University of Northwestern Ohio LAW BU-320 Test 3, T/F Questions 1)The UCC imposes a higher degree of good faith on a merchant seller or buyer of goods on a non-merchant seller or buyer of goods   In a cash sale not requiring the movement of goods, each party has the right to demand that the other perform at the same time     When a party refuses to perform a contract when the time for performance arises, an anticipatory repudiation has occurred

University of Northwestern Ohio

LAW BU-320

Test 3, T/F Questions

1)The UCC imposes a higher degree of good faith on a merchant seller or buyer of goods on a non-merchant seller or buyer of goods

2. In a cash sale not requiring the movement of goods, each party has the right to demand that the other perform at the same time
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3. When a party refuses to perform a contract when the time for performance arises, an anticipatory repudiation has occurred.
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4. When an anticipatory repudiation has occurred the aggrieved party has been notified that the control will never be performed
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5. If a person upon whom the assurance is demanded does not have a good reputation or economic position, a guarantee of performance or a pledge of security may be required.
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6. A Seller’s duty to deliver goods requires the seller to transport the goods to the place designated by the buyer
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7. A delivery is sufficient if it is made in accordance with the terms of the contract to sell.
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8. Unless otherwise specified, the place of delivery is the seller’s place of business.
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9. A buyer always has a right to examine the goods to determine if, in fact, the foods conform to the contract.
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10. Upon a seller’s tender of nonconforming goods, and the buyer’s rejection of them, the transaction has ended.
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11. The UCC statute of limitations applies to actions brought for remedies on the breach of a sales contract.
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12. Notifying a seller about a defect is not necessary if the buyer files suit for breach within four years
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13. When a sales contract is broken by the buyer, the seller has only the remedies of lien and resale available.
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14. A seller has the right to stop shipment…
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15. When a buyer has broken a sales contract, the seller may resell the goods or the balance of them in the seller’s possession
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16. A buyer may reject the goods or revoke the acceptance for any defects in the goods
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17. Proof of substantial impairment of the value of a contract to the buyer is required to justify revocation of acceptance.
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18. A buyer is not barred from revoking acceptance of goods because the buyer has delated until attempts of the seller to correct the defects proved unsuccessful.
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19. If consumer goods are sold…
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20. A liquidated damages clause is a contractual provision stipulating the amount of damages to be paid in the event of default or breach of contract.
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21. The UCC imposes a good faith requirement that non-merchants must observe “reasonable commercial standards of fair dealing in the trade” –

22. The standard for determining commercial impracticability is objective, not subjective. – In the absence of an agreements for the extension of credit… -
23. The statement “I doubt I can perform the contract” us a repudiation of the contract. –

24. A buyer who elects to cancel a contract because of the seller’s breach may not later sue for breach of contract… --