Question

20) When an offer and acceptance contain contradicting terms, the different terms

	A.	are gap fillers.
	B.	generally cancel each other out.
	C.	generally become part of the bargain.
	D.	materially alter an offer.

21) A written promise to pay money in the future can never be a negotiable instrument.

True

False

22) The UCC has been adopted, with some local variation,

in all 50 states plus the District of Columbia, Puerto Rico, and the US Virgin Islands.

in about half the states.

by the U.S. Congress.

in only a handful of states.

24) Which of the following is NOT required to be included on UCC Form 1?

	A.	The name of the debtor.
	B.	The amount of consideration supporting the security interest.
	C.	The name of the secured creditor.
	D.	A description of the collateral.

25) Choose the most accurate phrase to complete the following sentence:

After an agency relationship ends, the agent

		no longer has any obligation to keep the principal's confidential information private.
		ceases to have control over the principal.
		is no longer entitled to reimbursement for reasonable expenses incurred during the term of the agency relationship.
		no longer has the authority to act for the principal.

25) Choose the most accurate phrase to complete the following sentence:

After an agency relationship ends, the agent

		no longer has any obligation to keep the principal's confidential information private.
		ceases to have control over the principal.
		is no longer entitled to reimbursement for reasonable expenses incurred during the term of the agency relationship.
		no longer has the authority to act for the principal.

26) Identify the correct statement concerning Lile v. Kiesel.

	A.	Having accepted the trailer offered by Lile, the Kiesels were without further recourse under the Uniform Commercial Code.
	B.	Because their purchase of the trailer involved the purchase of a specialty good, the Kiesels were precluded from returning the trailer.
	C.	Although they initially accepted the trailer, under the circumstances of the case, the Kiesels were entitled to revoke their acceptance and recover from Lile the money paid for the trailer.
	D.	The UCC applies to the sale of motor vehicles but not to trailers because motor vehicles can move themselves, trailers cannot.
	E.	Under the terms of their agreement with Lile, the Kiesels were limited as to their remedy and were required to accept Lile's offer of repair as full compensation for the non-conforming trailer.

27) Which of the following is the best formulation of the Perfect Tender Rule as codified under the Uniform Commercial Code?

	A.	A seller may decline to deliver goods if the buyer fails to tender payment in advance of the delivery of the goods.
	B.	A buyer must tend to its duty to revoke non conforming goods promptly after receipt.
	C.	A buyer may reject goods if they fail in any respect to conform to the contract.
	D.	Although the buyer may tend to disagree, a buyer's right to return goods absolutely expires after acceptance.

28) Which of the following was the issue presented in Burton Corp. v. ViQuest Precision Industries Co.?

		Whether ViQuest's snowboard bindings satisfied the warranty of merchantability.
		Whether Burton's snowboards satisfied the warranty for fitness for a particular purpose.
		Whether ViQuest acted in good faith when it changed its financial position.
		Whether Burton acted in good faith when it terminated the agreement with ViQuest.

30) dentify the two implied warranties that, depending on the circumstances, may attach to the sale of goods under the Uniform Commercial Code.

		Fitness for a particular purpose.
		Warranty of practicality.
		Merchantability.
		Assignability.

31) If Lance consents to being Arthur’s agent, an agency relationship will not be created

	A.	if Arthur does not have control over Lance.
	B.	if Lance does not have control over Arthur.
	C.	unless Lance is compensated.
	D.	unless Arthur is compensated.

Answer 1

20) When offer and acceptance contain contradicting terms, the different terms generally cancel each other out because offer is accepted only if all the terms are acceptable and if the different terms are not agreed then the offer can be cancel.

21) A written promise to pay money in future is called negotiable instruments so this statement is false.

22)The UCC has been adopted in(a)

24(c) as per the rules of UCC-1.

25) After the agency relationship ends , the agent has no longer has the authority to act for the principal because the relationship between rhem ends.

26)(c)

27)(c)

28)The two implied warranties that depending on the circumstances may attach to the sale of goods under the UCC is warranty of practicality and merchandise.

31)(D)