Business 201 Exam 3 2025/2026 Exam
Questions with 100% Correct Answers |
Latest Update
UCC - 🧠 ANSWER ✔✔make laws that every state could adopt, loosen up
the individual common law
Article 2 - 🧠 ANSWER ✔✔purchase and sales of goods- requirements: in
statute itself, much easier to make contracts under than common law
Good faith - 🧠 ANSWER ✔✔honesty in fact and the observance of
reasonable commercial standards of fair dealing
Commercial reasonableness - 🧠 ANSWER ✔✔reasonable commercial
standards of fair dealing, required of merchants in addition to honesty in
fact
, Sale - 🧠 ANSWER ✔✔passing of title to goods from seller to buyer for a
price; passes owenership
Title - 🧠 ANSWER ✔✔who has a right to goods between buyer, seller, and
creditor; title passes whenever they say it does
Goods - 🧠 ANSWER ✔✔Tangible, moveable, items of personal property
Real estate/service - 🧠 ANSWER ✔✔governed by common law
common law v. article 2 - 🧠 ANSWER ✔✔whatever dominates
Merchants - 🧠 ANSWER ✔✔specialized- held to a higher standard of
honesty
Title pass - 🧠 ANSWER ✔✔whenever party says it is even before payment
Shipment contract - 🧠 ANSWER ✔✔title passes when given to shipping
company
Delivery/destination contract - 🧠 ANSWER ✔✔title passes when it reaches
destination point
Risk of loss - 🧠 ANSWER ✔✔who will be responsible if damaged while in
transit, passes with title
Questions with 100% Correct Answers |
Latest Update
UCC - 🧠 ANSWER ✔✔make laws that every state could adopt, loosen up
the individual common law
Article 2 - 🧠 ANSWER ✔✔purchase and sales of goods- requirements: in
statute itself, much easier to make contracts under than common law
Good faith - 🧠 ANSWER ✔✔honesty in fact and the observance of
reasonable commercial standards of fair dealing
Commercial reasonableness - 🧠 ANSWER ✔✔reasonable commercial
standards of fair dealing, required of merchants in addition to honesty in
fact
, Sale - 🧠 ANSWER ✔✔passing of title to goods from seller to buyer for a
price; passes owenership
Title - 🧠 ANSWER ✔✔who has a right to goods between buyer, seller, and
creditor; title passes whenever they say it does
Goods - 🧠 ANSWER ✔✔Tangible, moveable, items of personal property
Real estate/service - 🧠 ANSWER ✔✔governed by common law
common law v. article 2 - 🧠 ANSWER ✔✔whatever dominates
Merchants - 🧠 ANSWER ✔✔specialized- held to a higher standard of
honesty
Title pass - 🧠 ANSWER ✔✔whenever party says it is even before payment
Shipment contract - 🧠 ANSWER ✔✔title passes when given to shipping
company
Delivery/destination contract - 🧠 ANSWER ✔✔title passes when it reaches
destination point
Risk of loss - 🧠 ANSWER ✔✔who will be responsible if damaged while in
transit, passes with title
