Under the UCC, the rules for transactions involving merchants and transactions involving regular buyers and sellers are the same.

Which of the following statements is true of the scope of the Uniform Commercial Code (UCC)?
 
Each state is allowed to rewrite parts of the UCC to reflect the wishes of its state legislature.
 
Land and services contracts are governed by the articles under the UCC.
 
The UCC makes sales law more predictable for businesses that engage in transactions in more than one country.
 
Under the UCC, the rules for transactions involving merchants and transactions involving regular buyers and
sellers are the same.

2.
award:
2.22 out of
2.22 points
 
 
Harry had agreed to hire 17-year-old Nathan as a production worker in his factory. However, before Nathan could start working for Harry, the
law in the country made it illegal to employ minors in production units. In this scenario, the parties to the contract are discharged from their
duties on the grounds of _____.
 
material breach
 
alteration of the contract
 
objective impossibility
 
novation

3.
award:
2.22 out of
2.22 points
 
 
The _____ states that the first assignee to give notice of assignment to the obligor is the party with rights to the contract.
 
parol evidence rule
 
preexisting duty rule
 
English rule
 
first-assignment-in-time rule

4.
award:
2.22 out of
2.22 points
 
 
Which of the following areas does Article 2(A) of the Uniform Commercial Code (UCC) govern?
 
Bank deposits and collections
 
Service and land contracts
 
Contracts for the lease of goods
 
Transaction related to letters of credit

5.
award:
2.22 out of
2.22 points
 
 
_____ are best described as damages parties to a contract specify in advance in order to prevent a difficult court battle if there is a particular
kind of breach.
 
Special damages
 
Nominal damages
 
Liquidated damages
 
Punitive damages

6.
award:
2.22 out of
2.22 points
 
 
Under the Uniform Commercial Code (UCC), which of the following will be treated as goods?
 
Real estate
 
Copyrights
 
Crops grown on a field
 
Corporate stocks

7.
award:
2.22 out of
2.22 points
 
 
A third-party beneficiary:
 
occurs when a party to a contract transfers his duties under the contract to a third party, who is not part of the
original contract.
 
occurs when a party to a contract transfers her rights to receive something under the contract to a third party.
 
is created when two parties enter into a contract with the purpose of benefiting a third party.
 
is created when three different parties enter into a contract with the purpose of mutual benefit.

8.
award:
2.22 out of
2.22 points
 
 
Bob agrees to sell his farm to Joseph for $80,000. He then transfers his right to receive Joseph’s payment to Kiara. In this
scenario, the transfer of Bob’s rights to Kiara is an example of a(n) _____.
 
assignment
 
delegation
 
collateral promise
 
adhesion contract

9.
award:
2.22 out of
2.22 points
 
 
Article 2 of the Uniform Commercial Code (UCC) applies to:
 
transfer of money between banks.
 
sale of goods.
 
investment securities.
 
transactions involving letters of credit.

10.
award:
2.22 out of
2.22 points
 
 
Ronald contracts with Saba to have her deliver some machinery to his factory. Saba then transfers her duty to Liam, a third
party, who delivers the machinery to Ronald. In this scenario, the transfer of Saba’s duties to Liam is an example of a(n):
 
delegation.
 
third-party beneficiary contract.
 
assignment.
 
adhesion contract.

11.
award:
2.22 out of
2.22 points
 
 
In a contract between Sophia and Carl, Sophia had agreed to pay Carl $30,000 to paint her house and redo her garden. Carl agreed to the
terms. After painting the house, Carl decided and convinced Sophia that it would be a better deal for her if he could redo her swimming pool
rather than the garden for the original price. Carl’s duty under the original contract was discharged only after he performed the new duty. Which
of the following methods to discharge a contract does this scenario best illustrate?
 
Discharge by material breach
 
Discharge by accord and satisfaction
 
Discharge by anticipatory repudiation
 
Discharge by novation

12.
award:
2.22 out of
2.22 points
 
 
Which of the following statements is true of the rights of an assignee to a contract?
 
An assignee is well-protected against any defenses for nonperformance the obligor may plan to raise.
 
An assignee cannot decline an assignment under any circumstance.
 
An assignee cannot be assigned the rights to a contract if the assignment decreases the obligor’s risk or duties.
 
An assignee cannot be assigned the rights to a contract when the contract is personal in nature.

13.
award:
2.22 out of
2.22 points
 
 
When determining whether a contract falls under Article 2 of the Uniform Commercial Code (UCC), first determine if the:
 
contract is for a mixed sale and then determine if the transaction is predominantly for the sale of services.
 
parties involved in the transaction are merchants and then evaluate the value of the transaction.
 
sale is for goods and then determine if the contract is predominantly for the sale of goods.
 
sale is for real estate and then determine if trade fixtures are a part of the contract.

14.
award:
0 out of
2.22 points
 
 
A person who transfers his or her rights to receive something under a contract to a third party is referred to as a(n) _____.
 
creditor
 
beneficiary
 
delegator

assignor

15.
award:
2.22 out of
2.22 points
 
 
According to Article 2(A) of the Uniform Commercial Code (UCC), a lessee is a(n):
 
third-party beneficiary who gains from a lease contract.
 
incidental beneficiary in a full-service lease agreement.
 
person who transfers his or her obligations under a lease contract to a third party.
 
person who acquires the right to possession and use of goods under a lease.

16.
award:
2.22 out of
2.22 points
 
 
Under the Uniform Commercial Code (UCC), when a contract for the sale or lease of goods is silent about the payment, the:
 
buyer will have to pay additional charges as interests on the payment.
 
payment has to be made by the buyer within three months from receiving the goods.
 
payment is due at the time and place at which the buyer is to receive the goods.
 
contract will be deemed as void by the courts.

17.
award:
2.22 out of
2.22 points
 
 
Restitution, as a primary equitable remedy for a breach of contract, is best described as:
 
an order requiring the breaching party to pay some predetermined amount of money to the injured party.
 
an order for the breaching party to perform a new duty as a substitution to an old duty.
 
the return of any property given up under the contract.
 
the replacement of one of the parties to a contract.

18.
award:
2.22 out of
2.22 points
 
 
In which of the following cases is the assignment of rights prohibited?
 
When either party to a contract, which has an antiassignment clause, wants to assign his or her right to receive
payment
 
When the assignment increases the risk or duties the obligor would face in fulfilling the original contract
 
When the law necessitates an assignment in bankruptcy cases, but the contract has an antiassignment clause
 
When a party to the contract wants to assign the right to receive damages for a breach of contract to sell goods or
services

19.
award:
2.22 out of
2.22 points
 
 
If a person discharges his or her duty by making an offer to perform and being ready, willing, and able to perform, the offer of performance is
known as a(n):
 
assignment.
 
tender.
 
illusory promise.
 
delegation.

20.
award:
2.22 out of
2.22 points
 
 
Which of the following occurs when a party to a contract unjustifiably fails to substantially perform his obligations under the contract?
 
Anticipatory repudiation
 
Objective impossibility
 
Substantial performance
 
Material breach

21.
award:
2.22 out of
2.22 points
 
 
Which of the following statements accurately brings out the difference between the common law and the Uniform Commercial
Code (UCC)?
 
The mirror image rule that applies under common law does not apply under the UCC.
 
Under the common law, a contract may be formed even though some terms of the contract are left open, whereas
under the UCC, such contracts will be deemed as void.
 
Under the UCC, if a buyer has ordered for specifically manufactured goods, the buyer has to assert the statute of
frauds, which is not required under the common law.
 
While the common law focuses on contracts for the sale of goods, the UCC focuses on land and service
contracts.

22.
award:
2.22 out of
2.22 points
 
 
A party transferring her or his duties under a contract to a third party is referred to as the _____.
 
beneficiary
 
creditor
 
assignor
 
delegator

23.
award:
2.22 out of
2.22 points
 
 
Jason contracts with Kylie to paint her house. In exchange, the small amount of money that Jason owes to a local bank will be
paid off by Kylie. In this scenario, the bank is referred to as the:
 
incidental beneficiary.
 
promisee.
 
intended beneficiary.
 
promisor.


25.
award:
2.32 out of
2.32 points
 
 
Which of the following statements is true of the Contracts for the International Sale of Goods (CISG)?
 
The CISG provides guidance when a party to an international sales contract initiates litigation.
 
The CISG does not cover the general topics covered under the UCC, like offers, acceptances, and other contract
topics.
 
The CISG requirements related to the statute of frauds are more restrictive than those under the UCC.
 
The CISG requires that all contracts for international sales be in writing.

26.
award:
2.22 out of
2.22 points
 
 
Paul pays a premium of $20,000 every year on a life insurance plan. The insurance company will have to pay his wife an
annual pension of $30,000 on Paul’s death. Thus, Paul’s wife will be referred to as a _____.
 
promisor
 
donee beneficiary
 
promise
 
creditor beneficiary

27.
award:
2.22 out of
2.22 points
 
 
Which of the following statements is true of a consumer lease?
 
It is a lease that is complicated by the addition of a third person, a supplier or vendor, who plays a separate role
from that of the lessor.
 
It is a lease in which the lessor does not select, manufacture, or supply the goods, but simply acquires the right to
their use in connection with the terms of the lease.
 
It is a lease that has a value of $50,000 or more, and primarily exists between a lessor and lessee who are both
merchants.
 
It is a lease that exists between a lessor regularly engaged in the business of leasing or selling and a lessee who leases the goods primarily for personal purpose.

28.
award:
2.22 out of
2.22 points
 
 
For contracts involving a sale of automobiles, which of the following individuals will be held to a higher standard of behavior
under the Uniform Commercial Code (UCC)?
 
A dealer of pre-owned cars
 
A baker who sells his old van
 
A publishing firm that buys a new car for office use
 
A college student who buys a new car for personal use

29.
award:
2.22 out of
2.22 points
 
 
In discharge of a contract by novation, the:
 
parties to the contract agree that one party will perform her or his duty differently from the performance specified in the original
agreement.
 
original parties to the contract and a third party all agree that the third party will replace one of the original parties and that the
original party will then be discharged.
 
parties to the contract mutually agree to discharge each other from the contract.
 
original parties to the contract mutually agree to discharge each other from the contract by substituting a new agreement.

30.
award:
2.22 out of
2.22 points
 
 
A(n) _____ is best described as a third party that benefits from a contract in which the promisor agrees to pay the promisee’s
debt.
 
trust beneficiary
 
donee beneficiary
 
creditor beneficiary
 
incidental beneficiary

31.
award:
2.22 out of
2.22 points
 
 
_____ are best described as foreseeable damages that result from special facts and circumstances arising outside a contract itself.
 
Compensatory damages
 
Consequential damages
 
Nominal damages
 
Equitable damages

32.
award:
2.22 out of
2.22 points
 
 
Nominal damages are primarily:
 
foreseeable damages that result from special facts and circumstances arising outside a contract itself.
 
granted when parties to a contract need any remedy other than money damages.
 
designed to signify that the plaintiff has been wronged by the defendant.
 
designed to compensate the plaintiff for the loss he or she suffered due to a breach of contract.

33.
award:
2.22 out of
2.22 points
 
 
A(n) _____ occurs when a party to a contract transfers his or her rights to receive something under the contract to a third party.
 
third-party beneficiary contract
 
delegation
 
assignment
 
aleatory contract

34.
award:
2.22 out of
2.22 points
 
 
To justify recovery based on a quasi-contract, a plaintiff must prove that:
 
the defendant lacks legal capacity.
 
he or she conferred a benefit on the defendant.
 
he or she suffered consequential damages.
 
the contract lacks legal assent.

35.
award:
2.22 out of
2.22 points
 
 
In the context of the Uniform Commercial Code (UCC), which of the following statements is true of merchants?
 
A merchant holds himself or herself out as having knowledge peculiar to the goods involved in the transaction.
 
A merchant can be a buyer or seller who frequently changes the kind of goods he or she deals in.
 
Article 2 of the UCC exclusively focuses on buying and selling of goods by merchants only.
 
The UCC imposes lesser duties on merchants in comparison to nonmerchants.

36.
award:
2.22 out of
2.22 points
 
 
Under the Uniform Commercial Code (UCC), if a contract for the sale or lease of goods is silent about the place for delivery, the:
 
buyer will have to pay additional storage charges to the seller.
 
goods are to be delivered at the seller’s place of business.
 
contract will be deemed as void by the courts.
 
goods are to be delivered at the residence of the seller.

37.
award:
2.22 out of
2.22 points
 
 
Which of the following statements accurately brings out the difference between creditor and donee beneficiaries?
 
A donee beneficiary is created when the contract is intended to release a party from an obligation to a third party,
whereas a creditor beneficiary is created if the contract intends to grant a gift.
 
A creditor beneficiary who wins a judgment against one party to a contract may not seek judgment against the
other party, whereas a donee beneficiary can seek judgment against both the parties.
 
A creditor beneficiary has limited ability to enforce a contract when compared to a donee beneficiary’s ability to
enforce rights to a contract.
 
A creditor beneficiary can enforce rights against the promisor or the promisee, whereas a donee beneficiary can
enforce rights only against the promisor.

38.
award:
2.22 out of
2.22 points
 
 
If a buyer decides to terminate a contract because the seller changes the price of the contract without the knowledge of the buyer, then the
contract is discharged by:
 
novation.
 
condition precedent.
 
operation of law.
 
mutual rescission.

39.
award:
2.22 out of
2.22 points
 
 
Uniform Commercial Code (UCC) Section 2A-103(j) defines a lease as:
 
the practice of purchasing an item, using it, and then returning it to the store for a refund.
 
the practice of discharging a duty by making an offer to perform and being ready, willing, and able to perform.
 
a transfer of the right to possession and use of goods for a term in return for consideration.
 
an agreement where parties exchange with each other a good, service, or property of almost equal value.

40.
award:
2.22 out of
2.22 points
 
 
Maya, a wedding planner, had agreed to use purple orchids for Janet’s wedding. However, due to an embargo against the country from where
the flowers were to be imported, Maya could not fulfill her promise. In this scenario, the contract between Maya and Janet may be discharged
on the basis of _____.
 
condition subsequent
 
novation
 
objective impossibility
 
commercial impracticability

41.
award:
2.22 out of
2.22 points
 
 
A(n) _____ is best described as an order either forcing a person to do something or prohibiting a person from doing something.
 
novation
 
injunction
 
delegation
 
assignment

42.
award:
2.22 out of
2.22 points
 
 
Which of the following statements best defines a concurrent condition?
 
It is a particular event that must occur in order for a party’s contractual duty to arise.
 
It refers to a condition an assignee to a contract must fulfill in order to claim his or her rights to the contract.
 
It occurs when the parties to a contract are required to perform their obligations for each other simultaneously.
 
It is a future event that terminates the obligations of the parties to a contract when it occurs.

43.
award:
2.22 out of
2.22 points
 
 
Which of the following terms refers to a future event that terminates the obligations of the parties to a contract when it occurs?
 
Concurrent condition
 
Constructive condition
 
Condition subsequent
 
Condition precedent

44.
award:
2.22 out of
2.22 points
 
 
When the contracting parties do not intend to benefit someone but unintentionally do so, that third party is referred to as a(n):
 
incidental beneficiary.
 
contingent beneficiary.
 
creditor beneficiary.
 
donee beneficiary.

45.
award:
2.22 out of
2.22 points
 
 
Under Article 2 of the Uniform Commercial Code (UCC), a mixed sale is best described as a contract:
 
that combines a good with a service.
 
formed through a combination of implied and unilateral contracts.
 
that combines a service with realty.
 
created when more than one type of a company’s stocks are sold.

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