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Business Law I Essentials

Assessment Questions

Business Law I EssentialsAssessment Questions
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1.

What is a sales contract?

2.

All of the following are features of sales contracts except:

  1. Consensual.
  2. Bilateral.
  3. Cumulative.
  4. Principal.
3.

What source of law governs sales contracts?

  1. Common Law.
  2. The Uniform Commercial Code.
  3. Statutory Law.
  4. Federal Law.
4.

What is the definition of a good?

5.

Distinguish a shipment contract from a destination contract.

6.

What is a warranty in a sales contract?

7.

Describe the difference between an express and implied warranty.

8.

Examples of a defect in a breach of the implied warranty of merchantability, include all of the following except:

  1. Design defect.
  2. Manufacturing defect.
  3. Inadequate instructions.
  4. Product defect.
9.

The following are possible remedies to buyers under the UCC:

  1. Cancel the contract.
  2. Obtain Cover.
  3. Sue.
  4. All of the above.
10.

What is a breach of warranty?

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