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Chapter Quiz
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1
The Uniform Commercial Code ("UCC" or "Code") has modified the law regarding sales to accommodate current practices of merchants.
A)True
B)False
2
The Code applies the same standard of conduct to consumers and nonmerchants as it does to merchants.
A)True
B)False
3
A fixed price is not essential to the creation of a binding sales contract.
A)True
B)False
4
Under an "FOB" term of a sales of goods contract, the seller is obligated to make a reasonable contract of transportation of the goods on behalf of the buyer.
A)True
B)False
5
A seller who has obtained his title through fraudulent representations has a voidable title, and may pass good title to a good faith purchaser for value.
A)True
B)False
6
Under a "CIF" contract, the seller of goods bears the expense and the risk of loading the goods.
A)True
B)False
7
In a sale of approval, the risk of loss passes to the buyer upon receipt of the goods.
A)True
B)False
8
Which of the following is a true statement concerning exclusive dealings contracts?
A)The Code requires sellers to use their best efforts to supply goods to buyers.
B)The Code requires buyers to use best efforts to promote the sales of these goods.
C)The Code does not require buyers or sellers to use any different methods when engaged in such contracts.
D)Both "a" and "b".
9
At common law, who retains the risk of loss when goods are shipped from buyer to seller?
A)Buyer
B)Seller
C)Party who had technical title at the time of loss
D)None of the above
10
Under which of the following contract terms does the buyer bear the risk of loss?
A)FOB destination
B)Sale or return
C)CIF
D)Ex-ship





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