24 Questions
What types of transactions does the UCC regulate?
Sales of personal property
What is the main requirement for the UCC to apply?
The contract must involve the sale or lease of goods
Which of the following is not a requirement for the UCC to apply to a contract?
The contract must be in writing
What does the UCC regulate?
Sales of personal property and other business transactions
Which article of the UCC covers the sale of goods?
Article 2
What type of goods does the UCC apply to?
Tangible and movable goods
What is the predominant-factor test used for?
Determining if a contract combines the sale of goods and services
Which contracts are UCC transactions?
Contracts for the sale or lease of goods
Is the UCC the same in every state?
No
When can parties to sales contracts agree to terms different from those in the UCC?
Only if the UCC terms are not mandatory
What is the effect of accepting nonconforming goods under the UCC?
Acceptance and breach of contract
Which article of the UCC covers the sale of goods?
Article 2
Can parties to sales contracts agree to terms different from those in the UCC?
Yes, parties can agree to different terms
What is the Statute of Frauds?
A law requiring written contracts for certain types of transactions
When do additional terms become part of a contract between merchants?
When they are not objected to within a reasonable time
How is a contract combining the sale of goods and services determined?
By the predominant-factor test
What is the writing requirement for modification of a sales contract without consideration?
Writing is required in some situations
What is a merchant under the UCC?
A person who has special business expertise and is subject to special standards under the UCC
What is the purpose of the parole evidence rule?
To prevent parties from introducing evidence outside of the written contract
How can acceptance of an offer for the sale or lease of goods be made?
In any reasonable manner and by any reasonable means
When is acceptance of an offer effective?
When it is sent
What is an unconscionable contract or clause?
A contract or clause that is unfair or oppressive
What happens when nonconforming goods are delivered?
The contract is still valid, but it constitutes both acceptance and breach of contract
What is the effect of accepting an offer for the sale or lease of goods under the UCC?
Acceptance is effective when it is sent
Study Notes
- The UCC applies if there is an enforceable contract for the sale or lease of goods.
- UCC laws regulate sales of personal property and other business transactions.
- The UCC only applies to tangible and movable goods.
- Contracts for the sale of services and real estate are not UCC transactions.
- Each state has its own version of the UCC.
- Article 2 of the UCC covers the sale of goods.
- Parties to sales contracts can agree to terms different from those in the UCC.
- A contract combining the sale of goods and services is determined by the predominant-factor test.
- A merchant has special business expertise and is subject to special standards under the UCC.
- Acceptance of an offer for the sale or lease of goods can be made in any reasonable manner and by any reasonable means.
- Acceptance of an offer is effective when it is sent.
- Nonconforming goods constitute both acceptance and breach of contract.
- Mirror image rule applies under common law, but UCC allows for different or new terms.
- Additional terms become part of the contract between merchants unless certain conditions arise.
- Contract modification must be made in good faith.
- Writing is required for modification of sales contract without consideration in some situations.
- Statute of Frauds requires a writing for sale contracts of $500 or more or lease contracts of $1,000 or more.
- Exceptions to the writing requirements of the Statute of Frauds exist.
- Parole evidence rules allow for explanation or supplementation of written contracts.
- Unconscionable contracts or clauses may be refused, limited or enforced without the unconscionable part.
Test your knowledge of the Uniform Commercial Code (UCC) with this informative quiz! From the application of the UCC to contracts for the sale of goods and services, to the rules regarding acceptance and contract modification, and even the Statute of Frauds, this quiz covers it all. So, whether you're a law student or a business professional, challenge yourself with this quiz and see how well you understand the UCC and its implications on commercial transactions.
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