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Question 41
When goods are defective and the buyer provides the seller with notice, the buyer may recover:
A. consequential damages.
B. incidental damages.
C. the difference between the value of the goods received and the value the goods would have had if they had been as warranted.
D. all of the above.
Question 42
Explain the elements for the creation of an express warranty
Question 43
Generally, it is easier to preserve goodwill in a corporation as owners change than it is in a partnership or sole proprietor ship.
True
False
Question 44
A gratuitous agent is one who:
A. freely substitutes her judgment for that of the principal.
B. acts without pay.
C. requires a generous tip.
D. none of the above
Question 45
A statute of repose:
A. bars the bringing of a tort-based product liability suit after a certain number of years.
B. usually gives people one to two years from the date they discover their injury in which to bring suit.
C. neither (a) nor (b).
D. both (a) and (b).
Question 46
When a general partner sells her partnership interests, the purchaser:
A. is granted automatic partnership by operation of law.
B. does not become a partner until he is unanimously accepted by the other partners.
C. is granted partnership only after he divests all interests in other general partnerships.
D. none of the above.
A. is granted automatic partnership by operation of law.
B. does not become a partner until he is unanimously accepted by the other partners.
C. is granted partnership only after he divests all interests in other general partnerships.
D. none of the above.
Question 47
Under the UCC, a lawsuit for breach of a sales contract must be filed:
A. as soon as the breach is detected.
B. within four years after the breach occurs.
C. within ten years after the breach occurs.
D. none of the above
Question 48
If a buyer has a basis for rejecting a delivery of goods, the buyer must act within a reasonable time, but does not need to give the seller notice of rejection.
True
False
Question 49
The following have capacity to be an agent:
A. a minor.
B. partnerships.
C. corporations.
D. all of the above
Question 50
Kyle, a manufacturer of cribs and various kinds of furniture for children, sold 100 cribs to Tara, the owner and operator of a store that specialized in the sale of such items. The sale was accomplished pursuant to a typewritten contract entered into by both parties. You are to assume that the implied warranties of merchantability and fitness for a particular purpose would apply to the transaction, unless such warranties were effectively disclaimed. The parties’ typewritten contract included, in a prominent position, a term that was in all capital letters, unlike the rest of contract, which was in standard type. The term read: “Seller hereby disclaims all implied warranties.” On these facts, Kyle has probably made an effective disclaimer of:
A. A. the implied warranty of merchantability and the implied warranty of fitness for a particular purpose.
B. neither the implied warranty of merchantability nor the implied warranty of fitness for a particular purpose.
C. the implied warranty of fitness for a particular purpose, but not the implied warranty of merchantability.
D. The implied warranty of merchantability, but not the implied warranty of fitness for a particular purpose.
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