Term
| The purpose of the Uniform Commercial Code is NOT to: |
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Definition
| Displace the other principles of law and equity |
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Term
| What is the term for a person in possession of a negotiable instrument, document of title, or certificate security that is payable to bearer or endorsed in blank? |
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Definition
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Term
| Which of the following DOES NOT pertain to "document of title?" |
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Definition
| Includes recoupment, counterclaim, set-off, suit in equity, and any other proceeding in which rights are determined. |
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Term
| A transaction in the form of a lease creates a security interest if the consideration that the lessee is to pay the lessor for the right to possession and use of the goods is an obligation for the term of the lease and is not subject to termination by the lessee, and... |
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Definition
| The lessee is bound to renew the lease for the remaining economic life of the goods or is bound to become the owner of the goods. |
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Term
| Any remedial right ot which an aggrieved party is entitled with or without resort to a tribunal is known as |
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Definition
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Term
| Whether a time for taking action required by the Uniform Commercial Code is reasonable depends on |
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Definition
| the nature, purpose and circumstances of the action. |
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Term
| A transaction that bears a reasonable relation to a country other than the United States is known as |
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Definition
| International transaction |
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Term
| Which of the following statements is NOT applicable to the "Variation by Agreement?" |
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Definition
| Whenever the Uniform Commercial Code requires an action to be taken within a reasonable time, a time that is not manifestly unreasonable is prohibited even if agreement is reached. |
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Term
| This phrase describes a sequence of conduct concerning previous transactions between the parties to a particular transaction that is fairly to be regarded as establishing a common basis of understanding for interpreting their expressions and other conduct |
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Definition
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Term
| Remedies to be Liberally Administered means |
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Definition
| Any right or obligation declared by the (Uniform Commercial Code) is enforceable by action unless the provision declaring it specifies a different and limited effect. |
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Term
| Prima Facie Evidence by Third-Party Documents means |
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Definition
| A document in due form purporting to be a bill of lading, policy or certificate of insurance, offical weigher's or inspector's certificate, consular invoice, or any other document authorized authenticity and genuineness and of the facts stated in the document by the third party. |
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Term
| This is a term providing that one party or that party's successor in interest may accelerate payment or performance or require collateral or additional collateral "at will" or when the party "deems itself insecure" or words of similar import, means that the party has power to do so only if that party in good faith believes that the prospect of payment or performance is impaired. The burden of establishing lack of good faith is on the party against which the power has been exercised. |
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Definition
| Option to accelerate at will |
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Term
| In defining the term "goods", the UCC DOES include: |
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Definition
| All things which are movable at the time of identification of the contract for sale, specially manufactured goods, unborn young animals and growing corps and other identified things attached to realty. |
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Term
| This term means a computer program or an electronic or other automated means used independently to initiate an action or respond to electronic records or performances in whole or in part, without review or action by an individual. |
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Definition
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Term
| This term means a transaction in which one party agrees to deliver a quantity of specified money in consideration of the other party's agreement to deliver another quantity of different money. |
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Definition
| Foreign exchange transaction |
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Term
| This is a bank, finance company or other person that in the ordinary course of business makes advances against goods or documents of title or that by arrangement with either the seller or the buyer intervenes in orderinary course to make or collect payment due or claimed under the contract for sale, as by purchasing or paying the seller's draft of making advances against it or by merely taking it for collection whether or not documents of title accompany or are associated with the draft |
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Definition
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Term
| This means a parcel or a single article which is the subject matter of a separate sale or delivery, whether or not it is sufficient to perform the contract. |
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Definition
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Term
| How does cancellation differ from termination? |
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Definition
| The cancelling party retains any remedy for breach of the whole contract or any underperformed balance. |
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Term
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Definition
| Includes both a present sale of goods and a contract to sell goods at a future time. |
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Term
| Which of the following statements is true concerning transactions subject to other law? |
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Definition
| Failure to comply with a law has only the effect specified in that law. |
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Term
| The Statute of Fraud requires that |
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Definition
| Contracts for the sale of goods of $5,000 or more are not enforceable unless in writing and signed by the party against whom you seek enforcement. |
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Term
| Terms to which the confirmatory records of the parties agree may not be contradicted by evidence of any prior agreement or of a contemporaneous oral agreement, but may be supplemented by evidence of |
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Definition
| Course of performance, course of dealing, or usage of trade |
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Term
| A contract where one or more terms are left open will |
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Definition
| Not fail for indefiniteness if the parties intend to make a contract and there is a reasonable basis for giving an appropriate remedy. |
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Term
| An offer by a merchant to buy or sell goods in a signed record that by its terms gives assurance that it will be held open is not revocable, for lacl of consideration, during the time stated or if no time is stated for a reasonable time, but in no event may such period of irrevocability exceed |
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Definition
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Term
| What is the obligation of the buyer |
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Definition
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Term
| The price may be payable in money or otherwise. However, even if all or part of the price is payable in an interest in real property, the trnasfer of the goods and seller's obligation with reference to the goods are subject to what law? |
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Definition
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Term
| What goods are merchantable? |
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Definition
| Dry goods, automobiles, alcoholic beverages (NOT - fungible goods in poor quality) |
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Term
| To exclude merchantability warranty, you must |
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Definition
| specifically exclude merchantability in writing that must be conspicuous. |
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Term
| In ascertaining which warranty is dominate, which rule applies? |
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Definition
| Express warranties displace implied warranties other than an implied warranty of fitness for a particular purpose. |
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Term
| Under shipment by Seller, Seller must place the goods in the possession of a carrier and must contract for their transportation as may be reasonable. What is reasonable means? |
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Definition
| Having regard for the nature of the goods and any other circumstances of the case. |
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Term
| A person who is in good faith and without knowledge that the sale is in violation of the ownership rights, buys in ordinary course from a person in the business of selling goods, is known as a |
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Definition
| Buyer in ordinary course of business |
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Term
| This means a parcel or single article that is subject matter of a separate lease or delivery, whether or not it is sufficient to perform the lease contract |
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Definition
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Term
| This is the interest of the lessee or the lessor in a legal obligation |
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Definition
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Term
| Which of the following statements is correct if the judicial forum chosen by the parties to a consumer lease is a forum that would not otherwise have jurisdiction over the lessee? |
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Definition
| The choice is unenforceable |
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Term
| The affixing of a seal to a writing evidencing a lease contract. |
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Definition
| Does not render the writing a sealed instrument |
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Term
| Which statement concerning modifying a leasing contract is correct? |
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Definition
| A signed lease agreement that excludes modification except by a signed writing can only be modified by a signed. writing. |
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Term
| Which statement is correct concerning the benefit that extend to the lessee under the supply contract? |
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Definition
| Excludes any third party warranties provided in connection with the supply contract. |
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Term
| Which statement is correct concerning a lessee who furnishes specifications to lessor or a supplier: |
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Definition
| Lessee shall hold the lessor and its supplier harmless against any claim for infringement from compliance with the specifications. |
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Term
| Concerning the exclusion or modification of warranties |
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Definition
| Unless the circumstances indicate otherwise, all implied warranties are excluded by expressions like "as is" or "with all faults". |
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Term
| The lessor retain the following interest in leased goods |
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Definition
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Term
| In the case of lease contract (excluding a finance lease) risk of loss |
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Definition
| Is retained by the lessor |
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Term
| If lessor leases goods to lessee and after which lessor creditors obtain a judgement against lessor whose interest will prevail? |
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Definition
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Term
| The interest of a lessor of fixtures has priority over the conflicting interest of an owner of the real estate if the fixtures are |
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Definition
| Readily removable factory or office machines |
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Term
| If without fault of the lessee, the lessor, and the supplier, the agreed berthing, loading, or unloading facilities fail, but a commercially reasonable substitute is available |
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Definition
| The substitute performance must be tendered and accepted. |
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Term
| Except as otherwise provided in the UCC or the lease agreement |
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Definition
| The lessor or lessee in default under the lease contract is NOT entitled to notice of default or notice of enforcement from the other party to the lease agreement. |
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Term
| If the lessor justifiably withholds or stops delivery of goods because of the lessee's default or insolvency, |
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Definition
| The lessee is entitled to restitution of any mount by which the sum of the payments exceeds the criteria described in the UCC |
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Term
| Statute of Limitations for action for default under a lease contract, including breach of warranty or indemnity, must be commenced |
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Definition
| Within 4 years after the cause of action accured |
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Term
| If a lessee is sued for breach of a warranty or other obligation for which a supplier is answerable over, which of the following statements apply: |
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Definition
| The lessee may give the supplier written notice |
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Term
| What is NOT a remedy for Lessor should Lessee default? |
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Definition
| Lessor can place a lien against lessee's existing inventory even if such remedy is not identified in the lease contract |
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