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Exam 14: Discharge and Remedies

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Question 51

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Which of the following was offered as a treaty that countries could sign, indicating their willingness to allow this treaty to govern international business-to-business sales contracts?

A) The International Convention of Contracts for International Sales
B) The Federation Convention on the Uniform Commercial Code
C) The Worldwide Federation Convention on the Sale of Goods
D) The United Nations Convention on Contracts for the International Sale of Goods
E) The International Agreement on the Sale of Goods

F) A) and E)
G) D) and E)

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Question 52

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Which of the following is the right to insure goods against any risk exposure such as damage or destruction?

A) An insurable interest
B) A compensable interest
C) A paid interest
D) A collateral interest
E) A valid interest

F) All of the above
G) A) and E)

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Question 53

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Reference - Carpet Woes. Beau went shopping at ABC Carpet. He saw some carpet he liked but could not make up his mind. The manager at ABC Carpet wrote down the proposed purchase price for him along with a statement that the price would be good for three months. Two months later Beau went back to ABC Carpet to purchase the carpet. Unfortunately, the price had gone up. Beau showed the manager his writing and guaranteed price, but the manager said that the offer was no longer good. Although he had to pay more than the ABC manager had initially promised, Beau proceeded to purchase his carpet from ABC Carpet, and he also contracted with ABC to do the installation. Unfortunately, Beau almost immediately started to have problems with the carpet. Beau told the sales manager of ABC Carpet that he was planning on bringing suit for breach of warranty. The sales manager, however, told him that the breach of warranty provisions only applied to sales of goods and that the carpet purchase was for installation, a service. Which of the following is true regarding the enforceability of the offer made by the manager at ABC Carpet?

With a simple delivery contract, when is an insurable interest in the buyer created?

Which of the following applies when Article 2 is silent on an issue of sales contract formation or interpretation and there is no state statutory law in place on that matter?

Which of the following references goods that are in some kind of storage so the seller cannot transfer physical possession of them?

If a buyer and seller execute a contract and the seller subsequently places the goods with a common carrier for delivery to the buyer, the parties have executed a common-carrier delivery contract.

If an owner entrusts the possession of goods to a merchant who deals in goods of that kind, the merchant has no authority to transfer any rights in the goods to a buyer in the ordinary course of business.

Which of the following is not true title such as when someone purchases stolen goods?

Which of the following articles of the UCC governs lease contracts?

With a simple delivery contract involving goods sold by a merchant that are to be delivered, when does risk of loss transfer to the buyer?

The UCC pertains to all business transactions.

The mirror-image rule has been adopted by the UCC.

What does the term "FOB" when used as a shipping term represent?

Set forth the five situations under which a buyer gets only voidable title in a sale.

The rule originates in common law that when a seller transfers goods to a buyer, the buyer gets only voidable title if the buyer is a minor.

If a shipment contract is vague or ambiguous on the issue, an origin contract will be presumed.

Under Article 2(A) of the UCC, a _______________ is a person who acquires the right to possession and use of goods under a lease.