BUL4310 Final Exam Review sample
(extra questions and answers)
University of Florida
Correct
Incorrect
1 of 53
Term
• What if I don't want the CISG to control? What if both parties do
want the FL UCC to control?
Give this one a try later!
o They make the person do what he/she promised to do
o It's an Equitable Remedy
o I have to say very clearly in the contract that the CISG does not control
the contract, that the UCC of FL controls it; otherwise the CISG will control
o At the time of delivery
o Cash on delivery (COD)
o Put it in the contract if you want it differently
, o I haven't given a price and I haven't even described the car
o I just made a vague statement; not an offer
Don't know?
2 of 53
Term
• If I wanna form a new company, what's the worst choice of business
structure if I want to protect myself against unlimited liability?
Give this one a try later!
o LLC's
o S-corp, sole proprietorship,
o Corporations
partnership
o Limited partnerships
o Corporation unless it's an S-
o Sole proprietorship
Corporation
Don't know?
3 of 53
Term
• One of the things to remember about the CISG is that it's a treaty
and since it's a treaty, it becomes the law of the land in the US, China,
France, in all the countries that have signed the CISG. So if we enter
a contract and say the law of the State of Florida will govern the
contract and we're doing business with a French corporation, that
,means that the CISG is the law of the contract, not the UCC of
Florida.
Give this one a try later!
o To share them equally
o We have to write it down; have a contract to protect yourself
o Otherwise, you can just go out and start having a partnership, but if you get
screwed then too bad
o It's an Implied Contract or Contract by Estoppel
o You are stopped from denying the contract
o You lose your protection; you're not shielded from personal liability
o But if I enter into a contract with someone in FL or GA, and I say it's the
UCC of FL, then yes, it will be the UCC of FL
Don't know?
4 of 53
Term
• What happens upon death of sole proprietor?
Give this one a try later!
, o S-corp, sole proprietorship,
o It dies with him
partnership
o Corporation unless it's an S-
o Buyer bears risk
Corporation
Don't know?
5 of 53
Term
• What about a service contract under FL law between FL and GA
corporations? Must it be in writing?
Give this one a try later!
Yes
No, Theres no requirement
O No, unless the contract is for the sale of goods in excess of $500, then it must
be in writing in order to be enforced by the courts according to the UCC
o Under the CISG there is no requirement for writing
(extra questions and answers)
University of Florida
Correct
Incorrect
1 of 53
Term
• What if I don't want the CISG to control? What if both parties do
want the FL UCC to control?
Give this one a try later!
o They make the person do what he/she promised to do
o It's an Equitable Remedy
o I have to say very clearly in the contract that the CISG does not control
the contract, that the UCC of FL controls it; otherwise the CISG will control
o At the time of delivery
o Cash on delivery (COD)
o Put it in the contract if you want it differently
, o I haven't given a price and I haven't even described the car
o I just made a vague statement; not an offer
Don't know?
2 of 53
Term
• If I wanna form a new company, what's the worst choice of business
structure if I want to protect myself against unlimited liability?
Give this one a try later!
o LLC's
o S-corp, sole proprietorship,
o Corporations
partnership
o Limited partnerships
o Corporation unless it's an S-
o Sole proprietorship
Corporation
Don't know?
3 of 53
Term
• One of the things to remember about the CISG is that it's a treaty
and since it's a treaty, it becomes the law of the land in the US, China,
France, in all the countries that have signed the CISG. So if we enter
a contract and say the law of the State of Florida will govern the
contract and we're doing business with a French corporation, that
,means that the CISG is the law of the contract, not the UCC of
Florida.
Give this one a try later!
o To share them equally
o We have to write it down; have a contract to protect yourself
o Otherwise, you can just go out and start having a partnership, but if you get
screwed then too bad
o It's an Implied Contract or Contract by Estoppel
o You are stopped from denying the contract
o You lose your protection; you're not shielded from personal liability
o But if I enter into a contract with someone in FL or GA, and I say it's the
UCC of FL, then yes, it will be the UCC of FL
Don't know?
4 of 53
Term
• What happens upon death of sole proprietor?
Give this one a try later!
, o S-corp, sole proprietorship,
o It dies with him
partnership
o Corporation unless it's an S-
o Buyer bears risk
Corporation
Don't know?
5 of 53
Term
• What about a service contract under FL law between FL and GA
corporations? Must it be in writing?
Give this one a try later!
Yes
No, Theres no requirement
O No, unless the contract is for the sale of goods in excess of $500, then it must
be in writing in order to be enforced by the courts according to the UCC
o Under the CISG there is no requirement for writing
