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EXAM 3

Real estate transactions are always governed by Article 2 of the UCC
Fasle
For an item to be characterized as a ” good” under the UCC, it must be intangible
False
A contract for the sale of minerals is considered to be a contract for the sale of goods if the severance is to be made by the seller
True
A merchant us is a person who deals in goods of the kind involved in sales contract or who holds herself or himself our as having skill or knowledge peculiar to the practices or goods being purchased or sold
True
The UCC imposes some different rules on merchants
True
Article 2 of the UCC covers any transaction that creates a lease of goods
False
Under the UCC, parties to sales and lease contracts are not free to establish whatever terms they wish
False
A firm offer by a merchant may be oral
False
If there is no definite period stated, a firm offer by a merchant is irrevocable without the necessity of consideration for up to six months.
False
Generally, acceptance of an offer to lease goods maybe made in any reasonable manner and by any reasonable means
True
A principal has the right to control an agent’s conduct in matter entrusted to the agent
True
Through agents, a principal can conduct multiple business operations simultaneously
True
In a principal- agent relationship, the parties agree that the principal will act on behalf and instead of the agent in negotiating and transacting business with third persons
False
Employees who deal with third parties are agents of their employers
True
An employer has no control over an employee’s work
False
Real estate brokers are independent contractors
True
An independent contractor is an employee
False
The relationship between a principal and an independent contractor always involves an agency relationship
False
An independent contractor is an employer who controls his or her agents performance
False
An agency relationship can only be formed with a written agreement
False
Warranties of title do not arise in most sales contracts
False
A warranty against infringement is a promise by the seller that the product is free from any patent, trademark, or copyright claims of a third person
True
A seller does not have to use word such as ” warrant” to make an express warranty
True
Only a statement made after a contract is entered into can be an express warranty
False
Puffery creates an express warranty
False
Goods must be of the highest quality possible to be merchantable
False
An implied warranty of merchantability does not arise in every lease by a merchant who deals in goods of the kind leased
False
Implied warranties can arise from a ” course of dealing “
True
Under the doctrine of strict liability, people are liable for the results of their acts only if their intentions a re malicious
False
Strict liability depends on privity of contract between an injured party and a seller
False
The duty of good faith is imposed on the parties involved in a commercial contracts by the Uniform Commercial Code
True
The seller’s or lessor’s major obligation under a sales contract to tender conforming goods to the buyer or lessee
True
Tender must occur at a reasonable hour and in a reasonable manner
True
Tender of delivery requires that the seller or lessor hold the goods at the buyer’s or lessee’s disposal, but not that the goods be conforming
False
There are no circumstances under which a contract can be tendered by multiple deliveries of goods
False
Under the UCC, if a contract does not designate the place of delivery for the goods, then the goods must be made available at a location halfway between the seller’s and the buyer’s places of bussiness
Fakse
A shipment contract requires that the seller deliver the foods to a particular location
False
In contracts involving a carrier, a seller can complete performance through a shipment contract or a destination contract
True
Under the UCC, a seller;s tender of goods that do not conform in every way to a contract is still a valid tender
False
If the goods or their tender fail to conform to the contract, the buyer can accept part and reject part
True

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