Question 1

What is required in order for an offer to be considered a firm offer under the UCC? If a firm offer is silent as to time,what is the effect? Compare this effect with the result of silence as to time under the common law.

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Question 2

Aranda claims that Rita's telephone call with Aranda is an admission of the existence of the contract and an admission constitutes an acceptance to the statute of frauds under the UCC.Is Aranda correct?

Accepted Answer

A)The UCC recognizes an exception when parties admit that a sales or lease contract was made.Specifically,if a party to an oral sales or lease contract admits in pleadings,testimony,or court that he agreed to a contract or lease,that party cannot assert the statute of frauds against the enforcement of the oral contract.
B)The UCC recognizes an exception when parties admit that a sales or lease contract was made.Specifically,if a party to an oral sales or lease contract admits in pleadings,testimony,or court that he agreed to a contract or lease,that party cannot assert the statute of frauds against the enforcement of the oral contract.
C)The UCC recognizes an exception when parties admit that a sales or lease contract was made.Specifically,if a party to an oral sales or lease contract admits in pleadings,testimony,or court that he agreed to a contract or lease,that party cannot assert the statute of frauds against the enforcement of the oral contract.
D)The UCC recognizes an exception when parties admit that a sales or lease contract was made.Specifically,if a party to an oral sales or lease contract admits in pleadings,testimony,or court that he agreed to a contract or lease,that party cannot assert the statute of frauds against the enforcement of the oral contract.
E)The UCC recognizes an exception when parties admit that a sales or lease contract was made.Specifically,if a party to an oral sales or lease contract admits in pleadings,testimony,or court that he agreed to a contract or lease,that party cannot assert the statute of frauds against the enforcement of the oral contract.

Question 3

Contrast the requirement of consideration for modification of contracts under the common law and under the UCC.

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Question 4

Describe a finance lease and explain how it is different from a regular lease contract.

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Question 5

Under what circumstances does the parol evidence rule not apply and parties are allowed to explain or supplement a written contract?

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Question 6

When may a party be considered a "merchant" under the UCC?

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Question 7

Is Rita correct that there is no contract because there is nothing at all in writing?

Accepted Answer

A)The UCC includes a partial-performance exception to the statute of frauds.An
oral sales or lease contract is enforceable to the extent that payment has been made and accepted or goods have been received and accepted.
B)The UCC includes a partial-performance exception to the statute of frauds.An oral sales or lease contract is enforceable to the extent that payment has been made and accepted or goods have been received and accepted.
C)The UCC includes a partial-performance exception to the statute of frauds.An oral sales or lease contract is enforceable to the extent that payment has been made and accepted or goods have been received and accepted.
D)The UCC includes a partial-performance exception to the statute of frauds.An oral sales or lease contract is enforceable to the extent that payment has been made and accepted or goods have been received and accepted.
E)The UCC includes a partial-performance exception to the statute of frauds.An oral sales or lease contract is enforceable to the extent that payment has been made and accepted or goods have been received and accepted.

Question 8

Is Aranda correct that full payment should be made at the time of delivery?

Accepted Answer

A)Under the UCC,when the terms of payment are left open,payment is due at the
time and place at which the buyer is to receive the goods.
B)Under the UCC,when the terms of payment are left open,payment is due at the time and place at which the buyer is to receive the goods.
C)Under the UCC,when the terms of payment are left open,payment is due at the time and place at which the buyer is to receive the goods.
D)Under the UCC,when the terms of payment are left open,payment is due at the time and place at which the buyer is to receive the goods.
E)Under the UCC,when the terms of payment are left open,payment is due at the time and place at which the buyer is to receive the goods.

Question 9

Which of the following statements is true about the UCC and the CISG?

Accepted Answer

A)If a problem arises with an international sale and a party to the transaction
initiates litigation,the UCC does not provide guidance in the litigation;instead,the CISG preempts the UCC.The CISG covers the same general topics as the UCC.For instance,the CISG covers offers,acceptances,and other contract topics.However,specific provisions of the CISG differ from the UCC.For example,the CISG requirements related to the statute of frauds are more lenient than those under the UCC.In particular,the CISG does not require that contracts be in writing.

Quiz 21: Introduction to Sales and Lease Contracts