PLS 107 Chapter 8 IM WORD Quiz - MOODLE (1)
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Essex County College *
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PLS-107
Subject
Law
Date
Apr 3, 2024
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docx
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4
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PLS Chapter Eight Quiz
1. The Uniform Commercial Code covers contract for the sale of goods and services.
a. True
b. False
2. A security agreement may be filed as a financing statement.
a. True
b. False
3. The party who has the risk of loss of the goods in a sales contract has the right to insure the goods.
a. True
b. False
4. The UCC establishes a statutory standard of custom and usage for interpreting contracts.
a. True
b. False
5. The Uniform Commercial Code is a federal statute.
a. True
b. False
6. A hobbyist may be considered a merchant under the UCC.
a. True
b. False
7. Replevin is a contractual remedy available under the UCC
a. True
b. False
8. All contracts are assignable.
a. True
b. False
9. To perfect a valid security interest under the UCC you do not need
A. Lien
B. Attachment
C. Possession
D. Filing
10. An example of a destination contract under the UCC is
A. FAS (Vessel)
B. FOB (Carrier)
C. CIF
D. None of the above
11. A seller under Article II of the UCC may be awarded replevin
A. Sometimes
B. Always
C. Usually
D. None of the above
12. The Uniform Commercial Code is
A. A State law governing commerce
B. A federal law governing commerce
C. An international law governing commerce
D. A model act
13. The person with the highest priority in a secured transaction is the one who
A. Attached first
B. Has a purchase money security interest
C. Filed first
D. Has a floating lien
14. Under the UCC the parties to the transaction
A. Are bound by the UCC
B. Are governed by state law
C. May vary the terms of their agreement from UCC rules
D. Are governed by objective standards
15. A guarantee to transfer rights to goods is
A. An express warranty
B. A warranty of title
C. An implied warranty
D. A warranty of enforceability
16. The UCC is
A. Concerned with the sale of goods valued at over $500
B. Concerned with all goods
C. Concerned with service contracts
D. No concerned with leases
17. Article IX of the UCC covers
A. Real estate
B. Copyrights
C. Garnishments
D. Fixtures
18. Under the UCC a merchant is
A. A salesman
B. A retailer
C. An inventor
D. A Venetian
*The chapter says the merchant is any person who regularly deals in the kind of goods covered by the contract, or any person, who, by his occupation, holds himself out as having knowledge or skill peculiar to the practice of dealing with goods in question
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