BUL Exam 1 UPDATED Study ACTUAL
QUESTIONS AND CORRECT ANSWERS
the UCC applies only to the extent that it has been adopted by a state. - CORRECT
ANSWER TRUE
The UCC applies to the formation of sales and lease contracts and observes the same degree
of formality used in forming other types of contracts. - CORRECT ANSWER FALSE
A contract for a sale of real property or services is a contract for a sale of goods. - CORRECT
ANSWER FALSE
Intangible property has a conceptual existence and thus comes under Article 2. - CORRECT
ANSWER FALSE
Goods associated with real estate often fall within the scope of Article 2. - CORRECT
ANSWER TRUE
In a limited number of instances, the UCC imposes presumes that special business standards
ought to be imposed on merchants because of their relatively high degree of commercial
expertise. - CORRECT ANSWER TRUE
Article 2A of the UCC covers any transaction that creates a lease of goods or a sublease of
goods. - CORRECT ANSWER TRUE
A lessee is a party who transfers a right to the possession and use of goods under a lease. -
CORRECT ANSWER FALSE
Under a finance lease, the lessee can stop performing and making lease payments if the
leased equipment turns out to be defective. - CORRECT ANSWER FALSE
, Under the UCC, good faith means honesty in fact and the observance of reasonable
commercial standards of fair dealing with the trade. - CORRECT ANSWER TRUE
When no delivery terms are specified in a contract for sale of goods, there is no basis for
determining a remedy. - CORRECT ANSWER FALSE
Under the UCC, a contract for a sale of goods that does not include the quantity will not fail
for indefiniteness. - CORRECT ANSWER FALSE
Under the UCC, a firm offer for a sale or lease of goods made by a merchant without
consideration can be revoked at any time before acceptance. - CORRECT
ANSWER FALSE
Under the UCC, an offeree can accept an offer to buy goods by a prompt shipment of
conforming goods. - CORRECT ANSWER TRUE
Under the UCC, an offeror must be notified within a reasonable time that the offeree has
accepted. - CORRECT ANSWER TRUE
Under the UCC, an agreement modifying a contract needs no consideration to be bonding. -
CORRECT ANSWER TRUE
All oral contracts are enforceable under the UCC. - CORRECT ANSWER FALSE
Under the UCC, the meaning of any agreement must be interpreted in light of commercial
practices. - CORRECT ANSWER TRUE
An unconscionable contract is one that is so unfair and one sided that it would be
unreasonable to enforce it. - CORRECT ANSWER TRUE
QUESTIONS AND CORRECT ANSWERS
the UCC applies only to the extent that it has been adopted by a state. - CORRECT
ANSWER TRUE
The UCC applies to the formation of sales and lease contracts and observes the same degree
of formality used in forming other types of contracts. - CORRECT ANSWER FALSE
A contract for a sale of real property or services is a contract for a sale of goods. - CORRECT
ANSWER FALSE
Intangible property has a conceptual existence and thus comes under Article 2. - CORRECT
ANSWER FALSE
Goods associated with real estate often fall within the scope of Article 2. - CORRECT
ANSWER TRUE
In a limited number of instances, the UCC imposes presumes that special business standards
ought to be imposed on merchants because of their relatively high degree of commercial
expertise. - CORRECT ANSWER TRUE
Article 2A of the UCC covers any transaction that creates a lease of goods or a sublease of
goods. - CORRECT ANSWER TRUE
A lessee is a party who transfers a right to the possession and use of goods under a lease. -
CORRECT ANSWER FALSE
Under a finance lease, the lessee can stop performing and making lease payments if the
leased equipment turns out to be defective. - CORRECT ANSWER FALSE
, Under the UCC, good faith means honesty in fact and the observance of reasonable
commercial standards of fair dealing with the trade. - CORRECT ANSWER TRUE
When no delivery terms are specified in a contract for sale of goods, there is no basis for
determining a remedy. - CORRECT ANSWER FALSE
Under the UCC, a contract for a sale of goods that does not include the quantity will not fail
for indefiniteness. - CORRECT ANSWER FALSE
Under the UCC, a firm offer for a sale or lease of goods made by a merchant without
consideration can be revoked at any time before acceptance. - CORRECT
ANSWER FALSE
Under the UCC, an offeree can accept an offer to buy goods by a prompt shipment of
conforming goods. - CORRECT ANSWER TRUE
Under the UCC, an offeror must be notified within a reasonable time that the offeree has
accepted. - CORRECT ANSWER TRUE
Under the UCC, an agreement modifying a contract needs no consideration to be bonding. -
CORRECT ANSWER TRUE
All oral contracts are enforceable under the UCC. - CORRECT ANSWER FALSE
Under the UCC, the meaning of any agreement must be interpreted in light of commercial
practices. - CORRECT ANSWER TRUE
An unconscionable contract is one that is so unfair and one sided that it would be
unreasonable to enforce it. - CORRECT ANSWER TRUE
