BU341 Final Exam

Warranty of title provides that the seller has the right to sell the goods, no liens exist, & no patents are infringed.

Specific performance is a remedy used when the goods are rare or unique.

Which of the following is a fungible good?

Which of the following is NOT a rule of construction when determining the terms of a contract?

The seller's right to ship conforming goods to a buyer to replace a previous shipment of nonconforming goods is the

When one party lets the other party know in advance that he won't fulfill the contract, it is anticipatory repudiation.

If a request for adequate assurance is not met, the requesting party can treat it as a breach.

Which of the following by a buyer is least likely to persuade a court to enforce an oral contract for the sale of land?

Ian contracts to buy Ann's house. The contract says Ann must go through with it if Ian is able to sell his. This is a

If goods are sent COD, the buyer no longer has the right to inspect before paying.

When a buyer uses his right to cover, what could he still possibly sue the seller for?

An incidental beneficiary has the same rights as an intended beneficiary.

Prof. Hackman hires Picasso to paint a picture for her living room. Picasso is busy and wants to delegate the duty

An express condition is one that is stated openly.

A donee-beneficiary is one who receives the rights of someone else's contract such as in a life insurance contract.

Assignments and Delegations can be either written or oral.

Until a benficiary's rights are vested, the contract could be changed without his consent.

Byron delegates his duty to paint Barb's house to Steve. If Steve doesn't perform, who may Barb file suit against?

The party who delegates performance has a greater duty to ensure completion than the party who assigns rights.

To meet the writing requirement under common law, only the defendant's signature must be on the contract.

Which of the actions below will NOT terminate a contract.

In sales of goods, insurance companies are most interested in issues of risk of loss.

When interpreting a contract, a court gives the most weight to the express terms.

Which of the following remedies is available to both buyers and sellers?

A thief only passes good title to a good faith purchaser.

What contract defense is used when something unexpected entirely changes the reason for the contract in the first place?

Article 2 of the UCC governs the sale of goods.

If a state abolishes the traditional common-law doctrine of vertical privity it affects to whom the warranty extends.

What are ordinary and expected practices in an industry called?

The remedy for getting back your property that is in someone else's possession is

When you purchase something and take it home for your own use, but you have the right to return it if you wish, it is a

When someone assigns/transfers their rights to a 3rd party, the original party no longer has any rights in the contract.

Anyone who sells goods can create an implied warranty of merchantability.

Under the 1-year rule of the Statute of Frauds, when does the period begin?

When one party in the contract does most of what needs to be done, he is entitled to be paid under the doctrine of

Tiger contracts with Megan to deliver chemicals to her lab every other month for one year. This establishes a

Which of the following events discharges a party based on impossibility?

When goods and services are mixed, the courts always assume it is goods.

Merchants often bear the risk of loss if already-purchased merchandise is destroyed in their place of business.

Goods that are delivered primarly for resale are considered

Conditions that must take place at the same time are subsequent.

When construing a contract, the primary function of the court is to

An express warranty must include the word warranty or guarantee.

The document issued by a common carrier evidencing receipt of goods for shipment is a warehouse receipt.

To preserve one's right to sue for breach of warranty, they must provide notice within 30 days.

Which of the following contracts fall under the Statute of Frauds

Judicial admissions include any admission made at any time.

When does a seller officially tender goods to a buyer?

Any evidence (oral, written, or otherwise) NOT included in the contract itself is called

Some laws restrict the time within which a lawsuit must be filed after the cause of action occurs. This a statute of

If your parents co-sign a loan for you, they are considered

Unless otherwise stated the assumed place of delivery is the buyer's residence.

All parties in a contract have an implied duty of good faith and fair dealing.