1111530599_312536.doc

5 Pages
84 Views
Unlock Document

Department
Anthropology
Course
ANTH 160
Professor
Zigler
Semester
Fall

Description
1 Interactive Quiz for ALT-12e, Chapter 19 Chapter 19 – The Formation of Sales and Lease Contracts 1. The Uniform Commercial Code (UCC) attempts to provide which of the following: a. guidelines for making common law contracts that deal with the sale of land. b. a framework for all international contracts dealing with the sale of securities. c. a consistent and integrated framework of rules to deal with all aspects of commercial sales transactions. d. a consistent body of rules for dealing with criminal violations of the law that involve either securities or government bonds. Answers: a. Incorrect. The UCC does not deal with the sale of land at all. b. Incorrect. The UCC does not cover many international sales. c. Correct. The UCC attempts to provide a logical framework for these kinds of commercial transactions. d. Incorrect. The UCC does not deal with criminal law at all. 2. Article 2 of the UCC governs: a. contracts for the sale of land. b. contracts for the sale of goods. c. negotiable instruments. d. bulk sales. Answers: a. Incorrect. The common law, not the UCC, governs contracts for the sale of land. b. Correct. Article 2 covers contracts for the sale of goods. c. Incorrect. Article 3 deals with negotiable instruments. d. Incorrect. Article 6 deals with bulk sales. 3. If Jim sells Smith copper that he removed from land that he owns in Colorado, this contract: a. will be covered by Article 2 of the UCC. b. will be covered by Article 2A of the UCC. c. will be covered by Article 3 of the UCC. d. will be covered by the common law. Answers: 2 a. Correct. Jim is selling a good that he has separated from the land. Therefore, this contract will be covered by Article 2. b. Incorrect. Article 2A covers leases, and this is a sale. c. Incorrect. Article 3 covers negotiable instruments. d. Incorrect. Although Jim is selling a good associated with real estate, the copper has been separated from the land; thus, the sale of the copper will be governed by the UCC. 4. If you lease an automobile from an automobile dealer, this contract is covered by: a. Article 2 of the UCC. b. Article 2A of the UCC. c. Article 6 of the UCC. d. the common law, because it involves an intangible good. Answers: a. Incorrect. Article 2 covers contracts for the sale of goods, not leases or subleases of goods. b. Correct. Article 2A covers leases of goods. c. Incorrect. Article 6 covers bulk transfers, not subleases. d. Incorrect. This contract involves the lease of tangible goods, not intangible goods, and leases of goods are covered by Article 2A of the UCC. 5. The effect of open terms on a contract covered by the UCC is that: a. the contract will be void because of the open terms. b. the contract will be valid if it involves the sale of land. c. the contract will be valid if the parties intended to form a contract and there is a reasonable basis for a court to grant a remedy. d. the contract will be valid as long as the parties expressed some interest in negotiating. Answers: a. Incorrect. The UCC provides “gap-filling” provisions that the courts apply to contracts with open terms. b. Incorrect. Remember, the UCC does not cover contracts for the sale of land. c. Correct. As long as both requirements are met, the contract will be valid. d. Incorrect. The parties must do more than express an interest in negotiating; they must express an intent to form a contract. 3 6. Suppose that Frank offers to sell to Keith an antique armoire worth more than $2,500. Keith agrees to buy the armoire and signs a contract for the purchase. The price of the armoire, however, is left out of the contract. In this case: a. there is a contract as long as the court can determine a reasonable pri
More Less

Related notes for ANTH 160

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit