BUS 115 Chapter 9 UCC

The section of the UCC that governs negotiable instruments is:

• Article 9
• Article 3
• Article 6
• Article 2

Contracts containing unconscionable terms are void and unenforceable?

• True
• False

What is the purpose of the UCC?

• to make the law uniform
• to modernize the law
• to simplify the law
• all of the above

Does the UCC require additional consideration to modify a contract?

• Yes
• No

Accounting is an example of which category of UCC?

• Trade Fixtures
• Service
• Realty
• Goods

If a contract under the UCC does not contain all the terms,

• there is no contract
• contract formed but the parties must negotiate the terms
• a contract is formed and the UCC will provide the terms
• None of these

The remedies for breach of contract under the UCC are meant to:

• punish the wrongdoer
• put aggrieved party in same position as without the breach
• punish both parties
• none of these

Seller verbally agreed to deliver 300 cell phones, but only delivers 150. Buyer accepts 150.

• buyer can enforce contract for remaining phones
• contract only enforceable for 150 phones received
• the entire contract violates statute of frauds and is void
• None of these

What does the Statute of frauds require

• contract must be in writing if for sale of goods over $500
• contract must be in writing if cannot be completed in 1 year
• contract must be in writing for the sale of real property
• all of the above

the most important element to determine whether a contract has been formed is:

• offer and acceptance are exactly alike
• the language of the contract
• the intent of the parties to make a contract
• number of open terms