TRUE/FALSE QUESTIONS
A1. UCC Article 2 applies to sales transactions between all buyers and sellers.
ANSWER: T PAGE: 235 TYPE: N
NAT: AACSB Analytic AICPA Legal
A2. A lessee is a party who transfers a right to the possession and use of goods under a lease.
ANSWER: F PAGE: 235 TYPE: =
NAT: AACSB Analytic AICPA Legal
A3. Under the UCC, a firm offer for a sale or lease of goods made by a merchant can be revoked at any time before acceptance.
ANSWER: F PAGE: 236 TYPE: N
NAT: AACSB Analytic AICPA Legal
A4. In a contract between merchants, additional terms in the parties’ separate standard forms always automatically become part of the contract.
ANSWER: T PAGE: 238 TYPE: N
NAT: AACSB Reflective AICPA Legal
A5. All oral contracts are enforceable under the UCC.
ANSWER: F PAGE: 239 TYPE: N
NAT: AACSB Analytic AICPA Legal
A6. Under a shipment contract, the risk of loss passes to the buyer when the goods are delivered to the carrier.
ANSWER: T PAGE: 244 TYPE: +
NAT: AACSB Analytic AICPA Legal
A7. If a buyer accepts a shipment of goods and later discovers a defect, acceptance can be revoked.
ANSWER: T PAGE: 245 TYPE: N
NAT: AACSB Analytic AICPA Legal
A8. A seller has an insurable interest in goods as long as the goods are in existence.
ANSWER: F PAGE: 245 TYPE: N
NAT: AACSB Analytic AICPA Legal
A9. If goods or tender of delivery fail in any respect to conform to a contract, the buyer or lessee loses the right to accept the goods.
ANSWER: F PAGE: 247 TYPE: +
NAT: AACSB Analytic AICPA Legal
A10. If performance is commercially impractica¬ble, the perfect tender rule no longer applies.
ANSWER: T PAGE: 247 TYPE: N
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