RMI 4420 EXAM 2 |2024-2025 ACTUAL COMPLETE QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED ANSWERS ) ALREADY
GRADED A+.
Which one of the following statements regarding the enforceability of
a salescontract that doesn't contain a stated price for the goods is
correct?
A. The agreement is invalid due to a lack of consideration.
B. The agreement is invalid due to a lack of mutual assent by the
contracting parties.
C. The agreement is valid because contracts for the sale of goods do
not require anoffer and acceptance.
D. The agreement is valid because sales contracts do not require a
stated price of goods - ANSWER -D
Which one of the following would be considered an implied warranty?
A. A cell phone manufacturer states the battery life of their phone is
48 hours.
B. A contract indicates the item being sold is a new bulldozer.
C. A shop owner recommends a specific sleeping bag for
belowfreezing temperatures.
D. A contract to sell mannequins to a department store based off a
sample. - ANSWER -C
To be negotiable, an instrument must: A.
Contain a conditional promise.
,B. Not have a definitive time frame for payment.
C. Be signed by the maker, or drawer.
D. Be payable only to order. - ANSWER -C
Ginger wanted to ship 500 jars of peanut butter to Gilligan's store
located inDallas, TX. The goods were in transit when Gilligan found a
different store inHouston, TX that offered Gilligan a higher price for
the peanut butter. Gilligan caninstruct the carrier to deliver the peanut
butter to the store in Houston if the carrieroriginally issued a(n): A.
Express delivery receipt.
B. Negotiated warehouse receipt.
C. Order bill of lading.
D. Straight bill of lading. - ANSWER -C
What does UCC Article 2 cover - ANSWER -Sale of Goods
What does UCC Article 3 cover - ANSWER -Negotiable Instruments
What does UCC Article 7 cover - ANSWER -Bill of Lading and
Warehouse Receipts
What does UCC Article 9 cover - ANSWER -Secured Transactions
Which one of the following statements regarding secured interests is
true?
A. Perfection can be obtained by filing a financing statement with the
appropriate countyoffice or court.
, B. An attachment must be in writing to be effective/valid.
C. If more than one perfected security interest applies to the same
collateral, they rankin priority according to the time of delivery of
the goods.
D. When several parties have a security interest in a negotiable
instrument, the creditorwith the perfected int - ANSWER -A
Tim went to Shangri-la Gun & Pawn Shop and gave the shop four 1-
kilogramgold bars to serve as collateral for a $100,000 loan. This is an
example of whattype of secured transaction?
\A. Pledge
B. Chattel mortgage
C. Conditional sale
D. Debtor lien - ANSWER -A
Which one of the following bankruptcy chapters is appropriate for a
large businessthat wants to reorganize their finances to continue
operating in the future?
A. Chapter 7
B. Chapter 11
C. Chapter 13
D. Chapter 15 - ANSWER -B
Student loan repayment obligations cannot be discharged via
bankruptcy underany circumstances. A. True.
B. False. - ANSWER -B
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