Under the Sales Article of the UCC, which of the following statements is correct regarding a seller's obligation under a F.O.B. destination contract?
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1 .Wren purchased a factory from First Federal Realty. Wren paid 20% at the closing and gave a note for the balance secured by a 20-year mortgage. Five years later, Wren found it increasingly difficult to make payments on the note and defaulted. First Federal threatened to accelerate the loan and foreclose if Wren continued in default. First Federal told Wren to make payment or obtain an acceptable third party to assume the obligation. Wren offered the land to Moss, Inc. for USD10,000 less than the equity Wren had in the property. This was acceptable to First Federal and at the closing Moss paid the arrearage, assumed the mortgage and note, and had title transferred to its name. First Federal released Wren. The transaction in question is a (an):
A Purchase of land subject to a mortgage. B Novation. C Third party beneficiary contract. D Assignment and delegation.
2 .Carson agreed orally to repair Ives' rare book for USD450. Before the work was started, Ives asked Carson to perform additional repairs to the book and agreed to increase the contract price to USD650. After Carson completed the work, Ives refused to pay and Carson sued. Ives' defense was based on the Statute of Frauds. What total amount will Carson recover?
A USD0 B USD450 C USD650 D USD200
3 .Ferco, Inc. claims to be a creditor beneficiary of a contract between Bell and Allied Industries, Inc. Allied is indebted to Ferco. The contract between Bell and Allied provides that Bell is to purchase certain goods from Allied and pay the purchase price directly to Ferco until Allied's obligation is satisfied. Without justification, Bell failed to pay Ferco and Ferco sued Bell. Ferco will:
A Not prevail, because Ferco lacked privity of contract with either Bell or Allied. B Not prevail, because Ferco did not give any consideration to Bell. C Prevail, because Ferco was an intended beneficiary of the contract between Allied and Bell. D Prevail, provided Ferco was aware of the contract b...
4 .Under the Sales Article of the UCC, which of the following statements is correct regarding a good faith requirement that must be met by a merchant?
A The merchant must adhere to all written and oral terms of the sales contract. B The merchant must provide more extensive warranties than the minimum required by law. C The merchant must observe the reasonable commercial standards of fair dealing in the trade. D The merchant must charge the lowest ...
5 .A sheep rancher agreed, in writing, to sell all the wool shorn during the shearing season to a weaver. The contract failed to establish the price and a minimum quantity of wool. After the shearing season, the rancher refused to deliver the wool. The weaver sued the rancher for breach of contract. Under the Sales Article of the UCC, will the weaver win?
A Yes, because this was an output contract. B No, because the omission of price and quantity terms prevents the formation of a contract. C Yes, because both price and quantity terms were omitted. D No, because quantity cannot be omitted for a contract to be enforceable.
7 .Bond purchased a painting from Wool, who is not in the business of selling art. Wool tendered delivery of the painting after receiving payment in full from Bond. Bond informed Wool that Bond would be unable to take possession of the painting until later that day. Thieves stole the painting before Bond returned. The risk of loss:
A Passed to Bond at the time the contract was formed and payment was made. B Passed to Bond at Wool's tender of delivery. C Remained with Wool because the parties agreed on a later time of delivery. D Remained with Wool because Bond had not yet received the painting.
8 .To establish a cause of action based on strict liability in tort for personal injuries that result from the use of a defective product, one of the elements the injured party must prove is that the seller:
A Sold the product in a defective condition. B Was aware of the defect in the product. C Failed to exercise due care. D Sold the product to the injured party.
9 .Vick bought a used boat from Ocean Marina that disclaimed "any and all warranties" in connection with the sale. Ocean was unaware the boat had been stolen from Kidd. Vick surrendered it to Kidd when confronted with proof of the theft. Vick sued Ocean. Who is likely to prevail and why?
A Vick, because the implied warranty of title has been breached. B Ocean, because Vick surrendered the boat to Kidd. C Vick, because a merchant cannot disclaim implied warranties. D Ocean, because of the disclaimer of warranties.
10 .Under the Sales Article of the UCC, which of the following events will release the buyer from all its obligations under a sales contract?
A Refusal of the seller to give written assurance of performance when reasonably demanded by the buyer. B Anticipatory repudiation by the buyer that is retracted before the seller cancels the contract. C Impracticability of delivery under the terms of the contract. D Destruction of the goods after r...
