Question 1

The doctrine of ________ governed the law of sales and leases for centuries before the UCC was adopted.

Accepted Answer

The answer of The doctrine of ________ governed the law...

Question 2

If the "as is" type of disclaimer is not used,a disclaimer of the implied warranty of merchantability must specifically mention the term merchantability for the implied warranty of merchantability to be disclaimed.

Accepted Answer

This statement is true. The Uniform Commercial Code (UCC) requires that a disclaimer of the implied warranty of merchantability must use the word "merchantability" in order for it to be effectively disclaimed. However, using the phrase "as is" can also serve as a disclaimer of all implied warranties, including merchantability.

Question 3

A seller's or lessor's statement of opinion or commendation of the goods does not create an express warranty.

Accepted Answer

A statement of opinion or commendation does not constitute a representation of fact, which is necessary for an express warranty to exist.

Question 4

The ________ is a federal statute that regulates written warranties on consumer products.

Accepted Answer

The answer of The ________ is a federal statute that...

Question 5

What is the difference between a full warranty and a limited warranty?

Accepted Answer

The answer of What is the difference between a full...

Question 6

Unless properly disclosed,a warranty that is implied that sold or leased goods are fit for the ordinary purpose for which they are sold or leased,as well as other assurances,is known as ________.

Accepted Answer

The description given in the question matches the definition of implied warranty of merchantability. It is a common law warranty that is automatically included in every sale or lease of goods, unless properly disclaimed. It assures the buyer or lessee that the product purchased or leased is fit for its ordinary purpose and is of similar quality and nature as other products of its kind in the market.

Question 7

The implied warranty of fitness for a particular purpose applies only to merchants.

Accepted Answer

The implied warranty of fitness for a particular purpose can apply to both merchants and non-merchants. It arises when a buyer relies on the seller's expertise to select goods that will meet a specific need or purpose, and the seller knows or should know the buyer's intended purpose.

Question 8

Which of the following constitutes an implied warranty?

Accepted Answer

Adequate packaging and labeling of the goods constitutes an implied warranty of merchantability. This means that the product must conform to a certain level of quality and be suitable for its intended use.

Question 9

The implied warranty of merchantability requires that the quality of the goods must pass without objection in the trade.

Accepted Answer

The statement accurately describes the implied warranty of merchantability, which is a legal term that requires the quality of goods to meet reasonable standards expected in the relevant trade or industry. It means that the product is fit for the ordinary purposes for which it is intended, free from defects, and properly packaged and labeled. If a product fails to meet this warranty, the seller may be held liable for breach of contract.

Question 10

A(n)________ is a warranty created when a seller or lessor makes an affirmation that the goods he or she is selling or leasing meet certain standards of quality,description,performance,or condition.

Accepted Answer

The answer of A(n)________ is a warranty created when a...

Question 11

A statement that negates express and implied warranties is known as a ________.

Accepted Answer

The answer of A statement that negates express and implied...

Question 12

Which of the following would constitute the creation of an express warranty for goods?

Accepted Answer

A description of the goods constitutes the creation of an express warranty, as it explicitly states facts or promises about the goods that the buyer relies upon.

Question 13

What type of transactions are covered under the Magnuson-Moss Warranty Act?

Accepted Answer

The Magnuson-Moss Warranty Act covers consumer transactions, which are purchases made by individuals for personal, family, or household purposes.

Question 14

Which of the following is true of an "as is" disclaimer?

Accepted Answer

An "as is" disclaimer typically disclaims all implied warranties, meaning that the buyer is assuming all risks associated with the purchase and cannot rely on any representations made by the seller. It does not necessarily disclaim all express warranties or serve as a type of implied warranty, nor can it be replaced by another warranty.

Question 15

Sam expressed interest in buying a painting from Jasper,whose asking price was $15,000.Sam was only willing to offer $13,000.Jasper told him that it was a very old painting worth a fortune and that others would gladly pay $20,000 for it.Sam decided to buy the painting for $15,000 on the condition that if he found that the painting was worth less than $15,000,Jasper would have to take the painting back and refund Sam.Which of the following warranties did this sales contract have?

Accepted Answer

This sales contract has an express warranty. Jasper expressed that the painting was worth $20,000 and that it was a very old painting worth a fortune. This was a representation that became a part of the basis of the bargain, and Sam agreed to purchase the painting based on this express warranty.

Question 16

A computer program or an electronic or other automated means used independently to initiate an action or respond to electronic records or performances in whole or in part,without review or action by an individual,is known as a(n)________.

Accepted Answer

An electronic agent is a computer program or an electronic or other automated means used independently to initiate an action or respond to electronic records or performances in whole or in part, without review or action by an individual. This type of technology is typically used for automated transactions and can perform tasks such as scheduling appointments, placing orders, and making payments without human intervention. The other options, electronic record, firewall, and operating system, do not fit the definition of an electronic agent.

Question 17

Implied warranties of quality cannot be disclaimed.

Accepted Answer

Implied warranties of quality can often be disclaimed by sellers, provided they follow certain legal requirements, such as making the disclaimer clear and conspicuous to the buyer.

Question 18

Give an account of express warranties.

Accepted Answer

The answer of Give an account of express warranties....

Question 19

A(n)________ refers to a warranty that arises where a seller or lessor warrants that the goods will meet the buyer's or lessee's expressed needs.

Accepted Answer

The answer of A(n)________ refers to a warranty that arises...

Question 20

Only written express warranties are valid.

Accepted Answer

Both written and oral express warranties are valid. However, written warranties are easier to prove in court as they provide physical evidence of the warranty agreement.

Quiz 12: UCC Sales Contracts, Leases, and Warranties