Podcast
Questions and Answers
What types of transactions does the UCC regulate?
What types of transactions does the UCC regulate?
- Sales of real estate
- Sales of personal property (correct)
- Sales of services
- Sales of intangible goods
What is the main requirement for the UCC to apply?
What is the main requirement for the UCC to apply?
- The contract must involve the sale or lease of goods (correct)
- Both parties must be merchants
- The contract must involve the sale of services
- The contract must involve the sale of real estate
Which of the following is not a requirement for the UCC to apply to a contract?
Which of the following is not a requirement for the UCC to apply to a contract?
- The contract must be for the sale or lease of goods
- The contract must be in writing (correct)
- The contract must be enforceable
- The goods must be tangible and movable
What does the UCC regulate?
What does the UCC regulate?
Which article of the UCC covers the sale of goods?
Which article of the UCC covers the sale of goods?
What type of goods does the UCC apply to?
What type of goods does the UCC apply to?
What is the predominant-factor test used for?
What is the predominant-factor test used for?
Which contracts are UCC transactions?
Which contracts are UCC transactions?
Is the UCC the same in every state?
Is the UCC the same in every state?
When can parties to sales contracts agree to terms different from those in the UCC?
When can parties to sales contracts agree to terms different from those in the UCC?
What is the effect of accepting nonconforming goods under the UCC?
What is the effect of accepting nonconforming goods under the UCC?
Which article of the UCC covers the sale of goods?
Which article of the UCC covers the sale of goods?
Can parties to sales contracts agree to terms different from those in the UCC?
Can parties to sales contracts agree to terms different from those in the UCC?
What is the Statute of Frauds?
What is the Statute of Frauds?
When do additional terms become part of a contract between merchants?
When do additional terms become part of a contract between merchants?
How is a contract combining the sale of goods and services determined?
How is a contract combining the sale of goods and services determined?
What is the writing requirement for modification of a sales contract without consideration?
What is the writing requirement for modification of a sales contract without consideration?
What is a merchant under the UCC?
What is a merchant under the UCC?
What is the purpose of the parole evidence rule?
What is the purpose of the parole evidence rule?
How can acceptance of an offer for the sale or lease of goods be made?
How can acceptance of an offer for the sale or lease of goods be made?
When is acceptance of an offer effective?
When is acceptance of an offer effective?
What is an unconscionable contract or clause?
What is an unconscionable contract or clause?
What happens when nonconforming goods are delivered?
What happens when nonconforming goods are delivered?
What is the effect of accepting an offer for the sale or lease of goods under the UCC?
What is the effect of accepting an offer for the sale or lease of goods under the UCC?
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.
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Description
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.
