UCC - Sales

Question 1

Under the Uniform Commercial Code, 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 under the Uniform Commercial Code, as adopted by Virginia, to which the following statement applies: 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

Question 3

Under the Uniform Commercial Code, as adopted by Virginia, a written offer signed by a merchant giving assurances that it will be held open will be irrevocable, without consid-eration, 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 3

Three months

Question 4

Under the Uniform Commercial Code, 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 performance or acquiesces in it without objection

Answer 4

Course of performance

“Course of performance, course of dealing, and usage of trade”]

Question 5

Under the Uniform Commercial Code, 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 5

Parties may not extend the period of limitation 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 Va. Code Ann. §8.2-725—“Statute of limitations in contracts for sale”

Question 6

Identify the warranty under the Uniform Commercial Code, as adopted by Virginia, to which the following statement applies: 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 6

Implied warranty of fitness for a particular purpose