Homework Answers
Based on screen shot it appears that reader is seeking answer for Sr.No.6 & 7 since in other questions true or false have been selected.
6. The UCC provides buyer can in certain circumstance collect difference between contract price and market price or substitute goods for those due under the sales or lease contract when the seller breaches
7. Under certain circumstance the buyer or seller can demand Specific Performance thereby requiring seller or lessor to deliver the particular goods identified in the contract
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1. (TRUE FALSE). Under the UCC, the State of Limitations to commence a legal action for...
1. (TRUE FALSE). Under the UCC, the State of Limitations to commence a legal action for...
1. (TRUE FALSE). Under the UCC, the State of Limitations to commence a legal action for allegedly breaching a sales or lease contract is 4 years. 2. (TRUE FALSE). The seller in a contract for the sale of goods is never allowed to withhold delivery of the good, even when buyer breaches the contract prior to the good being delivered. 3. When the buyer breaches a contract for the sale of goods and the seller elects to resell the goods...
1. Describe the respective obligations of the parties under a contract for the sale or lease of goods? 2. Explain...
1. Describe the respective obligations of the parties under a contract for the sale or lease of goods? 2. Explain the perfect tender rule and the exceptions to this rule that apply to sales and lease contracts. 3. Explain the options that are available to the nonbreachingparty when the other party to a sales or lease contract repudiates the contract prior to the time for performanc. 4. Describe the remedies that are available to a seller or lessorwhen the buyer...
I have the first 4 answered Im struggling on the last 6 2. True-False Questions: Each...
I have the first 4 answered Im struggling on the last 6
2. True-False Questions: Each question is worth one (1) point. (The Uniform Commercial Code is applicable to this question.) If the subject of a sale is goods, Article 2 of the UCC applies. The UCC requires that an agreement modifying a contract must be supported by new consideration to be binding. Under the UCC's Statute of Frauds, a writing must include all material terms except quantity An unconscionable...
5. (True/False). Under the UCC, if certain contract terms, such as price or time of delivery...
5. (True/False). Under the UCC, if certain contract terms, such as price or time of delivery are left open, it is not acceptable to fill in these terms. 6. (True/False). The "mirror image rule" is a UCC principle which provides that the acceptance of an offer must be on identical terms to the offer. 7. This rule is a legal rule/concept that provides that the written sales contract is the final expression of the parties' agreement and neither party can...
1. Federal agencies expressly derive their authority from Article I of the U.S. Constitution. True/False 2....
1. Federal agencies expressly derive their authority from Article I of the U.S. Constitution. True/False 2. The Uniform Commercial Code is a body of federal contract law that is authorized under the Commerce Clause of the U.S. Constitution. True/False 3. The concept of federalism is premised on a division of power between state and federal governments. True/False 4. Seller Shona represents to Buyer Ben that last time she checked, her property was zoned for commercial use. Buyer Ben relies on...
Sales and Leases Name Date 1. The or tender of delivery fails in any way to...
Sales and Leases Name Date 1. The or tender of delivery fails in any way to conform to contract specifications, the buyer / lessee may accept the goods, reject the entire shipment or accept part and reject part. Rule indicates that if goods 2. (TRUE / FALSE). The Common Law requires the Perfect Tender of goods. 3. (TRUE / FALSE). The lack of Perfect Tender is not fatal to a contract when the seller can effectively cure the defect. 4....
1. Fill in the blank with the correct type of title as described in Chapter 22....
1. Fill in the blank with the correct type of title as described in Chapter 22. a) This type of title is not true title. Someone who purchases stolen goods has this title. b) This type of title occurs in certain situations in which the contract between the original parties would be void but the goods have already been sold to a third party. c) This type of title is acquired from someone who already owns the goods free and...
1. B us to the poquitle as described in Chapter 22. a) This type of title...
1. B us to the poquitle as described in Chapter 22. a) This type of title is not true title. Someone who purchases stolen goods has this title. b) This type of title occurs in certain situations in which the contract between the original parties wouk be void but the goods have already been sold to a third party. c) This typitle is agguired from someone who alrey own the goods and clear. a I need Q 2 2. 1...
answer all of them Question 17 (1 point) If a merchant gives a signed written promise...
answer all of them
Question 17 (1 point) If a merchant gives a signed written promise to keep an offer open for a specified time, he or she may not then revoke the offer during the time promised. True False Question 18 (1 point) In an advertisement, Arun, Inc. said that its chewing gum was sugar-free. Sjowana, who was allergic to sugar, relied on the advertisement and bought the gum. Sjowana had an adverse reaction to the gum and it...
1) Although a proprietorship is not a separate legal entity, a partnership is True False 2)...
1) Although a proprietorship is not a separate legal entity, a partnership is True False 2) Purchasing supplies on credit increases assets while decreasing liabilities. True False 3)On October 15, Gallery Comp. received $12,500 as a down payment on a consuting contract. The amount was credited to Unearned Consulting Revenue By October 31, 10% of the contract was completed. Gallery Corp. needs to prepare an adjusting entry for $1.250. True False 4) Asset, liability and revenue accounts are not closed...
1. (TRUE FALSE). Under the UCC, the State of Limitations to commence a legal action for allegedly breaching a sales or lease contract is 4 years. 2. (TRUE FALSE). The seller in a contract for the sale of goods is never allowed to withhold delivery of the good, even when buyer breaches the contract prior to the good being delivered. 3. When the buyer breaches a contract for the sale of goods and the seller elects to resell the goods...
I have the first 4 answered Im struggling on the last 6
2. True-False Questions: Each question is worth one (1) point. (The Uniform Commercial Code is applicable to this question.) If the subject of a sale is goods, Article 2 of the UCC applies. The UCC requires that an agreement modifying a contract must be supported by new consideration to be binding. Under the UCC's Statute of Frauds, a writing must include all material terms except quantity An unconscionable...
5. (True/False). Under the UCC, if certain contract terms, such as price or time of delivery are left open, it is not acceptable to fill in these terms. 6. (True/False). The "mirror image rule" is a UCC principle which provides that the acceptance of an offer must be on identical terms to the offer. 7. This rule is a legal rule/concept that provides that the written sales contract is the final expression of the parties' agreement and neither party can...
Sales and Leases Name Date 1. The or tender of delivery fails in any way to conform to contract specifications, the buyer / lessee may accept the goods, reject the entire shipment or accept part and reject part. Rule indicates that if goods 2. (TRUE / FALSE). The Common Law requires the Perfect Tender of goods. 3. (TRUE / FALSE). The lack of Perfect Tender is not fatal to a contract when the seller can effectively cure the defect. 4....
1. Fill in the blank with the correct type of title as described in Chapter 22. a) This type of title is not true title. Someone who purchases stolen goods has this title. b) This type of title occurs in certain situations in which the contract between the original parties would be void but the goods have already been sold to a third party. c) This type of title is acquired from someone who already owns the goods free and...
1. B us to the poquitle as described in Chapter 22. a) This type of title is not true title. Someone who purchases stolen goods has this title. b) This type of title occurs in certain situations in which the contract between the original parties wouk be void but the goods have already been sold to a third party. c) This typitle is agguired from someone who alrey own the goods and clear. a I need Q 2 2. 1...
answer all of them
Question 17 (1 point) If a merchant gives a signed written promise to keep an offer open for a specified time, he or she may not then revoke the offer during the time promised. True False Question 18 (1 point) In an advertisement, Arun, Inc. said that its chewing gum was sugar-free. Sjowana, who was allergic to sugar, relied on the advertisement and bought the gum. Sjowana had an adverse reaction to the gum and it...
1) Although a proprietorship is not a separate legal entity, a partnership is True False 2) Purchasing supplies on credit increases assets while decreasing liabilities. True False 3)On October 15, Gallery Comp. received $12,500 as a down payment on a consuting contract. The amount was credited to Unearned Consulting Revenue By October 31, 10% of the contract was completed. Gallery Corp. needs to prepare an adjusting entry for $1.250. True False 4) Asset, liability and revenue accounts are not closed...
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