Chap016 - Chapter 016 : Sales Chapter 016 : Sales Student:...

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Chapter 016 : Sales Chapter 016 : Sales Student: ___________________________________________________________________________ 1. Contracts for services are not covered by the Uniform Commercial Code. BT: Knowledge PO: 1 True False 2. A legally enforceable agreement that has as a purpose the immediate transfer of title to personal property in return for consideration is a contract for sale. BT: Knowledge PO: 2 True False 3. Goods that exist at the time of the sales transaction and are expected to come into the possession of the seller are considered future goods. BT: Knowledge PO: 2 True False 4. The complete agreement for the contract of sale need not be in writing, but there must be some evidence of the intention of the parties. BT: Knowledge PO: 3 True False 5. In an entire and divisible sales contract, if all the components are interdependent and are included in the same order, an entire contract payment for the contract is required before the whole order is filled. BT: Knowledge PO: 4 True False
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6. A sales contract for goods of special design, construction, or manufacture is a contract for labor and materials. BT: Knowledge PO: 5 True False 7. When a contract provides for the sale of goods subject to the buyer's approval, the transaction is a sale on return. BT: Knowledge PO: 6 True False 8. Most goods sold by reputable merchants can be returned for a variety of reasons unless the sale is clearly identified as final or the circumstances of the return are unreasonable. BT: Knowledge PO: 6 True False 9. Two additional kinds of sales are auction sales and conditional sales BT: Knowledge PO: 7 True False 10. A conditional sales contract is one way of selling merchandise with the condition that title will remain with the buyer until the purchase price has been paid. BT: Knowledge PO: 7 True False 11. Title to goods shipped free on board destination passes before the goods are delivered to the buyer. BT: Knowledge PO: 8 True False
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12. If a buyer refuses to accept delivery of goods, the seller can store the goods for the buyer and sue to recover the sales price if the goods are not readily resalable to another customer. BT: Knowledge PO: 9 True False 13. Stoppage in transit is the right of an unpaid seller to stop goods in transit and order the carrier to hold them for the seller. BT: Knowledge PO: 9 True False 14. In the event that the seller delivers goods that are not as specified in the contract, the buyer may revoke the contract and return the goods that are substantially different from those that were ordered. BT: Knowledge PO: 9 True False 15. If a seller fails to deliver goods as promised, the buyer cannot buy similar goods to substitute for those not delivered. BT: Knowledge
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This note was uploaded on 09/25/2011 for the course GENB 4350 taught by Professor Louis during the Spring '11 term at Houston Baptist.

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Chap016 - Chapter 016 : Sales Chapter 016 : Sales Student:...

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