R6 - Sales Flashcards

1
Q

In a sale or return the _________ has title and risk of loss unless and until the goods are returned to the seller.

A

Buyer

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2
Q

An affirmation of fact or promise that becomes part of the basis of the bargain creates

A

An express warranty

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3
Q

Under an F.O.B. destination contract, who has the risk of loss?

A

The seller does until he places conforming goods into the buyer’s hands at the named destination, not necessarily the buyer’s place of business.

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4
Q

The Statute of Frauds requires contracts involving sales of goods to be in writing if they exceed $500 (MYLEGS). However, these are the exceptions, and an oral contract will be enforceable.

A
"SWAP"
Specially manufactured (custom) goods.
Written confirmation between merchants
Admission in court
Performance
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5
Q

Under the Sales Article of the UCC, a firm offer will be created only if the:

A

Offer remains open despite the absence of consideration, can be made only by merchants and must be in a signed writing.

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6
Q

The warranty of title is:

A

A guarantee from the seller that the goods are delivered free of all liens of which the buyer is unaware.

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7
Q

Under the Sales Article of the UCC, in an F.O.B. place of shipment contract, the risk of loss passes to the buyer when the goods:

A

Are delivered to the carrier.

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8
Q

Under the Sales Article of the UCC, and unless otherwise agreed to, the seller’s obligation to the buyer is to:

A

Hold conforming goods and give the buyer whatever notification is reasonably necessary to enable the buyer to take delivery.

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9
Q

In a sale on approval, risk of loss passes to the buyer:

A

Upon approval of the goods.

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