True or False?
1. UCC Section 2-205 provides that all firm offers are irrevocable for three months
2. Sam's price quote written on his company's letterhead satisfies the UCC Section 2-205 requirement that a firm offer must be made in a signed writing.
3. By submitting a bid to Fred for the construction project, Bill accepted Sam's offer.
4. Revocation of a firm offer must be communicated in writing to the buyer.
5.Bill is entitled to receive cover damages from Sam in the amount of $1,000.00.
6. Bill is entitled to receive punitive damages from Sam since Sam revoked his offer.
7. According to UCC Section 2-201, the Statute of Frauds requires that a contract for tiles in the amount of $8,000.00 must be in writing with the quantity stated and signed by both parties in order to be enforceable by both parties.
8. Steve and Bill entered into a valid shipment contract for the purchase of doors.
9. In a destination contract the risk of loss passes from the seller to the buyer when the seller tenders the goods to the buyer at the destination point
10. Steve was discharged by impossibility when the doors were destroyed by lightning during transportation to Bill.
11. The term "Free on Board" (FOB) can denote a shipment or destination contract depending on the stated location in the contract.
12. UCC Section 2-509 states that when the goods are neither shipped by a carrier nor held by a bailee, the risk of loss passes to the buyer on his receipt of the goods if the seller is a merchant.
13. Bill is entitled to receive the full contract price of $6,000.00 from Steve.
14. According to UCC Section 2-508, a seller who delivers non-conforming goods to a buyer has a reasonable opportunity to cure the non-conformity as long as he notifies the buyer and it is still within the stated contract time of delivery.
15. Susan delivered defective windows to Bill on October 15, 2007.
16. Susan is a lost volume seller since she had thousands of windows in stock and could supply anyone with as many windows as they need, at any time.
17. Susan is entitled to recover the full contract price of $12,000.00 from Bill.
18. Bill is entitled to receive $500.00 in compensatory damages from Tina.
19. An injured party may also receive incidental damages for the costs of transportation, storage or commissions.
20. According to UCC Section 2-206, unless otherwise stated in the offer, an acceptance may be made in any manner and by any medium reasonable under the circumstances.