Question

Answer all 10 statements If True or False:

1.Candace gave Shelley a purse for her birthday. This situation is covered by Article 2 of the Uniform Commercial Code.

2. Firm offers may be revoked within the first three months for lack of consideration.

3.Common carriers may never limit their liability by contract.

4.The UPS driver accepted a bad check from the consignee while delivering a COD shipment.

The UPS driver will not be liable to the shipper for the amount the consignee owed.

5. A sale is an agreement between the owner of property and a tenant by which the former agrees to give possession of the property to the latter for payment of rent.

6. Field warehousing is where you store goods under the exclusive control of a warehouse but kept on the owner's premises rather than in a warehouse.

7. If there is a hybrid contract and the dominant element of that contract involves the sale of goods, then common law of contracts will govern the contract.

8. A merchant may revoke a firm offer that is put in writing, signed, and expresses an intent to be kept open for a stated period of time.

9. A common carrier is an entity engaged in the business of storing the goods of others for compensation.

10. Bronn tells Jaime, "I really like your armor." Jaime responds, "I will sell it to you for $800." Bronn states, "Sure, and through in your sword too."

Bronn and Jaime do not have a contract because there was not any acceptance when Bronn mentioned additional terms to the offer.

Answer 1

1. False. Gifts are title transfer without consideration and not covered by Article 2.

2. True. If no time limit is given, the upper limit on a firm offer’s irrevocability is within three months.

3. False. Courts allowed common carriers to limit their liability by contract.

4. This can be considered False. The UPS company would be responsible for payment to the shipper for the amount the consignee owed.

5. False. The sale means the transfer of ownership of property and not for payment of rent.

Note - Solved first 4 as part of Q&A guidelines. Please post rest separately.