Test Bank for The Legal Environment Of Business Text And Cases 9th Edition by Cross
Chapter 11
Sales and Lease Contracts
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N.B.: TYPE indicates that a question is new, modified, or unchanged, as follows.
N A question new to this edition of the Test Bank. + A question modified from the previous edition of the Test Bank. = A question included in the previous edition of the Test Bank.
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true/false questions
- A contract for a sale of real property or services is a contract for a sale of goods.
answer: F PAGES: Section 1 TYPE: N
BUSPROG: Reflective AICPA: BB-Legal
- Goods associated with real estate often fall within the scope of Article 2.
ANSWER: T PAGES: Section 1 TYPE: N
BUSPROG: Analytic AICPA: BB-Legal
- Under the UCC, good faith means honesty in fact and the observance of reasonable commercial standards of fair dealing in the trade.
answer: T PAGES: Section 2 TYPE: N
BUSPROG: Analytic AICPA: BB-Legal
- Title and risk of loss can pass to the buyer from the seller before the goods are identified to the contract.
answer: F PAGES: Section 3 TYPE: N
BUSPROG: Analytic AICPA: BB-Legal
- Identification takes place when specific goods are designated as the subject mater of a sales or lease contract.
answer: T PAGES: Section 3 TYPE: N
BUSPROG: Analytic AICPA: BB-Legal
- Any explicit understanding between the buyer and the seller determines when title passes.
ANSWER: T PAGES: Section 3 TYPE: N
BUSPROG: Analytic AICPA: BB-Legal
- A bill of lading is a receipt signed by a warehouse for goods stored in a warehouse.
answer: F PAGES: Section 3 TYPE: N
BUSPROG: Analytic AICPA: BB-Legal
- Under a destination contract, the risk of loss passes to the buyer when the goods are duly delivered to the carrier.
ANSWER: F PAGES: Section 3 TYPE: N
BUSPROG: Analytic AICPA: BB-Legal
- The contract term “free on board” indicates that the selling price of goods includes transportation costs to the specific F.O.B. place named in the contract.
ANSWER: T PAGES: Section 3 TYPE: N
BUSPROG: Analytic AICPA: BB-Legal
- Merchants are held to a higher standard of performance or duty than are nonmerchants.
ANSWER: T PAGES: Section 4 TYPE: N
BUSPROG: Analytic AICPA: BB-Legal
- Under a shipment contract, if the seller does not make a reasonable contract for transportation or notify the buyer of the shipment, the buyer can reject the goods if a material loss results.
answer: t PAGES: Section 4 TYPE: N
BUSPROG: Analytic AICPA: BB-Legal
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