Question

1.      Under the UCC, a good is movable if a. it can be sold anywhere b....

1.      Under the UCC, a good is movable if

a. it can be sold anywhere

b. it cannot be carried from one location to another

c. it can be carried from one location to another

d. it can be easily reproduced

e. it can be separated from other similar goods.

2.      _________ is an unconditional offer to do or perform an act by a person who is ready, willing, and able to do so.

a. Delivery

b. Sale

c. Completion

d. Tender

e. Compliance

3.      A(n) __________ is a relationship where the owner of a trademark, trade name, or copyright allows another person or entity to use that trademark, trade name, or copyright, under specified conditions or subject to particular limitations, in selling goods or services.

a. lease

b. partnership

c. sale

d. franchise

e. LLC

4.      When a negotiable instrument is assigned, the assignee

a. has the same rights and responsibilities as the assignor.

b. has the same rights as the assignor, but is relieved of any responsibilities of the assignor.

c. has the same responsibilities as the assignor, but not the rights of the assignor.

d. has neither the rights or responsibilities of the assignors; those are determined by a new contract between the parties.

e. none of the above. A negotiable instrument cannot be assigned.

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Homework Answers

Answer #1

1. Under the UCC, a good is movable if it can be carried from one location to another. (C)

2. Tender is an unconditional offer to perform by a person who is ready, willing, and able to do so. Promise must be performed, or parties promising acts are in breach of contract.

3. A franchise is a type of license that a party (franchisee) acquires to allow them to have access to a business's (franchisor) proprietary knowledge, processes, and trademarks in order to allow the party to sell a product or provide a service under the business's name.

4. E none of the above

Transfer by assignment takes place when the holder of a negotiable instrument sells his right to another person without endorsing it. The assignee is entitled to get possession and can recover the amount due on the instrument from the parties thereto. Example A executed a promissory note in favour of B.

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