Article 2 of the ucc Study guides, Class notes & Summaries

CLFP Classification & Terminology in Leasing Exam Questions and Answers Latest (GRADED) Per IRS Revenue Ruling 55-540, what are the rules that if present prevent a transaction from being a lease for tax purposes? - Correct Answer-1). Any portion of the periodic payment is equity, 2.) lessee automatically acquires title upon making scheduled payments 3.) the total amount, which a lessee is required to be paid is an inordinately large portion of the total sum to buy the equipment, 4.) Nomin...

BUL 4422 Exam 1 2024 Questions and Answers 100% Correct(Graded A) Three sources of laws that interpret sales contracts exist: - ANSWERS1. state common law 2. the uniform commercial code, and 3. state statutory law Every state except _________ has adopted Article 2 of the UCC. - ANSWERSLouisiana. Louisiana's civil tradition is based on Code Napoleon, or the French Civil Code. Article 2 describes ________ of goods, while Article 2(A) describes the __________ of goods. - ANSWERSArti...

What is a Contract? - A contract Is a Legally Enforceable Agreement (offer and Acceptance) Voluntarily Entered Into between two (or more) Competent Parties, to Do or Not to Do something that is Possible to Be Done, that is Not Unlawful, and that is supported by Consideration. A valid contract must... - A validly formed contract must provide a basis for determining the existence of a breach and for giving an appropriate remedy [Restatement § 33]. Non-goods contracts - Non-goods contracts, a...

BUSI 301 Chapter 8 questions with correct answers 100%goods - correct answer tangible personal property that is movable at the time of identification to a contract of sale; money and information are not included under the UCC, however future goods are The UCC applies only to: - correct answer sales contracts sales contract - correct answer A contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price. merchant - correct answer On...

UCC correct answer: modifies terms of a contract that are silent Sale correct answer: Passing title from seller to buyer for a price. Price may be in cash or in other goods or services Article 2 correct answer: Modifies the common law of contracts in certain areas, especially if one of the parties is a merchant Goods correct answer: must be tangible and movable (not land, services or intangibles) Merchant correct answer: A merchant is one who deals in goods of the kind sold, and...

CPCM Practice Test Questions with Correct Answers Competitive negotiation - Answer-A method of contracting involving a RFP that states: -The buyer's requirements and criteria for evaluation -Submission of timely proposals by a maximum number of offerors -discussion with those offerors found to be within the competitive range -award of a contract to the one offeror whose offer, price and other consideration factors are most advantageous to the buyer R&D Contract - Answer-A contract for...

CPCM Practice Exam 4 Questions with Correct Answers A government contracting officer representative is designated via a letter of appointment signed by the contracting officer that delineates specific duties and responsibilities. This is an example of: A:Specified authority B:Express authority C:Delineation of authority D:Written agency - Answer-B:Express authority When someone not authorized to act on behalf of a principal causes action by another party, it is: A:Implied authorit...

Three sources of laws that interpret sales contracts exist: - ANSWERS1. state common law 2. the uniform commercial code, and 3. state statutory law Every state except _________ has adopted Article 2 of the UCC. - ANSWERSLouisiana. Louisiana's civil tradition is based on Code Napoleon, or the French Civil Code. Article 2 describes ________ of goods, while Article 2(A) describes the __________ of goods. - ANSWERSArticle 2: Sales of goods Article 2(A): Leases of goods When UCC Articl...

Most contracts are governed primarily by State ___________ ______, including contracts involving employment, services, insurance, real property (land and anything attached to it), patents, and copyrights. ~~> common law Article 2 of the UCC governs the: ~~> sale of goods "Sale" is defined as: ~~> the transfer of title from seller to buyer. Goods are defined as: ~~> tangible personal property (personal property is all property other than an interest in land) In...

BUSI 301 Chapter 8 Liberty University - Question and answers correctly solved BUSI 301 Chapter 8 goods - correct answer tangible personal property that is movable at the time of identification to a contract of sale; money and information are not included under the UCC, however future goods are The UCC applies only to: - correct answer sales contracts sales contract - correct answer A contract for the sale of goods under which the ownership of goods is transferred from a seller to a bu...