Advertisement Upgrade to remove ads

Commercial codes arose in medieval Europe and were the basis of modern commercial law. These codes were called:

lex mercatoria.

The Uniform Commercial Code:

was adopted by almost all state legislatures.

Which of the following transactions would the UCC probably apply to?

50,000 feet of rope ABC Company bought from Goofy's Rope Company.

In Crest Ridge Construction v. Newcourt, where Crest Ridge tried to buy a construction supplies from Newcourt for a job, but Newcourt refused to sell when Crest Ridge would not pay in advance, causing Crest Ridge to buy from a higher priced supplier, so it sued Newcourt, the court held that:

Newcourt had agreed to sell to Crest Ridge and the usual industry term of later payment would presume to apply, so Crest Ridge prevails.

Under the UCC, a sale occurs when:

when title passes from the seller to the buyer.

Which of the following is not part of the definition of who is a merchant under the UCC?

One who repairs equipment for commercial operators.

Which is a major difference between the common law and the UCC in the sale of goods?

The common law requires that an offer specify all relevant terms.

In Axelson v. McEvoy-Willis, where Axelson made special equipment for McEvoy, and the parties had negotiated for months before work began and there were conflicting papers about the specific terms when McEvoy suddenly cancelled the order and Axelson sued, appeals court held that:

the terms in the final form contract sent by McEvoy did not control; the court looked to the conduct of the parties, which meant Axelson prevailed.

If the price in a contract under the UCC is left unclear:

the court will look for the fair market price or other market evidence of a relevant price.

A sends an offer form to B, who replies yes, but on B's form instead of A's form, which has some different boilerplate terms on it. If there is a conflict, the court is most likely to:

use A's terms unless A accepted B's.

Suppose a contract to deliver a 100 tons of granite does not specify delivery terms. In case of a conflict:

the UCC instructs the court to look to industry custom and intent of the parties.

In Griffith v. Clear Lakes Trout, where Griffith grew trout for Clear Lakes that it delivered at "market size," but the parties got into a dispute over the meaning of "market size," the Idaho high court held that:

Clear Lakes had breached the contract; based on their past dealing, market size was the size of fish being delivered by Griffith.

Under the UCC:

there may be a contract even if a party fails to respond to a writing signed by the other party.

In Lee v. R and K Marine, where a boat dealer sold a new boat to a consumer that fell apart in less than three years, and the consumer sued the dealer as the boat maker was out of business, the appeals court held that:

the seller clearly disclaimed all warranties, so was not responsible.

If goods do not conform to an order, under the UCC the buyer does not have the option to:

reject the goods and not notify the seller.

In Grams v. Milk Products, involving the sale of a milk product for young calves used by the Grams that appears to cause sickness and more deaths than usual, causing the Grams to sue, the court held that:

Milk Products prevails; it did not deliver a defective product. Further, Grams could not sue in tort.

Which of the following is not a cost of a breach of contract (damages) under the UCC?

Attorney fees and court costs.

A major international treaty on commercial sales is the:

Convention on Contracts for the International Sale of Goods.

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions above and try again

Example:

Reload the page to try again!

Reload

Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

NEW! Voice Recording

Create Set