6. Under Uniform Commercial Code Sections 2-513(1) and 2A-515(1), the seller or lessor must provide the buyer or lessee _____.

Multiple Choice

• a reasonable opportunity to comply with reasonable commercial standards of fair dealing

• the right to be excused from performance if the goods are destroyed

• an opportunity for inspection before enforcing payment

• a reasonable extension of time, at the buyers request, to accept delivery of non-conforming goods

• the right to revoke nonconforming goods

8.

What was the result in Alaska Pacific Trading Co. v. Eagon Forest Products Inc., the case in the textbook in which the defendant rejected a shipment of logs?

Multiple Choice

• The seller satisfied the perfect tender rule despite the fact that the logs were late, and the defendant buyer breached the contract by refusing to accept the logs.

• The seller was entitled to rely on the common law doctrine of material breach, but the seller did not substantially perform, thereby releasing the buyer from its contractual duties.

• By not shipping the logs in a timely manner according to the contract, the seller failed to satisfy the perfect tender rule, thereby releasing the defendant buyer from its duty to accept the logs.

• The seller was entitled to rely on the common law doctrine of material breach, the seller substantially performed, and the buyer was in breach of contract.

• The seller was entitled to rely on the perfect tender rule, and the buyer materially breached the contract by refusing to accept the logs.

18. A corporation may distribute its income to shareholders through _____.

Multiple Choice

• allowances

• provisions

• grants

• allocations

• dividends