Business Law Practice Questions

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1. Able entered into an oral contract with Baker for the sale of Able 's car for $5,000. Later Baker breached that contract. Able wants to sue to enforce the contract. Under the Statute of Frauds, who is the "party to be charged" in this case? a. Able. b. Baker. c. Both Able and Baker. d. Neither Able nor Baker, because this is a contract for the sale of goods. 2. Chen, a retail seller of fruit, entered into a contract for the purchase of 10 bushels of peaches from Georgina, at a price of $5 per bushel. Delivery was to be in one month. One week after this contract was formed, unexpected cold weather destroyed most of the peach crop and prices doubled. Georgina asked Chen if he would agree to a price increase to $7 per bushel,…show more content…
b. Under some circumstances, even if the time for performance of the contract has expired. c. Only if the contract specifically allows for cure. d. Only if the seller can do so within ten days. 7. Under a shipment contract, the seller is required to do all but which of the following? a. Deliver the goods to the city of the buyer. b. Make a contract for the transportation of the goods that is reasonable given the nature of the goods and other circumstances. c. Promptly notify the buyer of the shipment. d. Obtain and promptly deliver or tender to the buyer any document necessary to enable the buyer to obtain possession of the goods from the carrier. 8. When is a buyer considered to have accepted performance regarding goods that are delivered pursuant to a contract? a. After a failure to reject following a reasonable opportunity to inspect the goods. b. After delivery of the goods. c. Only after conduct that shows the buyer 's willingness to become owner of the goods. d. Only after making an express acceptance. 9. Revocation of acceptance by the buyer: a. Can occur at any time. b. Can occur without notification to the seller. c. Requires a substantial nonconformity in the goods. d. Is forbidden by UCC Article 2. 10. When does risk of loss pass in a sale of goods that does not involve a common carrier or a bailment? a. Upon tender of delivery for both merchant sellers and
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