Hi , I need help understanding this work sheet :

1. Merchants are held to a higher standard of performance or duty than are nonmerchants.

a. True

b. False

2. The basic obligation of a buyer in performing a sales or lease contract is to:

a. negotiate the quality of the goods in a contract.

b. negotiate terms of payment for conforming goods.

c. accept and pay for conforming goods in accordance with the contract.

3. The perfect tender rule of the UCC generally requires that the seller:

a. deliver or hold at the buyer's disposal goods that conform to the contract's terms in every respect.

b. reclaim the goods at any time before payment.

c. be a good faith dealer when negotiating a sale of goods and performing delivery.

d. deliver to buyer goods that closely conform to the contract's terms.

4. If the contract does not indicate where the goods will be delivered, then the place of delivery will be one of the following: a) the

Select

; b) the seller's

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, if the seller has no business location; c) the

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of the goods, if both parties know at the time of

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that the goods are located somewhere other than the seller's business.

5. The seller or lessor has a right to attempt to cure a defect when which of the following is/are true?

a. A delivery is rejected because the goods were nonconforming.

b. The time for performance has not yet expired.

c. The seller or lessor provides timely notice to the buyer or lessee of the intention to cure.

d. The cure can be made within the contract time for performance.

e. All of these

6. In commercially impracticable situations, the perfect tender rule no longer applies.

a. True

b. False

7. In the absence of any specific agreements, the buyer must make payment at the time and place the contract is signed.

a. True

b. False

8. An opportunity for inspection is a condition

Select

to the right of the seller to enforce payment.

9. Which of the following represents a demonstration of acceptance of goods by a buyer? (Choose all that apply.)

a. The buyer or lessee indicates (by words or conduct) to the seller or lessor that the goods are conforming or that he or she will retain them in spite of their nonconformity.

b. The buyer or lessee fails to reject the goods within a reasonable period of time.

c. The buyer performs any act inconsistent with the seller's ownership of the goods.

d. None of these.

10. An anticipatory repudiation occurs when:

a. the buyer breaches after tender of full payment.

b. the seller breaches after a nonconforming tender.

c. the seller breaches after a conforming tender of the entire sale.

d. one party communicates to the other an intention not to perform.

11. Which two choices does the non-breaching party have when anticipatory repudiation occurs?

a. Treat the repudiation as a final breach by pursuing a remedy

b. Wait to see if the repudiating party will decide to honor the contract

c. Renegotiate the contract by asking for payment immediately

d. Ignore the anticipatory repudiation and hope for the best