Chapter 21 mindtap Study Guide With Advanced Answers 100% Verified.

A "sale" of goods happens when: - correct answer title to the goods is passed. Which of the following transactions is governed by Article 2 of the UCC? - correct answer The sale of oranges to be picked from a 10-acre grove. The CISG applies to: - correct answer the international sale of goods. The Code defines __________ as "honesty in fact in the conduct or transaction concerned." - correct answer good faith A merchant is defined as a person who: - correct answer is a dealer in a particular type of goods; by his occupation holds himself out as having knowledge or skills peculiar to certain goods or practices; employs an agent or broker whom he holds out as having such knowledge or skill. The definition of "usage of trade" includes: - correct answer a practice regularly observed and followed in a place, vocation, or trade. Which of the following is true regarding unconscionability under the Code? - correct answer The Code denies or limits enforcement of an unconscionable contract for the sale of goods. An "option" is defined as a contract by which: - correct answer the offeror is bound to hold open an offer for a specified amount of time. Which of the following is not true about auctions? - correct answer The UCC provides that if an auction sale is advertised or announced in explicit terms to be with reserve, the auctioneer may not withdraw the article put up for sale unless no bid is made within a reasonable time. A contract that does not satisfy the writing requirement of the Article 2 statute of frauds, but which is otherwise valid, is enforceable in which of the following situations? - correct answer Where the goods have been delivered and accepted; Where payment has been accepted; Where the goods have been specially manufactured and are not suitable for resale in the ordinary course of business. Kobayashi Ltd. contracts with Software Development Corp (SDC) to develop a new software platform for its customer relationship management system. SCD is not able to deliver the product in a timely manner and Kobayashi Ltd. cancels its contract. If SDC sues, which of the following law applies to this contract in a jurisdiction that follows the predominant factor test? - correct answer Common law. Trailers R Us enters into an agreement with Mobile Hot Dogs, a food vendor, for the manufacture of a new trailer for food vending services. Trailers R Us includes a provision in the fine print of the agreement that there are no warranties included with the sale and that Mobile Hot Dogs agrees to waive its rights to sue or arbitrate over any matters. This clause likely constitutes: - correct answer substantive unconscionability. Jennifer and Avonti Ltd. have dealt with each other for many years. Jennifer's Boutique orders 100 scarfs at $2.00 each from Avonti Ltd. Avonti sends back a confirmation letter with an additional, nonmaterial term. There is: - correct answer a contract with the additional term unless Jennifer objects. Gabe has agreed to buy Sarits's car, but the two have not agreed on the price. When there is no agreement as to price in a contract for a sale of goods, what effect does it have on the contract? - correct answer The price is a reasonable price at the time of delivery. Brown & Co enters into a contract with ATM Industries for the sale of 1,000 shirts at $6 per shirt. In order for Brown & Co to successfully sue ATM industries in the event of a breach of the agreement, all of the following are required except: - correct answer the price of the goods. Bob telephoned the office supply store and agreed to buy 90 reams of paper at $5 each. He then realized what a good buy this was and called the store with a request to modify the contract to read 200 reams of paper. What is the consequence? - correct answer The modified contract is unenforceable. Laura orally agrees to buy 50 smartphones from Smartphones, Inc. for $25,000. Smartphones delivers 25 smartphones to Laura, who receives and accepts them. Which of the following is correct with regard to this transaction? - correct answer The contract is enforceable to the extent of the 25 machines that have been received and accepted.