blaw unti 1 exam

Contracts for the sale of goods may be formed even though some terms of the contract or lease are left open.

true

Unconscionability is a concept recognized by the UCC.

true

If a firm offer is silent as to time, the UCC assumes ________.

A three-month irrevocability period

Assume a buyer and seller execute a contract in which the seller is going to deliver a couch later in the day to the buyer. With a simple delivery contract in which the seller is a merchant, which party sustains a loss if, through no fault of either party, the couch is destroyed through fire prior to delivery?

the seller

 Which of the following is true regarding the status of a common carrier in relation to the seller?

independant contractor

Which type of contract requires that the seller make proper shipping arrangements and deliver goods to the buyer via a common carrier, but not guarantee the safety of goods to their destination?

origin of shipment contracts

Contracts for the sale of goods may be formed even though some terms of the contract or lease are left open.

true

Under the UCC, when can a buyer revoke its previous acceptance of non-conforming goods?

within reasonable time

Under the UCC, what is the purpose of awarding consequential damages as a remedy for a breach of contract?

to compensate the non-breaching party for indirect losses

When a buyer breaches a UCC sales contract, what must the seller do to mitigate their damages?

Make reasonable efforts to resell the goods.

If a buyer is in breach, the UCC does not allow the seller to cancel the contract. 

false

Liquidated damages are identified after a contract breach occurs.

false