$100$ questions worth one point each $($Total: $100$ points$)$

Although the UCC comprehensively covers commercial transactions, it does not deal with every aspect of commercial law.

a$.$ True

b$.$ False

The lessor is the one who transfers the right to possession to the lessee.

a$.$ True

b$.$ False

At common law, where the "mirror image rule" reigns, if the acceptance differs from the offer, no contract results, but under the Code an acceptance varying from the offer may be good.

a$.$ True

b$.$ False

The common law has a Statute of Frauds, and so does the UCC.

a$.$ True

b$.$ False

A gift is

a$.$ the nghtful possession of goods by one not their owner

b$.$ the transfer of title without consideration

c$.$ a mortgage on personal property in case the debtor$-$owner defaults

d$.$ the reassignment of right of possession and use for a price

e$.$ an arrangement whereby the lessee comes to own the leased goods

A $q,$ is the transfer of possession but not title or use.

a$.$ sale

b$.$ secured transaction

c$.$ gift

d$.$ lease

e$.$ bailment

Newman borrows his neighbor's lawn mower for the season. This is an example of a

a$.$ gift

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c$.$ secured transaction

d$.$ bailment

e$.$ sale

Which of the following is true for common law and the Uniform Commercial Code $($UCC$)?$

a$.$ The UCC requires consideration for a "firm offer" while common law does not.

b$.$ There is a vast difference between common law and the UCC on issues of duress.

c$.$ Unlike the UCC, in common law, an offer can be revoked at any time prior to acceptance unless the offeror has given the offeree an option.

d$.$ The UCC and common law require consideration to modify a contract.

e$.$ The common law and the UCC have a Statute of Frauds.

BUS C$110$ FIN B Kim TV $202430$

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