Business Law II Ch 13 test review

Which of the following contracts is considered grossly unfair?

• vendor's contract

• non-conforming contract

• unconscionable contract

• contract of obligation

Oral sales contracts are not usually enforceable in court.

• True

• False

Receiving goods automatically makes an oral contract binding under the Statute of Frauds.

• True

• False

According to the Uniform Commercial Code (UCC), goods include trademarks, copyrights, and patents.

• True

• False

Payment occurs when the buyer transfers the agreed-upon ________________ and the seller accepts it.

• delivery

• services

• goods

• consideration

If a party admits in legal testimony that he or she agreed to part or all of an oral contract governed by the Statute of Frauds, the contract is considered

• void

• invalid

• implied and valid

• binding to the extent admitted

___ do not meet a buyer's specifications or are defective in some way.

• Perfect goods

• Non-conforming goods

• Accommodating goods

• Qualified goods

A ________________________ delivery occurs when there is not an actual transfer of possession of the goods, but the purchaser receives the power to control them, as intended by the parties involved.

• improper

• proper

• just-in-time

• constructive

A _________________ is someone who deals regularly in the type of goods being exchanged or claims special knowledge and skill in the type of sales transactions being conducted.

• merchant

• casual seller

• barterer

• bargain hunter

If a buyer resells the goods, the UCC treats the buyer's actions as an acceptance.

• True

• False