Test 2: Uniform Commercial Code (UCC)- Sales

Question 1

Coverage of the Article 2 of UCC

Answer 1

Sales of tangibles and movable goods.

Question 2

Purpose of UCC

Answer 2

Give continuity and stability, while avoiding confusion in sales involving different states where basic contract law differs.

Question 3

States of UCC Adoption

Answer 3

All except Louisianna.

Question 4

Transactions included under Article 2 of UCC

Answer 4

Sales of tangible and moveable goods.

Question 5

Transactions EXCLUDED under Article 2 of UCC

Answer 5

Services, Intangible Goods, and Unmovable Goods.

Question 6

Difference between Common Law of Contracts and UCC

Answer 6

Tolerance for open items. The UCC fills in missing (or not explicity) terms of a contract.

Question 7

Subject Matter of Article 2 of UCC

Answer 7

Sales of Goods

Question 8

Goods

Answer 8

Tangible and Moveable.

Question 9

Merchant Requirement under UCC

Answer 9

Deal in good faith.

Question 10

Passing of Title

Answer 10

When seller has completed all duties or when seller signs title documentation.

Question 11

Statute of Fraud

Answer 11

Requires that sales of good over $500 must be in writting .

Question 12

Terms filled in by UCC

Answer 12

1) Quantity
2) Delivery
3) Price
According to industry standards

Question 13

Warranty of Mechantability

Answer 13

Implicity warranty that states that a good should be of good quality when buying from a seller that deal with that kind of goods.

Question 14

Warranty of Fitness for a Particular Purpose

Answer 14

Implicity warranty that states that a good will fit a particular purpose that has been communicated to the seller.