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Taxation Multiple Choice Questions




Question;Question 1 UCC Section 2-205 provides that all firm offers are irrevocable for three months.;Question 2 Sam's price quote written on his company's letterhead satisfies the UCC Section 2-205 requirement that a firm offer must be made in a signed writing.;Question 3 By submitting a bid to Fred for the construction project, Bill accepted Sam's offer.;Question 4 Revocation of a Firm Offer must be communicated in writing to the buyer.;Question 5 Bill is entitled to receive cover damages from Sam in the amount of $1,000.00.;Question 6 Bill is entitled to receive punitive damages from Sam since Sam revoked his offer.;Question 7 According to the UCC Section 2-201, the Statute of Frauds requires that a contract for tiles in the amount of $8,000.00 must be in writing with the quantity stated and signed by both parties in order to be enforceable;Question 8 Steve and Bill entered into a valid shipment contract for the purchase of doors.;Question 9 In a destination contract the risk of loss passes from the seller to the buyer when the seller tenders the goods to the buyer at the destination point.;Question 10 Steve was discharged by impossibility when the doors were destroyed by lightning during transportation to Bill.;Question 11 The term "Free on Board (FOB)" can denote a shipment or destination contract depending on the stated location in the term.;Question 12 UCC Section 5-509 states that when the goods are neither shipped by a carrier nor held by a bailee, the risk of loss passes to the buyer on his receipt of the goods if the seller is a merchant.;Question 13 Bill is entitled to receive the full contract price of $6,000.00 from Steve.;Question 14 According to UCC Section 2-508, a seller who delivers non-conforming goods to a buyer has a reasonable opportunity to cure the non-conformity as long as he notifies the buyer and it is still within the stated contract time of delivery.;Question 15 Susan delivered defective windows to Bill on October 15, 2007.;Question 16 Susan is a lost volume seller since she had thousands of windows in stock and could supply anyone with as many windows as they need, at any time.;Question 17 Susan is entitled to recover the full contract price of $12,000.00 from Bill.;Question 18 Bill is entitled to receive $500.00 in compensatory damages from Tina;Question 19 An injured party may also receive incidental damages for the costs of transportation, storage or commission;Question 20 According to UCC Section 2-206, unless otherwise stated in the offer, an acceptance may be made in any manner and by any medium reasonable under the circumstances.


Paper#50829 | Written in 18-Jul-2015

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