MGMT 209 CH 11 || WITH COMPLETE SOLUTIONS.
Article 2 - The Sale of Goods correct answers Deals with goods, but not with real property,
services, or intangible personal property such as copyrights, stocks, bank accounts, etc
Sale correct answers Passing of the title from a seller to a buyer for a price
Goods correct answers Items that are tangible and moveable in the course of business
Merchant correct answers A person who, by occupation, holds himself out as having
knowledge and skill unique to the practices or goods involved in the transaction
Sales Contracts correct answers Contracts for the sale of goods under the UCC; the UCC
overrules common law unless UCC is silent
Lease correct answers A transfer of the right to possess and use goods for a period of time in
exchange for payment
Lease Agreement correct answers A lessor or lessee's bargain with respect to the lease of
goods
Lessor correct answers The party who transfers the right to the possession and use of goods
under a lease
Lesee correct answers The party who acquires the right to the possession and use of goods
under a lease
Offer correct answers An agreement sufficient to constitute a contract can exist even if the
moment the agreement is formed is not determined
Open Terms correct answers A contract will not fail for indefiniteness because some terms
are left open, as long as:
- The parties intended to make a contract; AND
- There is a reasonably certain basis for the court to grant a remedy
Open Price Term correct answers 1. If the parties intended to form a contract, but did not set
a price, the price will be the reasonable price at time of delivery
2. If the buyer or seller is to set the price, he must do so in good faith
3. If the price is not fixed through the fault of one party, the other party may treat the contract
as canceled or fix a reasonable price
Open Payment Term correct answers If the terms of payment are not specified, payment is
due at the time and place at which the buyer is to receive the goods
Open Delivery Term correct answers If the terms of delivery are not specified, goods are to
be delivered at the seller's place of business, or his residence if he has no place of business
Open Quantity Term: Requirements Contracts correct answers The buyer buys all of the
seller's output that the buyer requires
Article 2 - The Sale of Goods correct answers Deals with goods, but not with real property,
services, or intangible personal property such as copyrights, stocks, bank accounts, etc
Sale correct answers Passing of the title from a seller to a buyer for a price
Goods correct answers Items that are tangible and moveable in the course of business
Merchant correct answers A person who, by occupation, holds himself out as having
knowledge and skill unique to the practices or goods involved in the transaction
Sales Contracts correct answers Contracts for the sale of goods under the UCC; the UCC
overrules common law unless UCC is silent
Lease correct answers A transfer of the right to possess and use goods for a period of time in
exchange for payment
Lease Agreement correct answers A lessor or lessee's bargain with respect to the lease of
goods
Lessor correct answers The party who transfers the right to the possession and use of goods
under a lease
Lesee correct answers The party who acquires the right to the possession and use of goods
under a lease
Offer correct answers An agreement sufficient to constitute a contract can exist even if the
moment the agreement is formed is not determined
Open Terms correct answers A contract will not fail for indefiniteness because some terms
are left open, as long as:
- The parties intended to make a contract; AND
- There is a reasonably certain basis for the court to grant a remedy
Open Price Term correct answers 1. If the parties intended to form a contract, but did not set
a price, the price will be the reasonable price at time of delivery
2. If the buyer or seller is to set the price, he must do so in good faith
3. If the price is not fixed through the fault of one party, the other party may treat the contract
as canceled or fix a reasonable price
Open Payment Term correct answers If the terms of payment are not specified, payment is
due at the time and place at which the buyer is to receive the goods
Open Delivery Term correct answers If the terms of delivery are not specified, goods are to
be delivered at the seller's place of business, or his residence if he has no place of business
Open Quantity Term: Requirements Contracts correct answers The buyer buys all of the
seller's output that the buyer requires
