MULTIPLE CHOICE
1. Generally, the remedy that courts seek to apply in breach of contract cases is:
a) specific performance; b) put plaintiff in same monetary position he would have been had the contract been fully performed; c) rewrite the contract for the parties; d) punish the defendant.
2. Under the UCC, the Statute of Limitations on lawsuits for breach of sales contracts is:
a) 20 years; b) one year; c) six years; d) four years.
3. With regard to damages, upon a breach of contract the aggrieved party is usually expected to
a) liquidate; b) consolidate; c) mitigate; d) tailgate.
4. Damages that are specified in a contract as the amount payable in event of breach are called:
a) liquidated; b) consequential; c) mitigated d) equitable.
5. Which of the following is never an express warranty:
a) fitness for purpose; b) value; c) goods meet the basis of the bargain; d) quality.
6. Regarding enforcement of sales contracts, the one term which cannot be supplied by the court is:
a) time of delivery; b) price; c) description of subject matter; d) manner of payment.
7. Regarding products liability, one essential difference between ordinary negligence and strict liability is that with strict liability, the action will always lie as against both the manufacturer and
a) retailers only; b) wholesalers only; c) a and b above d) neither a nor b above.
8. The law of sales contracts is found in:
a) UCC Article 3; b) the common law; c) UCC article 9; d) UCC article 2.
9. Which of the following statements by a seller would not be considered an express warranty:
a) “The mileage on the odometer is correct.” b) “All the tires are brand new radials and cost $500.” c) This flatbed truck is capable of handling loads of up to 6,000 pounds.” d) “This truck is easily worth $10,000.”
10. A warranty of good title is:
a) an express warranty; b) an implied warranty in certain circumstances; c) an automatic warranty in all sales contracts; d) identical to the warranty of merchantability.
TRUE OR FALSE
1. Specific Performance is a remedy not ordinarily available upon breach of contract for the sale of goods.
2. A breach of contract is one example of a tort.
3. For products liability it must always be established that the injured user purchased the product directly from the manufacturer.
4. Breach of warranty only applies to those in privity of contract
5. A contract for purchase of real property is not subject to the equitable remedy of specific performance.
6. Under the UCC ordinary consumers are generally subject to the same standards than Merchants.
7. Under the UCC, sales contracts include contracts for the purchase of services.
8. “Seasonable Notice” refers to a reasonable opportunity for a seller to cure the defect(s) in non-conforming goods.
9. A party can not bring a law suit for both a breach of warranty and products liability arising out of purchase of the same product.
10. The perfect tender rule provides that a buyer may not reject goods that conform to the contract in a substantial manner.
Term End Bonus Question
T/F _____ The only rule without exception is that there’s an exception to every rule.