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Question 31

When a warranty covers the future performance of goods, the breach occurs:

A. at the time the buyer should have discovered the defect in the product.

B. anytime within four years after the buyer discovers the defect.

C. anytime within ten years after the buyer discovers the defect.

D. none of the above

Question 32

When an agent commits a crime at the direction of the principal, the agent and principal may both be liable.



Question 33

The doctrine that permits a party to suspend its performance under a contract when the other party repudiates the contract is known as:

A. anticipatory repudiation.

B. revocation.

C. voidance.

D. none of the above

Question 34

List the duties of agents to principals under the common law

Question 35

In order for an injured buyer to recover consequential damages, the buyer must show that:

A. the seller knew or should have known at the time the contract was made that the buyer would suffer special damages if the seller did not perform his obligations.

B. he could not have prevented the damage by obtaining substitute goods.

C. neither (a) nor (b).

D. both (a) and (b)

Question 36

An agency relationship can be determined:

A. by direct evidence between the parties.

B. from surrounding circumstances.

C. neither (a) nor (b).

D. both (a) and (b).

Question 37

If the seller refuses to deliver the goods called for by the contract, the buyer can:

A. cover.

B. rescind the contract under the UCC.

C. neither (a) nor (b).

D. both (a) and (b).

Question 38

When an agent’s authority is apparent:

A. the agent is not liable to anyone.

B. it is also actual.

C. the principal is liable to the third party.

D. none of the above.

Question 39

From a risk standpoint, a shareholder or limited partner is better off than a general partner.



Question 40

Commercial agents differ from distributors and non-agents in that commercial agents:

A. generally do not maintain their own inventory of goods.

B. are usually compensated through the payment of a commission when a sale is completed.

C. agents seldom bear the financial risk of nonpayment by the purchaser.

D. all of the above.

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