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Sales and Lease Contracts - Terminology Flashcards | StudBud
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Sales and Lease Contracts - Terminology
Sales and Lease Contracts - Terminology
25 terms
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Review of terms related to Articles 2 and 2A of the UCC
Flashcards
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Questions
25
Answers
1
To be covered by the UCC the goods must be moveable and
Tangible
Intangible
Real
Leased
2
One who transfers right of possession and use of goods under a lease is called a
Lessee
Lessor
Lease Agreement
3
One exception to the Statute of Frauds under the UCC is
Admissions
Partial Performance
All of the above
Specially Manufactured Goods
4
What is conduct of parties during the current contract that establishes common understandings
None of the Above
Course of Dealing
Course of Performance
Usage and Trade
5
Common law and CISG require all terms of the offer and acceptance to match, this is called
The reflection rule
The mirror image rule
The acceptance rule
The agreement rule
6
What is a term excusing liability for performance due to an Act of God or other unknown event
Force Majeure Clause
All of the Above
Emergency Clause
Legal Liability Clause
7
A person who deals in goods of the kind involved in the sales contract
Merchant
Seller
Consumer
8
The UCC provides rules to apply when a contract has open terms
False
True
9
What is a clause in a contract designating the law that will govern the contract.
Choice of Law
Jurisdiction Clause
Choice of Forum
Force Majeure
10
A contract where a seller agree to sell all or up to a stated amount of what the buyer needs is
Output Contract
Necessaries Contract
Requirement Contract
11
A sale of crops falls under the UCC if
If it can be severed without harming the land
All of the above
The buyer severs it from the land
The seller severs it from the land
12
A common method of dealing specific to type of business that becomes part of all transactions
Usage of Trade
Course of Dealings
Course of Peformance
13
Prior conduct between parties that establishes a common basis for their understanding is called
Course of Dealing
Usage of Trade
All of the Above
Course of Performance
14
In a finance lease, if a good is defective the lessee
Must show reasonable cause to stop payments to the lessor
Is not required to continue paying the lessor
Is required to seek damages from the supplier
Is released from all obligations under the lease
15
One element of a consumer lease is that the lessee is obtaining goods for
Resale to Others
Business Use
Personal Use
Merchants
16
Who is a person that acquires the right of possession and use of goods under a lease
Lessor
Lease Agreement
Lessee
17
A person who hires a merchant to buy or sell goods for her is considered ____ under the UCC
A consumer
An innocent party
A merchant
A reasonable person
18
A contract in which all the terms are stated within the written contract is called
A Fully Integrated Contract
A Parol Contract
A Valid Contract
A Total Contract
19
A contract for a buyer to buy all or up to a stated amount of what the seller produces
Open Term Contract
Output Contract
Requirement Contract
20
The passing of title/ownership from the seller to the buyer for a price is considered a
None of the Above
Transfer of Goods
Contract
Sale
21
A clause designating the official language by which the contract will be interpreted is
Choice of Law
Choice of Forum
Interpretation Rule
Choice of Language
22
A test to determine whether a contract is primarily for the sale of goods or for services
Primary Purpose Test
Predominant Factor Test
UCC Test
Goods Test
23
An offer by a merchant that is irrevocable for a period of time is considered a
Merchant Offer
Revocable Offer
Merchant's Firm Offer
Term of Acceptance
24
Under common law contracts require, legality, agreement, contractual capacity and
Acceptance
Intent to Contract
Offers
Consideration
25
Property that has physical existence and can be distinguished by the senses is
Real Property
Tangible Property
Intangible Property
