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Business Law Unit 4

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Question;Business Law Quiz-4;Multiple Choice Questions (Enter your answers on the enclosed answer sheet);1) What is the definition of ?goods? under Article 2 of the UCC?;a. ?Goods? are defined as tangible things that are immovable at the time of their identification to the contract.;b. ?Goods? are defined as fixtures.;c. ?Goods? are defined as intangible things that are immovable at the time of their identification to the contract.;d. ?Goods? are defined as intangible things that are movable at the time of their identification to the contract.;e. ?Goods? are defined as tangible things that are movable at the time of their identification to the contract.;3) Where a contract for the sale of goods does not mention the place of delivery for the goods, which of the following is true?;a. The seller is obligated to deliver the goods to the buyer?s place of business.;b. The contract fails for failure to state a material term.;c. The seller is obligated to deliver the goods at the seller?s place of business.;d. Sellers without a place of business are obligated to deliver the goods at the seller?s home.;e. Both C and D are true.;4) Under the UCC, if an offer is received by mail, the acceptance;a. can be made by another means, but only if the offer so states.;b. must also be made by mail.;c. can be made in any commercially reasonable manner.;d. is effective only once it is received by the offeror.;e. can be canceled by the offeree at any time during the period of a fi rm offer.;6) What is required to meet the writing requirement of the statute of frauds under the UCC?;a. In cases where both parties are merchants, a writing signed by the party to be charged or a written confi rmation of an oral agreement that is sent by one party to the other and not objected to by the other party, in all other transactions, a writing signed by the party to be charged.;b. In cases where at least one party is a merchant, either a writing signed by the party to be charged or a written confi rmation of an oral agreement that is sent to the merchant and not objected to by the merchant, in transactions not involving a merchant, a writing signed by the person to be charged.;c. In cases where both parties are merchants, a writing signed by the party other than the party to be charged at the end of the document.;d. In all cases, a writing signed by the party to be charged.;e. In all cases, a writing signed by all parties to the contract.;11) Which of the following is true regarding a shipment contract?;a. Such contracts require the seller to bear the risk of loss to the goods during their transportation.;b. The risk of loss does not pass until the goods are tendered to the buyer at the specified destination.;c. It requires the seller to deliver conforming goods to the buyer by use of the seller?s own trucks.;d. It requires the seller to ship goods conforming to the contract to a buyer via a carrier.;e. It requires the seller to deliver conforming goods to a specific destination.;Unit 4 Examination;273;Business Law;12) When a seller breaches a contract for the sale of goods by delivering nonconforming goods that are so nonconforming that the buyer has the right to reject them, the risk of loss;a. is unaffected by the seller?s breach.;b. is transferred to the buyer as a matter of law within 24 hours.;c. remains on the seller until the nonconformity is cured or the buyer accepts the nonconforming;goods.;d. remains on the seller indefi nitely.;e. is transferred to the buyer upon delivery of the nonconforming goods, but is transferred;back to the seller if the buyer returns the goods.;14) In Lindholm v. Brandt, when Malmberg sold Lindholm?s ?Red Elvis? to Brandt, thecourt found that;a. Malmberg had been entrusted with the artwork but had a void title because he breached the terms of the entrustment so he couldn?t pass good title to Brandt.;b. Malmberg had been entrusted with the artwork and could pass the voidable title to Brandt because Brandt qualifi ed as a good faith purchaser.;c. Malmberg had stolen the artwork and could pass the void title to Brandt because Brandt qualifi ed as a good faith purchaser.;d. Malmberg had been entrusted with the artwork and could pass the void title to Brandt because Brandt qualifi ed as a good faith purchaser.;e. Malmberg had stolen the artwork, so he couldn?t pass his void title to Brandt.;16) Assuming that goods are nonconforming and that the nonconformity substantially;impairs their value to this buyer, which of the following additional factors must be;present for a valid revocation of the acceptance of goods?;a. Nothing else is necessary to revoke the acceptance of the goods.;b. The goods were accepted on the reasonable assumption that the seller could and;would cure the nonconformity.;c. The goods were accepted before the nonconformity was discovered, and the nonconformity;was diffi cult to discover.;d. Both B and C must be present in order to revoke the acceptance of the goods.;e. If either B or C is present, the acceptance of the goods can be revoked.;17) Which of the following must be met in every instance in order to revoke an acceptance;of goods?;a. The seller?s promise to cure the nonconformity has not been met.;b. The seller must have fully paid for the goods prior to revocation.;c. The nonconformity is one that substantially impairs the value of the goods.;d. The goods were accepted before discovery of the nonconformity and the seller had;assured the buyer that the goods were conforming.;e. The goods were accepted before discovery of the nonconformity and the nonconformity;was one that was diffi cult to discover.;18) Which of the following is true regarding the rights of the buyer or lessee if the goods;fail to conform to the sales or lease contract in any way?;a. The buyer or lessee may accept the whole.;b. The buyer or lessee may reject the whole.;c. The buyer or lessee may accept any commercial unit and reject the rest.;d. Both A and B are true.;e. Both A, B, and C are true.;19) What is the right of the buyer or lessee to purchase or rent substitute goods if theseller or lessor fails to make delivery of the goods called?;a. The right to recovery.;b. The right to purchase.;c. The right to cover.;d. The right to recoup.;e. The right to capture.;20) What are the rights of the aggrieved party if an anticipatory repudiation occurs?;a. The aggrieved party may await performance by the repudiating party for a commercially;reasonable time.;b. The aggrieved party must await performance for 7 days.;c. The aggrieved party may await performance for 48 hours.;d. The aggrieved party may treat the contract as breached at the time of the anticipatory;repudiation, which gives the aggrieved party an immediate cause of action.;e. Both A and D.;21) Which of the following is presumed to become part of the ?basis of the bargain??;b. All statements of opinion by the seller.;c. All statements of fact by the seller at the time the contract is made.;d. A and C only.;e. A and B only.s;Option A is not there for the above question;24) In Philip MorrisUSA v. Williams, the Supreme Court looked at the issue of punitive;damages in product liability suits and decided;a. the Due Process Clause of the Constitution forbids the use of punitive damages to;punish a defendant for injuries to nonparties.;b. treble punitive damages are warranted in product liability cases.;c. punitive damages are not permitted in product liability suits.;d. punitive damages may not exceed 9X the compensatory damages.;e. the Equal Protection Clause of the Constitution forbids the use of punitive damages to;punish a defendant for injuries to nonparties.;25) Which of the following best describes the defense of correction of a defect?;a. The defense applies even in a situation where a user received a recall notice to correct;the defect but did not comply with the notice.;b. It applies only if the manufacturer replaces the defective product at no additional;charge to the owner.;c. The defense applies only if the particular sample of the item was repaired, thus fi xing;the defect.;d. The defense applies if the user realizes there is a defect and assumes the risk.;e. The defense applies if a product is redesigned such that future production does not;contain the defect.

 

Paper#59411 | Written in 18-Jul-2015

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