UCC SALES

Question 1

Under the UCC, as adopted by Virginia, by the original agreement for any contract for sale, the parties may “reduce” the period of limitation for an action for breach to not less than ____ year(s)

Answer 1

One Year

Question 2

Identify the warranty which applies to this statement: The most important test for this warranty is whether the goods are fit for the ordinary purposes for which such goods are used

Answer 2

Implied Warranty of Merchantability

Answer 3

Warranty of title

Answer 4

Warranty Against Infringement

Question 5

Identify the warranty which applies to this statement: This warranty arises whenever any seller, merchant or not, has reason to know the particular purpose for which the goods are to be used and that the buyer is relying on the seller’s skill and judgment to select suitable goods

Answer 5

Implied Warranty of Fitness for a Particular Purpose

Question 5

Under UCC, as adopted by Virginia, a written off signed by a merchant giving assurances that it will be held open will be irrevocable, without consideration, for the stated time period or for a reasonable time if no period is expressly stated.
However, the period of irrevocability may not exceed what length of time?

Answer 5

Three Months

Question 6

Under the UCC, as adopted by Virginia, a “____” is a sequence of conduct between the parties to a particular transaction that exists if: (1) the agreement of the parties with respect to the transaction involves repeated occasions for performance by a party; and (2) the other party, with knowledge of the nature of the performance and opportunity for objection to it, accepts the performane or acquiesces in it without objection.

Answer 6

Course of Performance

Question 7

Under the UCC, as adopted by Virginia, by the original agreement for any contract for sale, the parties may “extend” the period of limitation for an action for breach to not more than what period of time?

Answer 7

Parties may not extend the period of limitations for an action for breach of any contract for sale

*An action for breach of any contract for sale must be commenced within four years after the cause of action has accrued. By the original agreement the parties may reduce the period of limitation to not less than one year but may not extend it

*see other flashcard for reduction of limitation period

Reduce= Yes, not less than one year

Extend= No, may not extend