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Exam 15: The Formation of Sales and Lease Contracts

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Question 1

True/False

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Under the UCC, if a contract for a sale of goods does not specify the quantity, a court will objectively determine what is a reasonable quantity.

A) True
B) False

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Question 2

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Fresh Dairy, Inc., is the offeror and Gelato Ice Cream Company is the offeree under a unilateral sales contract in which Hector's Helado Corporation is also interested. Gelato is not notified of Fresh Dairy's performance within a reasonable time. Gelato

A) ​may treat the offer as having lapsed.
B) ​must assume that Fresh Dairy has started to perform.
C) ​must contact Fresh Dairy.
D) must notify Hector's.​

E) A) and C)
F) B) and D)

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Question 3

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The UCC imposes special business standards on casual and inexperienced sellers and buyers.

A merchant's firm offer is revocable at any time before acceptance.

A lessor is a party who transfers the right to the possession and use of goods under a lease.

Rally Corporation enters into a contract to sell ski gear to Sno-Sports Inc., which sells a pair of the skis to Tyra, a consumer, who later sells them to Upton, another consumer. Article 2 of the UCC applies to the sales transactions between

According to the UCC, one open term will cause a sales contract to fail for indefiniteness.​

Global Outfitters Outlet and Holly, a consumer, enter into a contract for a sale of camping gear. If the contract includes a clause that is perceived as grossly unfair to Holly, its enforcement may be challenged under

Coffee Roasters, Inc., sells whole bean and ground coffee to Delicioso Deli under an existing contract. When the cost of coffee beans increases, Delicioso agrees to a price increase, but later wants to cancel the contract. Delicioso may

The UCC requires that the mirror image rule be followed for all acceptances.

A firm offer by a merchant may be oral.

If the parties to a contract for a sale of goods have not agreed on a price, a court will determine a reasonable price at the time for delivery.

Car n' Truck Body & Paint Company orders custom paint from Diverse Hues Inc., but Diverse does not deliver. Car n' Truck will probably be unable to enforce the agreement if the parties omitted

Clean Mouth Clinic offers to buy from Dental Supplies Company a certain quantity of floss and other items for a certain price. Dental can accept the offer by

Jack sells a grand piano to Kyle for $5,000 and a gold ring to Lauren for $999. A writing is required to enforce the sale of

Under the UCC, an oral contract for a sale of goods is enforceable if goods have been received and accepted.

Manufacturing Corporation orders twelve safety videos from Productions, Inc., which delivers the videos. This is most likely

Under the UCC, an offeree can accept an offer to buy goods by a prompt shipment of conforming goods.

Refined Metals Company and Superior Fabrication, Inc., enter into a contract under which Refined agrees to deliver a certain quantity of sheet metal to Superior each month. The contract does not include a price term. In a suit between the parties over the price, a court will

When no delivery terms are specified in a contract for a sale of goods, there is no basis for determining a remedy.