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10. Cey Corp. entered into a contract to sell parts to Deck, Ltd. The contract provided that the goods would be shipped "F.O.B. Cey's warehouse," Cey shipped parts different from those specified in the contract. Deck rejected the parts. A few hours after Deck informed Cey that the parts were rejected, they were destroyed by fire in Deck's warehouse. Cey believed that the parts were conforming to the contract. Which of the following statements is CORRECT? a. If the parts were nonconformine. Cey will bear the risk of loss, even though the contract was a shipment contract b. Regardless of whether the parts were conforming. Deck will bear the loss because the contract was a shipment contract c. If the parts were nonconforming, Deck had the right to reject them, but the risk of loss remains with Deck until Cey takes possession of the parts d. If the parts were conforming. risk of loss does not pass to Deck until a reasonable period of time after they are delivered to Deck 11. Pulse Corp, maintained a warehouse where it stored its manufactured goods. Pulse recelved an order from Star Corp. for goods, FOB Pulse's warehouse by common carrier. Shortly after Pulse identified the goods to be shipped to Star, but before moving them to the loading dock, a fire destroyed the warehouse and its contents. With respect to the goods, which of the following statements is CORRECT? a. Pulse has title, Pulse has insurable interest and therefore bears risk of loss. b. Pulse has tidle, Star has insurable interest and therefore bears risk of loss c. Star has title, Pulse has insurable interest and therefore bears risk of loss d. Star has tite, Star has insurable interest and therefore bears risk of loss 12. Jefferson Hardware ordered 300 Ram hammers from Ajax Hardware. Ajax accepted the order in writing. On the final date allowed for delivery, Ajax discovered it did not have enough Ram hammers to fill the ordec. Instead, Ajax sent 300 Strong hammers, which are better quality and more expensive than the Ram hammers. Which of the following statements is CORRECT. a. Jefferson can reject the Strong hammers if the substitution is deemed a material breach of the contract b. Jefferson must accept the Strong hammers, but does not have to pay Ajax the difference in value c. Jefferson can reject the Strong hammers d. lefferson must accept the Strong hammers, and pay Ajax the difference in value 13. Cara Fabricating Co, and Taso Corp. agreed orally that Taso would custom manufacture a compressor for Cara at a price of $120,000. After Taso completed the work at a cost of $90,000, Cara notified Taso that the compressor was no longer needed. Taso is holding the compressor and has requested payment from Cara. Taso has been unable to reseli the compressor for any price. Taso incurred storage fees of $2,000. If Cara refuses to pay Taso and Taso sues Cara, the most Taso will be entitled to recover is: a. $30,000 b. $90,000 c. $92,000 d. $122,000 14. Bell Co owned 20 engines that it deposited in a public warehouse on May 5 , recelving a negotiable warehouse receipt in its name. Bell sold the engines to Spark Corp. On which of the following dates did the risk of loss transfer from Bell to Spark? 2. June 115 park signed a contract to buy the engines from 8ell for $19,000. Delivery was to be at the warehouse b. June 13 - Bell negotiated the warehouse receipt to Spark c. June 14-Spark notified the warehouse of the sale, and the warehouse acknowledged it. d. Juty 125 park paid Beil for the engines 15. Justin, who is new to farming, bought a used tractor from Patty, an experiented farmer for $8,000. As part of the deal, Patty agreed to provide 10 months of consulting services to Justin as he began to learn how to farm. Justin claims Patty breached their contract by ignoring his requests for consulting mectings. Which Gw apples in this situation? a. The UCC, because goods changed hands b. The common law, because neither party is a merchant c. The UCC, if the exchange is viewed as predominantly a sale of goods d. The common law, because the exchange contains something other than the sale of goods e. None of the above 16. Cay bought himself a racing bicycle for his 2111 birthday from the sikeshoe Sally stole the bicycle. Sally then sold the bike to Dan, who knew that Sally had stolen it. Which of the following statements is corpect? a. Clay has good title and Dan has voidable title b. Sally had vold title and Dan has good title c. Sally had voidable title and Dan has void title d. Clay has good title and Sally has voidable title e. None of the above - all are incorrect 5. Suppose Peters did not inspect the computer, and paid Smith upon delivery. Two weeks later, Peters realizes it is the wrong computer, and wants to revoke his acceptance and get a refund. Can Peters do this? a. No, an acceptance cannot be revoked b. Yes, because Smith violated the perfect tender rule c. Yes, but only if Peters can show the delivered computer substantially impaired the contract d. No, because buyers only have one week to revoke acceptance 6. Kirk Corp. sold Nix an Ajax freezer, Model 24 , for $490. The contract required delivery to be made by June 23. On June 12 , Kirk delivered an Ajax freezer, Model 52 , to Nix. Nix immediately notified Kirk that the wrong freezer had been delivered and indicated that the delivery of a correct freezer would not be acceptable. Kirk wishes to deliver an Ajax freezer, Model 24 on June 23. Which of the following statements is CORRECT? a. Kirk may deliver the freezer on June 23 if it first reasonably notifies Nix of its intent to do so b. Nox always may reject the nonconforming freezer and refuse delivery of a conforming freezer on June 23 c. Kirk may deliver the freezer on June 23 without further notice to Nix d. Nax must accept the nonconforming freezer but may recover damages 7. Webstar Corp, orally agreed to sell Northco inc. a computer for $20,000. Northco sent a signed purchase order to Webstar confirming the agreement. Webstar received the purchase order and did not respond. Webstar later refused to deliver the computer to Northco, claiming that the purchase order did not satisfy the UCC Statute of Frauds because it was not signed by Webstac. Northco sells computers to the general public and Webstar is a computer wholesaler. Under the UCC Sales Article, Webstar's position is: 2. Incorrect because only the buyer in a sale-of-goods transaction must sign the contract b. Incorrect because it failed to object to Nerthose's purchase order within 10 days c. Correct because the purchase price of the computer exceeded $500 d. Correct because it was the party against whom enforcement of the contract is being sought 8. Under the Sales Article of the UCC, unless a contract provides otherwise, before title to goods can pass from a seller to a buyer, the goods must be: a. Identified to the contract b. Accepted by the buyer c. Tendered to the buyer d. Paid for 9. Under the Sales Article of the UCC, which of the following factors is most important in determining who bears the risk of loss in a sale of goods contract? a. The method of shipping the goods b. The contract's shipping terms (for example, F.O. B. or F.A.S.) c. How the goods were lost d. Title to the goods 1. Cookie Co. offered to sell Distrib Markets 20,000 pounds of cookles at $1.00 per pound, subject to certain specified terms for delivery. Distrib replied in writing as follows: "We accept your offer for 20,000 pounds of cookies at $1.00 per pound, weight scale to have valid city certificate." Under the UCC: a. A contract will be formed only if cookie agrees to the weighing scale requirement b. A contract was formed between the parties c. No contract was formed because Distrib included the weighing scale requirement in its reply d. No contract was formed because Distrib's reply was a counteroffer 2. On May 2, Mason orally contracted with Acme Appliances to buy for $480 a washer and dryer for household use. Mason and the Acme salesperson agreed that delivery would be made on July 2, On May 5, Mason telephoned Acme and requested that the delivery date be moved to June 2 . The Acme salesperson agreed with this request. On June 2, Acme failed to deliver the washer and dryer to Mason because of an inventory shortage. Acme advised Mason that it would deliver the appliances on July 2 as originally agreed. Mason believes that Acme has breached its agreement with Mason. Acme contends that its agreement to deliver on June 2 was not binding. Acme's contention is: a. Incorrect, because the agreement to change the delivery date was binding b. Correct, because Mason is not a merchant and was buying the appliances for household use c. Correct, because the agreement to change the delivery date was not in writing d. Incorrect, because Acme's agreement to change the delivery date is a firm offer that cannot be withdrawn by Acme 3. Yost Corp, a computer manufacturer, contracted to sell 15 computers to Ivor Corp, a computer retailer. The contract specifled that delivery was to be made by truck to Ivor's warehouse. Instead, Yost shipped the computers by rail. When Ivor claimed that Yost did not comply with the contract, Yost told Ivor that there had been a trucker's strike when the goods were shipped. Ivor refused to pay for the computers. Under these circumstances, Ivor: a. Is obligated to pay for the computers because title to them passed to Ivor when Ivor received them b. May return the computers and avoid paying for them because of the way Yost delivered them c. Is obligated to pay for the computers because Yost made a valid substituted performance d. May return the computers and avoid paying for them because the contract was void under the theory of commercial impracticability 4. Smith contracted in writing to sell Peters a used personal computer for $600. The contract did not specifically address the time for payment, place of delivery, or Peters' right to inspect the computer. Which of the following statements is CORRECT? a. Smith is obligated to deliver the computer to Peters' home b. Peters may not pay for the computer using a personal check unless S mith agrees c. Peters is entitled to inspect the computer before paying for it d. Smith is not entitled to payment until 30 days after Peters receives the computer