Exam 3 Business Law

Article 2 of the UCC governs

• the sell and lease of goods

• the sell or lease of goods

• the sell of goods

• the lease of goods

All states have adopted the UCC in whole or in part

• True

• False

Passing a title from seller to buyer for a price

Goods are items of property that are

• Tangible and movable

• Intangible and unmovable

Goods associated with real estate fall within the cope of Article 2

• True

• False

Sale of growing crops is also part of Article 2

• True

• False

Has special business expertise and not a casual buyer/seller

To determine whether a contract for a combination of goods and services is primarily for the sale of goods or sale of services

A sale or lease contract with open terms will not fail for indefinites as long as parties intended to make a contract and there is reasonable basis for court to grant a remedy

• Open Terms

• Open Price Terms

• Open Payment Terms

• Open Delivery Terms

If the parties have not agreed on a price, the cost will determine a "reasonable price at the time of delivery."

• Open Terms

• Open Price Terms

• Open Payment Terms

• Open Delivery Terms