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Exam 13: The Formation of Sales and Lease Contracts

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Question 31

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A lessor is a party who acquires a right to the possession and use of goods under a lease.

A) True
B) False

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Question 32

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If a contract for a sale of goods does not include a quantity term,it is a requirements contract.

A) True
B) False

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Question 33

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Under the UCC,an oral contract for a sale of goods is enforceable unless payment has been made and accepted.

A receipt issued by a warehouser for goods stored in a warehouse is a bill of lading.

A bailee is a buyer or lessee.

If a seller is a merchant,and the seller holds the goods,the risk of loss passes to a buyer when the buyer takes physical possession of the goods.

Kip,a representative for Lite-Weight Shipping Company,delivers a bill of lading to Meg,the owner of Capacity Storage Warehouse.A bill of lading is

If a seller is not a merchant,and the seller holds the goods,the risk of loss cannot pass to a buyer.

Rikki and Sid enter into a sales contract.With respect to the specific contractual provisions set out in the UCC,Rikki and Sid may

Metro Daily and New City Newsstand enter into a contract under which Metro agrees to deliver a certain quantity of newspapers to New City each day.The contract does not include a price term.In a suit between the parties over the price,a court will

Fits Like A Glove Shoes,Inc. ,and Retail Footwear Stores enter into a contract for a sale of shoes.The contract indicates that the price includes transportation costs to a specific destination by including the term

Clean Machines Company makes washing machines.Over the phone,Clean offers to sell Dealers Appliance Outlet one hundred model EZ2000 washers at a price of $150 per unit.Clean says that it will keep the offer open for ninety days.Dealers responds that within two or three weeks it will decide whether to accept.One week later,Clean faxes,and Dealer receives,notice that the offer is withdrawn.Dealer immediately phones Clean to accept the $150-per-unit offer.When Clean refuses to deliver at that price,Dealer files a suit.Clean asserts,first,that there is no contract and,second,that if there is a contract,it is unenforceable.Discuss Clean's assertions.

Rally Corporation enters into a contract to sell ski gear to SnoSportz Company,which sells a pair of the skis to Tyra,a consumer,who later sells them to Uli,another consumer.Article 2 of the UCC applies to the sales transactions between

Aromatic Tea Company and Savory Stores,Inc. ,enter into a contract for a sale of tea.The contract includes the term "F.O.B.Upriver City," which is Savory's location.This means that the contract is

A specific grade of corn that fills BioFuel Cooperative's silo is fungible.This means that the corn is

Uri sells 100 cases of vitamins to Wanda,but before she takes physical possession,the cases are lost.Under the UCC,the parties' rights and obligations with respect to the loss depend on the concept of

In a dispute over a sale involving a bicycle,Dain argues that as to this deal Elle's Hobby Shop,where Dain bought the bike,is a merchant.A court may determine whether Elle's is a merchant by assessing whether

An unconscionable contract is a contract so one-sided and unfair at the time it is made that enforcing it would be unreasonable.

Lewey's Bicycle Store contracts to buy fifty bicycles from Mountain Bikes,Inc.Unless the contract states otherwise,this is

A contract between parties residing in different countries is subject to Article 2A of the UCC.