Business Law Exam 4 comprehensive
Questions and Answers with Verified
Solutions
Question 1:
What does the UCC do better than Common Law?
Answer:
UCC helps merchant form contract quicker and easier than common law.
Question 2:
What does Lex Mercatoria mean?
Answer:
Law Merchant
Question 3:
What does Law Merchant mean?
Answer:
A new law focusing on agreements and contracts for goods.
Question 4:
What 2 problems emerged from using Common Law in the 20th century?
Answer:
Old contract laws did not reflect modern practices, laws from one state to
another state varied differently.
,Question 5:
Was the UCC created by legislatrue?
Answer:
No, emerged from scholars/universities.
Question 6:
Is the UCC pro-business or pro-government?
Answer:
Pro-Business
Question 7:
What are the 3 purposes of the UCC?
Answer:
1. To simplify, clarify, and modernize commercial transactions. 2. Permit
continued expression of commercial practices, through custom, usage,
and agreement of parties. 3. To uniform the law among various
jurisdictions.
Question 8:
What is not in Article 1, but required in UCC?
Answer:
Good faith is alwasy required
Question 9:
When does the UCC apply?
Answer:
Applies to sale of goods.
, Question 10:
What is a good?
Answer:
Movable, tangible, physical object (other than money)
Question 11:
What does the UCC prefer to declare?
Answer:
They want to declare a contract exists.
Question 12:
Can the UCC use gap fillers when terms are not definite?
Answer:
Yes, except with quantity.
Question 13:
Can UCC use gap filler for quantity issues?
Answer:
No.
Question 14:
What is a mixed contract?
Answer:
Contract involves goods and services.
Questions and Answers with Verified
Solutions
Question 1:
What does the UCC do better than Common Law?
Answer:
UCC helps merchant form contract quicker and easier than common law.
Question 2:
What does Lex Mercatoria mean?
Answer:
Law Merchant
Question 3:
What does Law Merchant mean?
Answer:
A new law focusing on agreements and contracts for goods.
Question 4:
What 2 problems emerged from using Common Law in the 20th century?
Answer:
Old contract laws did not reflect modern practices, laws from one state to
another state varied differently.
,Question 5:
Was the UCC created by legislatrue?
Answer:
No, emerged from scholars/universities.
Question 6:
Is the UCC pro-business or pro-government?
Answer:
Pro-Business
Question 7:
What are the 3 purposes of the UCC?
Answer:
1. To simplify, clarify, and modernize commercial transactions. 2. Permit
continued expression of commercial practices, through custom, usage,
and agreement of parties. 3. To uniform the law among various
jurisdictions.
Question 8:
What is not in Article 1, but required in UCC?
Answer:
Good faith is alwasy required
Question 9:
When does the UCC apply?
Answer:
Applies to sale of goods.
, Question 10:
What is a good?
Answer:
Movable, tangible, physical object (other than money)
Question 11:
What does the UCC prefer to declare?
Answer:
They want to declare a contract exists.
Question 12:
Can the UCC use gap fillers when terms are not definite?
Answer:
Yes, except with quantity.
Question 13:
Can UCC use gap filler for quantity issues?
Answer:
No.
Question 14:
What is a mixed contract?
Answer:
Contract involves goods and services.
