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REG EXam > Uniform Commercial Code Article 2 > Flashcards

Uniform Commercial Code Article 2 Flashcards

0
Q

Items sent by mail or fax constitutes acceptance as soon as

A

Sent

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1
Q

A contract written for goods in excess of $500 applies to the statute of frauds and not the

A

UCC sales article

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2
Q

Under the sales article a quantity must be

A

Specified to be enforceable

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3
Q

Tendered means

A

Delivery of goods

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4
Q

For non merchants goods are made tendered for delivery when they are available

A

For pick up

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5
Q

In a shipping contract goods risk of losses passes from seller to buyer when

A

Goods are delivered to the carrier

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6
Q

If the destination is the sellers loading doc the risk of loss passes when the goods are delivered

A

To the carrier

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7
Q

Goods must be segregated and associated with a contract before the

A

Buyer has rights to the goods in the contract

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8
Q

A sellers obligation under a FOB destination contract is to tender delivery at a

A

Specific destination

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9
Q

Under sales UCC the warranty of title is an implied warranty that

A

Protects purchasers who do not know of a lien that exists on a purchase

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10
Q

The three types of express warranties are

A

Affirmations of fact or promise
Description of the goods
Sample or model (bulk)

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11
Q

The implied warranties are

A

Merchantability
Usage of trade
Fitness for a particular purpose

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12
Q

The implied warranty of fitness for a particular purpose arises when the seller knows the particular purpose

A

For which the buyer will use the goods and the buyer is relying on the sellers skill

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13
Q

The creation of An express warranty is due to

A

It must be part of the basis of the bargain between buyer and seller

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14
Q

The warranty of title can b excluded by using a

A

Disclaimer that the seller is only passing what right or title seller had

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15
Q

The implied warranty of Merchantability is by law. It arises when the seller sells the

A

Goods purchased

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16
Q

Under strict liability a person can recover because the merchant is responsible to pay damages

A

No matter how much fault they share

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17
Q

A breach of implied warranty of Merchantability must show the merchant sold the goods

A

And the breach of this warranty was the cause of an injury suffered

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18
Q

The implied warranty of Merchantability may be disclaimed orally or in writing as long as it mentions

A

Merchantability

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19
Q

A person can only seek specific performance when the hoods are

A

Unique.

20
Q

A remedy of replevin requires the units to b

A

Identified in the contract

21
Q

Punitive damages are only granted in

A

Intentional torts and other lawsuits but not from breach of contract

22
Q

Liquidated damages clauses are valid only if they are reasonable in terms of the actual loss and the actual loses would be

A

Difficult to estimate

23
Q

When goods are withheld and the buyer has made a deposit or payment and no liquidated damages clause the seller may keep

A

$500 or 20% of the purchase price

24
Q

To settle contractual damages you must give the wronged party the

A

Benefit of the bargain.

25
Q

Special ordered goods does not have to b in writing if it’s

A

$500 or more

26
Q

If someone accepts a portion of the good the oral contract is enforceable up to the amount shipped and

A

Accepted

27
Q

Shipping nonconforming goods is a breach of contract under a shipping agreement.

A

The person may choose to accept or reject and pursue remedies

28
Q

The seller may be excused from performance if goods are destroyed before

A

Title passes to the buyer

29
Q

A buyer can be released from obligations if the seller refuses to give

A

Written assurance of performance when reasonably demanded by buyer

30
Q

Casualty to identified goods allows the buyer to inspect and accept damage goods or

A

Avoid the contract

31
Q

Cash on delivery does not allow inspection before payment but

A

Nonconforming goods may later be rejected.

32
Q

Whether the UCC sales article is applicable does not depend on

A

The price of the goods involved

33
Q

Rejections and revocations are not valid until

A

Received

34
Q

A change in delivery date of a contract is not a firm offer because the

A

Agreement does not have to be on writing nor additional consideration given for the sales of goods.

35
Q

When a buyer orders goods to be shipped by a seller a seller can accept by

A

Shipment of conforming goods
Prompt promise to ship
Ship nonconforming goods without notice of accommodation.

36
Q

Statute of frauds under UCC requires the

A

Signature of person to be charged
Quantity of goods ordered
Written evidence of an agreement

37
Q

If a confirmatory memo is sent and not objected in writing by 10 days by the merchant receiving it the the statute of frauds is

A

Satisfied

38
Q

AFTPDT formula

A

Application, formation, terms, performance, damages, title and risk of loss

39
Q

Mineral oils gas or structures on earth if severed by the buyer Is governed by

A

Real estate

40
Q

The transfer of personal property but not title is a

A

Bailment

41
Q

If the seller is a non merchant risk of loss passes from seller to buyer at the time the seller

A

Tenders delivery

42
Q

Goods tender of the goods at the seller place of business or use the sellers truck to deliver goods does not

A

Pass the risk of loss from the merchant to buyer

43
Q

If a confirmation memorandum is sent and not objected in writing within 10 days the

A

Statute do frauds is satisfied

44
Q

When the seller is a non merchant the risk of loss pass to buyer at the time the

A

Seller tenders delivery

45
Q

Replevin is to recover that which is being improperly

A

Held by the seller

46
Q

Punitive damages are for intentional torts

A

Suits

47
Q

If there is no liquidated damages clause

A

The seller may keep $500 or 20% of the purchase price whichever is less

REG EXam (8 decks)

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