An Instrument That Reads "Pay to the Order of Jones and Green" Establishes _____ Payees.
Concern Management Expert Answers & Study Resource : Folio 119
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50.Under the UCC, how may an acceptance be made? A.Just exist writing. B.Only orally or by a writing. C.Just by electronic communication or past writing. D.Only by facsimile or by postal service. E.By any reasonable means of communication. 51.Under the UCC, when is an acceptance effective? A.When dispatched B.When received C.When received simply if acceptance past electronic means is made,.
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108.Mary sells handmade earrings for a living. Susan is a new lawyer and a friend of Mary who gives legal communication to Mary in return for earrings. Susan tells Mary that under the Magnuson-Moss Act she is required to provide all buyers with a written warranty setting forth their rights.
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Homework Answers
Multiple Choice Questions 22.When a party's obligations nether a contract are terminated, the party is said to be ______. A. finished B. terminated C. completed D. discharged E. recoursed 23.A party's contractual obligations are terminated through _______________. A. performance B. the failure of a status to occur C. performance of law D. operation, the failure of a condition to occur, and performance of law E. performance and the failure of a condition.
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Homework Answers
True / False Questions 1.Contract law is based upon federal statutes. two.The UCC is a statutory source of contract law that is applicative to transactions involving the sale of goods. 3.The UCC pertains to all business organization transactions. 4.Article 2 of the UCC governs sales contracts while Article three governs charter contracts. five.The passing of title.
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Homework Answers
52.If the plaintiff is seeking legal amercement which would put him in the same position he would take been in had the contract been fully performed, he is suing for _____________ damages. A. equitable B. compensatory C. deserved D. learned E. castigating 53.Which of the post-obit are foreseeable damages inside the contemplation of the parties at the time the breach occurs.
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109.Lake House. Harry has two houses, a business firm on the lake and a house in town. Rebecca wants to buy the house on the lake. Harry and Rebecca orally concord that Rebecca will buy the house on the lake for $300,000. Harry hurriedly writes out a contract providing that he.
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Homework Answers
Essay Questions 124.What are the three main purposes of the statute of frauds? 125.What types of contracts does the statute of frauds require to be in writing? 126.Define the term "access" in relation to contracts under the statute of frauds. Talk over the pros and cons of the rule on admissions, and whether you.
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Homework Answers
60.Which of the following types of paper require only a delivery of the musical instrument to the holder by the payee? A.A bearer instrument. B.A delivery instrument. C.An guild instrument. D.A transfer musical instrument. E.An acknowledgement instrument. 61.Which of the following types of newspaper require commitment and an endorsement by the holder? A.A bearer instrument. B.A delivery instrument. C.An order instrument. D.A.
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21.The UCC assumes that the seller has the correct to transfer championship free and clear of intellectual property rights of which the buyer does not have knowledge. 22.To invoke the implied warranty of merchantability, the purchaser or lessee must have purchased or leased the adept from a merchant. 23.An express warranty is.
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Homework Answers
129.What needs to exist shown under the UCC for appurtenances to be institute merchantable? 130.Set forth when an implied warranty of fitness for a particular purpose will be institute. 131.Marge ordered for her soccer squad t-shirts with the name of the school shown on the front. The seller requested that Marge come.
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Homework Answers
11.If goods identified in a contract are destroyed before the risk passes to the buyer, the seller must obtain substitute goods. 12.A buyer who has accepted goods may later revoke the credence if the buyer can show that the defects substantially impair the value of the goods. 13.Under UCC sections 2-301 and.
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Homework Answers
11.If an instrument is silent as to the time of payment, the UCC presumes that information technology is a need musical instrument. 12.A negotiable instrument must be a conditional order to pay. 13.The law does non permit an oral negotiable musical instrument. xiv.An automated signature satisfies the UCC requirement that the signature of the creator appear.
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Homework Answers
100.Accidental Sale. ABC Motors ordinarily deals in used cars and also does some amount of repair work. Robby entrusted his auto to ABC Motors to have the oil inverse and get new brakes. The car was parked in the lot along with other cars, some of which were for sale..
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Homework Answers
Multiple Option Questions 38.Which of the following determines the obligations of sellers/lessors and buyers/lessees? A. Terms the parties outline in agreements B. Custom C. Rules outlined by the UCC D. Terms the parties outline in agreements, custom, and rules outlined by the UCC E. Terms the parties outline in agreements and custom, but non rules outlined by the UCC 39.The UCC requires.
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Essay Questions 81.Listing the ways by which a party's contractual obligations can be terminated. 82.Yolanda and Rodney agreed that Rodney would paint Yolanda's home for $800 with Yolanda supplying the paint. Rodney went to Yolanda'due south home on several occasions to do the chore, just she never had the paint prepare. Finally, he.
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Homework Answers
70.With a simple delivery contract in which the seller is non a merchant, which party sustains a loss if, through no fault of either party, the appurtenances are destroyed through fire prior to delivery? A.The seller if tender of delivery has occurred B.The heir-apparent if tender of commitment has occurred C.Both the buyer.
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Homework Answers
31.In the UCC, if the seller or lessor has delivered the goods to a carrier or bailee, but the carrier or bailee has non even so turned them over to the buyer it is referred to as "in transit." 32.Nether the UCC, the term "cover" refers to substituting goods for those due.
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Homework Answers
Multiple Choice Questions 30.Which laws used to translate sales contracts? A.State common constabulary B.The Uniform Commercial Code C.State statutory law D.State common law, the Compatible Commercial Code, and country statutory law E.State common law and the Uniform Commercial Code, but not state statutory law 31.All states, except Louisiana, follow the _____ common police. A.English B.French C.Italian D.Spanish East.Welsh 32.The UCC was created in.
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Homework Answers
21.An allonge is an additional piece of paper with the endorsements that must be firmly fastened to the endorsement. 22.According to the UCC, a check is a special kind of draft. 23.Under UCC Section iii-104, coin orders are considered checks. 24.Banks are required by the UCC to certify the check if a customer.
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Homework Answers
72.Pulverisation Room Mess. For $300,000, Willis agrees to build a new home for Robert, who is very picky. Willis builds the home to Robert's specifications with one exception. The faucets and linoleum flooring in an upstairs powder room are not exactly what Robert specified. That was a error on Willis'.
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Homework Answers
118.Hot Toaster. Rebecca bought a toaster from Super Store and brought it home. A friend of hers, Greg, was at her house making toast. The toaster malfunctioned and shocked Greg resulting in a small burn to his paw requiring medical attention. At a garage sale, Rebecca also purchased a blender.
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Homework Answers
62._________ is the return of any property given upwardly nether the contract. A. Rescission B. Reformation C. Restitution D. Injunction Eastward. Compensation 63.Under the UCC, when may orders for specific performance of a contract for the auction of goods be awarded? A. Only when the goods are unique. B. Only when the goods are in backlog of 500 in quantity. C. Only when the goods accept been.
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Homework Answers
eighty.A(n) ______ bank check is a check that is accepted at the banking company at which information technology is fatigued. A.cashier's B.certified C.best-selling D.transferred East.drawee 81.Which of the following is simulated regarding certified checks? A.If a bank refuses to certify a check, the check is considered dishonored. B.In one case a bank check is certified, funds of the customer are removed from his or.
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eighty.Which of the following is truthful when the designation FAS is used? A.The heir-apparent, at the buyer's expense, delivers the appurtenances alongside the ship before the risk passes to the buyer. B.The buyer, at the seller's expense, delivers the goods alongside the send before the take chances passes to the buyer. C.The seller, at.
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111.Belinda purchases a couch from Skillful Furniture Store. She pays for the burrow, and the store agrees to evangelize it. Unfortunately, on the fashion to her business firm, the vehicle overheats and burns, destroying the truck and the burrow inside. Belinda asks for a refund or another couch. The storeowner refuses.
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Homework Answers
58.Under UCC Sections 2-513(1) and 2A-515(1), the seller or lessor must provide _____________. A. the right to cure issues with nonconforming goods B. the right to be excused from performance if the appurtenances are destroyed C. an opportunity for inspection before enforcing payment D. an extension for payment of a destroyed item E. a course of dealing 59.Which of the following.
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Homework Answers
98.Which of the following are amercement for lost profits a buyer or lessee may recover in the upshot of a alienation? A. Approved damages B. Consequential amercement C. Remedial damages D. Approved, consequential, and remedial amercement E. Canonical and consequential damages, but not remedial damages 99.Under the UCC buyers and lessees may recover appurtenances identified in the contract if the seller.
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Homework Answers
40.A document of deposit is a ______ of the bank. A.note B.typhoon C.novation D.bank check E.promissory contract 41.A ______ is a specific draft, drawn past the owner of a checking business relationship, ordering the banking concern to pay the payee from that drawer's account. A.promissory contract B.certificates of eolith C.note D.cheque E.fourth dimension instrument 42.Which of the post-obit is a draft with respect to which the.
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Homework Answers
32.The discharge by parties of their obligations by doing what they respectively agreed to practice nether the terms of the contract is called ______. A. discharge by tender B. discharge by performance C. belch by finishing D. discharge by absolution E. belch past reason 33.An offer of performance by being ready, willing, and able to perform is known as ______. A. offering B. showing C. tender D. completer E. unsaid credence 34.Which.
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Homework Answers
60.Which of the following is true if an owner entrusts the possession of goods to a merchant who deals in appurtenances of that kind? A.The merchant can transfer all rights in the goods to a buyer in the ordinary course of concern. B.The merchant can merely transfer voidable championship until any funds.
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Homework Answers
Multiple Choice Questions 30.Which of the following is a substitute for cash? A.A negated instrument B.A promised instrument C.A negotiable instrument D.A promissory agreement Due east.A negotiable oral hope 31.In a sales contract, how tin can payment by the heir-apparent be made? A.Cash and negotiable instruments B.Credit arrangements and negotiable instruments C.Cash and credit arrangements D.Negotiable instruments and cash Eastward.Cash, credit arrangements, and negotiable.
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Homework Answers
70.An instrument that reads, "Pay to the order of Jones or Green," is payable to _________ payees. A.joint B.concurrent C.consecutive D.culling E.alternate 71.An instrument that reads, "Pay to the order of Jones and Light-green," establishes _______ payees. A.joint B.concurrent C.sequent D.culling E.alternate 72.Which of the post-obit governs the transfer of checks between banks? A.Article ane of the UCC. B.Article 2 of the UCC. C.Article 3.
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Homework Answers
11.The nearly frequently awarded damages are compensatory damages. 12.All real holding is considered unique. 13.Liquidated damages will be enforced based upon the costless-will concept of contracts fifty-fifty if the liquidated damages corporeality is unreasonable. 14.Rewriting a contract to reverberate what the parties had agreed on is referred to every bit rescission. 15.When an enforceable contract.
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Homework Answers
True / Faux Questions 1.Under the UCC, sellers and lessors are obligated to accept and pay for conforming goods in accord with the contract. 2.Courts rely upon the UCC rules to analyze seller and lessor obligations when the contract or lease is unclear. iii.The UCC requires good faith in the operation and enforcement.
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Homework Answers
True / Simulated Questions i.A negotiable instrument is a substitution for cash. 2.UCC Article 2(A) labels commercial papers as negotiable instruments. 3.A note is a promise, by the maker of the note, to pay a payee. 4.A draft is an instrument validating an order past a drawer to a drawee to pay a payee. 5.A.
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Homework Answers
Essay Questions 124.Sally, who has a candy shop, agreed to sell Ricky, a teacher, all the chocolate candy bears in her shop for treats for his course. Unfortunately, through no error of hers, Emerge's air conditioner went out and half of the bears partially melted. What are the rights and duties.
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Homework Answers
11.Contracts for the sale or lease of appurtenances may be formed even if some terms of the contract or lease are left open up. 12.A firm offer may exist oral or written. xiii.The UCC requires that consideration exist provided for the modification of a contract. 14.Under the mirror-paradigm rule, the terms of an acceptance.
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Homework Answers
88.Under the Magnuson-Moss Act, what is the effect of a full warranty? A. It ways that if the good fails or is defective, the practiced or its defective part will be replaced; and if replacement cannot exist timely effected, the buyer has the correct to a refund or a full replacement. B. It means.
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Homework Answers
fifty.Which of the following was the result on entreatment in Fernando Tatis v. U.Due south. Bancorp, the instance in the text in which the plaintiff, a major-league baseball thespian, asked that the defending bank hold his banking company statements and failed to notify the banking company inside 30 days of forgeries by ane.
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Homework Answers
42.When a contracting party refuses to complete the contract before the actual fourth dimension of performance, it is called a(n) __________________________________. A. preemptive repudiation B. anticipatory repudiation C. advance refusal D. advance repudiation Due east. preparatory refusal 43.Which is not considered a discharge of contractual obligations by common agreement? A. Mutual rescission B. Substituted contract C. Accord and satisfaction D. Novation Due east. Defalcation 44.Which of the following occurs when parties agree that they simply.
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Homework Answers
40.Which of the following exercise not meet the UCC definition of a practiced? A.Real estate B.Corporate stocks C.Copyrights D.Neither real manor, corporate stocks, nor copyrights run across the definition of good E.Existent manor and corporate stocks exercise not, only copyrights practise meet the definition of good 41.Which of the post-obit are considered appurtenances nether the UCC? A.Minerals taken.
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Homework Answers
78.Which is true regarding a heir-apparent's correct to waive warranties? A. A buyer may not waive warranties. B. A buyer may waive unsaid warranties but not express warranties. C. A buyer may waive express warranties just not implied warranties. D. A buyer may waive both express warranties and implied warranties. Eastward. A buyer may waive express warranties and the implied.
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Homework Answers
68.Which of the post-obit is true regarding limited warranties? A. They may be function of a brochure. B. They may ascend from a salesperson'south oral promise. C. A sample or model may provide an express warranty. D. They may be part of a brochure, they may arise from a salesperson'due south oral promise, and a sample or model may.
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Homework Answers
90.In the example of multiple forgeries past the aforementioned wrongdoer, if a client examines a bank statement and does not notify the bank of the first forgery inside the time required past the UCC, what is the effect on subsequent forgeries assuming the depository financial institution is not negligent? A.There is no effect.
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Homework Answers
48.What do UCC Sections two-601 and 2A-509 betoken in reference to the perfect tender rule? A. That if goods or tender of delivery fail in any respect to suit to the contract, the buyer/lessee has the right to accept the goods, pass up the unabridged shipment, or accept part and reject part. B. That if.
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Homework Answers
21.Practiced faith is generally relevant in determining whether someone has a valid title. 22.Co-ordinate to common law, when a seller transfers appurtenances to a buyer, the buyer gets only voidable title if the buyer is a minor. 23.If a shipment contract is vague or ambiguous on the issue, an origin contract volition.
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Homework Answers
True / False Questions ane.Nether ordinary circumstances, a party'south duty to perform the hope agreed to in a contract is absolute. ii.Contractual conditions may be expressly inserted into the contract past the parties but may not exist implied. 3.A provisional contract is an agreement that becomes enforceable just on the happening or termination.
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Homework Answers
Essay Questions 108.List what is required in order for an offering to exist considered a business firm offer under the UCC. Also discuss the effect if a firm offering is silent every bit to time and compare that with the event of silence as to time nether the common law. 109.List and depict the.
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Homework Answers
128.Richard has insurance with ABC Insurer. Richard has a wreck with Susie. The adjuster for ABC Insurer orally agrees to pay Susie $1,000 for the impairment to her auto. The adjuster, however, gets in trouble with his boss for agreeing to pay too much. He tells Susie that he is.
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Homework Answers
90.In a conditional sales contract, a _____ occurs when the seller and buyer agree that the buyer may render the appurtenances at a subsequently time. A.sale-on-approving contract B.sale-or-render contract C.status-or-sale contract D.return-or-purchase Due east.render-or-sale 91.What may a buyer practise if a seller does not provide goods that were described in the contract? A.Take the nonconforming appurtenances every bit is B.Reject.
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