TBCh08RF - CHAPTER 8 Sales, Licensing, and E-Commerce...

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C H A P T E R 8 Sales, Licensing, and E-Commerce T RUE -F ALSE Q UESTIONS 1. The Uniform Computer Information Transactions Act is a federal law. ANSWER: False SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 2. The Agreement for Import and Export governs most international sales. ANSWER: False SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 3. The UCC treats fixtures as goods. ANSWER: False SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 4. The UCC permits a contract to be enforced if the parties intended a binding contract, even though important terms may have been left open for later agreement. ANSWER: True SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 5. The UCC does not specifically define an offer or an acceptance. ANSWER: True SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 6. The UCC has adopted the “mirror image” rule. ANSWER: False SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 7. Under the UCC, the implied warranty of merchantability guarantees that the goods are reasonably fit for the general purposes for which they are sold, and that they are properly packaged and labeled. ANSWER: True SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 109
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110 MANAGERS AND THE LEGAL ENVIRONMENT 8. A contract for the sale of land is governed by Article 2 of the UCC. ANSWER: False SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 9. Under the UCC, the buyer may reject any or all of the goods if the goods fail to conform to the contract. ANSWER: True SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 10. The UCC applies identical rules concerning the sales of goods to merchants and nonmerchants. ANSWER: False SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 11. The UCC requires an obligation of good faith in the performance of every contract or duty covered by the Act. ANSWER: True SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 12. An express warranty is an explicit guarantee by the seller that the goods will never be defective. ANSWER: False SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 13. Procedural unconscionability is easier to prove in a commercial setting than when an individual consumer is involved. ANSWER: False SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 14. Under the UCC version of commercial impracticability, a failure to perform is a breach even if performance is made impractical by an event unforeseen by the contract. ANSWER: False SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 15. Sellers can rely on the UCC doctrine of commercial impracticability to get them out of a bad bargain ANSWER: False SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 16. Sales at Internet auctions compromise only a small amount of Internet fraud.
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CHAPTER 8 SALES, LICENSING, AND E-COMMERCE 111 ANSWER: False SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 17. Most international sales of goods are governed by the Convention on Contracts for the International Sale of Goods. ANSWER:
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TBCh08RF - CHAPTER 8 Sales, Licensing, and E-Commerce...

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