Chapter 1.1, Problem I.9E

What are the key elements that should be included in a sales or lease contract to ensure both parties understand their obligations, rights, and responsibilities, and to minimize the risk of disputes or legal issues arising during the agreement?

43. When does the buyer obtain real right over the fruits of the determinate thing sold in a contract of sale? Group of answer choices From the moment of actual delivery of the fruits of the determinate thing sold From the moment of constructive delivery of the determinate thing sold From the moment of perfection of contract of sale From the moment of full payment of the price

Which one of the following is a term that is implied by statute? Select one: a. A term required to make the contract between the parties effective b. A term that goods must be of merchantable quality c. Good faith d. A term implied on the basis of past dealings between the parties

Under the Uniform Commercial Code (UCC), which of the following remedies is available to both buyers and sellers? Select one:  a. Recovering the total value of goods in the contract b. Recovering profit from the resale of nonconforming goods by the other party c. Damages in the amount of the difference between the contract price and the market price of goods d. Obtaining specific performance of the contract

What happens when a party with the right to avoid a contract chooses to not avoid it? a. The contract is ratified. b. The contract is rejected. c. The contract becomes void. d. The contract becomes a quasi-contract

Which of the following is true? Select one: a) The seller or the supplier shall perform his/her deeds within the promised period, as of the moment the consumer's order is received. In any case, the period shall not exceed thirty days in the sale of goods. The contract is deemed to be automatically cancelled if the seller does not perform his/her deeds within such period. b) You have a right to withdraw form the contract (and send back the goods) in 7 days without stating any reason and without having to pay anything (including price and any type of claim for withdrawing the contract). c) A contract concluded by parties on internet is specified as a distance contract. d) Electronic commerce law only deals with sales contracts concluded in internet.

If the delivery term in the parties’ contract for the sale of goods is FOB the place at what the goods originated, absent any other agreement, the buyer is responsible for making reasonable arrangements for the goods to be shipped.   true or false

If a price is not determined by the parties in a contract of sale, the buyer is bound to pay________________. Select one: a. the price which the buyer thinks is reasonable b. the price to be determined by a third independent person c. the price demanded by the seller d. a reasonable price

13. What does it mean to say that a contract term is ambiguous? It means that the term was added unilaterally at some time during the life of the contract It means that the term is vague and subject to multiple, reasonable interpretations It means that its performance will greatly disadvantage one of the parties.