BL 13-1: Sales and Contracts

What is a sale?

• A contract where ownership of goods transfers immediately for a price.

• A contract where services are provided for a fee.

• A contract where ownership of goods transfers in the future.

• A contract where goods are exchanged for services.

What does the Uniform Commercial Code (UCC) govern?

• Sales of services.

• Sales of goods and contracts to sell goods in the future.

• Sales of intangible property.

• Sales of real estate.

Which of the following is NOT considered 'goods' under the UCC?

• Airplanes

• Money

• Clothing

• Books

What is a barter?

• A sale where goods are exchanged for other goods.

• A sale where goods are exchanged for services.

• A sale where services are exchanged for money.

• A sale where goods are exchanged for money.

What is a bill of sale?

• A document that lists the price of goods sold.

• A document that outlines the terms of a service contract.

• A document that serves as written evidence of the transfer of ownership of goods.

• A document that provides a warranty for goods sold.

What does 'constructive delivery' mean?

• Transfer of goods with a receipt.

• Transfer of goods through a third party.

• Transfer of ownership without physical possession.

• Actual transfer of possession of goods.

What is a contract of adhesion?

• A contract where both parties negotiate terms equally.

• A contract where terms are left open for future negotiation.

• A contract where terms are decided by a third party.

• A contract where one party dictates all important terms.

What is required for a sales contract to be valid under the UCC?

• A written document signed by both parties.

• A notarized document.

• A verbal agreement witnessed by a third party.

• Any manner sufficient to show agreement.

What happens when a buyer accepts goods?

• The buyer can return the goods at any time.

• The buyer agrees that the goods received are satisfactory.

• The buyer must pay immediately.

• The buyer must sign a new contract.

What is the role of a vendor in a sales contract?

• The vendor is the buyer of goods.

• The vendor is the seller of goods.

• The vendor is the inspector of goods.

• The vendor is a third-party mediator.