1web.htm (1 of 12) [7/8/2009 11:39:38 PM] http://www.cbe.uidaho.edu/wegman/420%20exams/420%20Spr%202008-1web.htm 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. 6. A homeowner orally contracted to buy some custom made parts that the homeowner will use to build a retaining wall in the homeowner s back yard. The contract price for these materials was $2,000. The buyer refused to take delivery even though they were conforming. The seller is unable to sell these parts to anyone else because they were individually designed for the homeowner. to sell these parts to anyone else because they were individually designed for the homeowner....
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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 spring 2008 EX1 -...

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