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Questions and Answers
What are the acceptable means of payment that the buyer can use in a commercial transaction?
What are the acceptable means of payment that the buyer can use in a commercial transaction?
- Credit card only
- Cash only
- Cash or credit card (correct)
- Bank transfer
If the seller insists on cash payment, what must be provided to the buyer?
If the seller insists on cash payment, what must be provided to the buyer?
- A reasonable time to obtain cash (correct)
- An ATM machine
- A cash loan
- A bank account
Where does the buyer normally take delivery if no delivery terms are specified?
Where does the buyer normally take delivery if no delivery terms are specified?
- Court's office
- Buyer's residence
- Seller's residence
- Buyer's place of business (correct)
When no quantity is specified in a contract, what is the usual outcome according to the text?
When no quantity is specified in a contract, what is the usual outcome according to the text?
Under the UCC, what are the two exceptions to the rule when quantity is omitted in a contract?
Under the UCC, what are the two exceptions to the rule when quantity is omitted in a contract?
When no time or date for delivery is specified, who imposes a reasonable time for delivery?
When no time or date for delivery is specified, who imposes a reasonable time for delivery?
What happens if the quantity of goods is an open term in a contract?
What happens if the quantity of goods is an open term in a contract?
In case of an open price in a contract, what does the court do if the buyer or seller was supposed to set the price?
In case of an open price in a contract, what does the court do if the buyer or seller was supposed to set the price?
What can happen if payment terms are omitted in a contract according to the UCC?
What can happen if payment terms are omitted in a contract according to the UCC?
If a party fails to set the price in a contract, what rights does the other party have?
If a party fails to set the price in a contract, what rights does the other party have?
What is one possible consequence of having too many open terms in a contract?
What is one possible consequence of having too many open terms in a contract?
What must a party do if assigned the responsibility to set the price in a contract?
What must a party do if assigned the responsibility to set the price in a contract?
According to the UCC, when do its provisions come into play in a sales contract?
According to the UCC, when do its provisions come into play in a sales contract?
In a sales contract, what is the significance of the phrase 'Unless the parties agree otherwise' often used in UCC provisions?
In a sales contract, what is the significance of the phrase 'Unless the parties agree otherwise' often used in UCC provisions?
Under the UCC, when can a sales contract with open terms be considered valid?
Under the UCC, when can a sales contract with open terms be considered valid?
How does the UCC differ from common law regarding the formation of a binding contract?
How does the UCC differ from common law regarding the formation of a binding contract?
Which statement best describes the role of 'open terms' in a sales contract under general contract law and the UCC?
Which statement best describes the role of 'open terms' in a sales contract under general contract law and the UCC?
What is a key distinction between common law and UCC regarding the formation of sales contracts?
What is a key distinction between common law and UCC regarding the formation of sales contracts?
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