Business Finance
50 question multiple choice, short answer, true false

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Short Answer 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. What is the UCC (Uniform Commercial Code)? Why does the UCC matter when discussing contract law? What is a “sale” as it relates to the UCC? What is a “good” as it relates to the UCC? What law governs a contract the has both the sale of goods and services included? How does the court decide? Describe a firm offer. Under the UCC, rights and obligations are determined by who holds “title” to the items in question. Explain what “title” means as it relates to the UCC. What is a “future good” as it pertains to the UCC? Explain what a “shipment contract” is under the UCC? Why is it important to understand who holds the “risk of loss” in a sales contract? Explain why you might choose to insure the sale of goods under the UCC. Explain what a “good faith purchaser” is and when it would be an issue under the UCC. Define the theory of “perfect tender.” What does the “implied warranty of merchantabilty” ensure for customers? What is “strict liability” as it applies to product liability? What is a negotiable instrument? What is a transfer warranty? Explain what a bank overdraft is. Define an EFT (electronic funds transfer). A bank may pay a draft though the customer doesn’t have the funds to cover the draft. True or false? Explain what insures your bank deposits against money being lost in a market crash. True/False 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. Oral contracts cannot be enforced under the UCC. True or false? The sale of goods is ALWAYS governed by the UCC. True or false? In a destination contract, the seller must deliver the goods to a specific location. True or false? A “conforming good” must meet all contract specifications. True or False? For 9 deliveries, a seller always sends nonconforming goods and the buyer always accepts the items. On the 10th delivery, the seller rejects the nonconforming goods. The seller has a chance to cure the delivery. True or false? A buyer may reject goods that don’t meet the contract specifications. True or False? Payment is always due at the time goods are delivered. True or False? If an item harms a purchaser or a bystander, they can recover damages under the legal principal of “product liability.” True or False? Advertisers may make false claims while promoting a product. True or False? An unauthorized signature will not bind the person whose name is forged. True or false? Only the signer is liable on a negotiable instrument. True or False? Multiple Choice 33. Which of the following remedies are available to the seller in a breach of contract? a. The right to withhold future deliveries b. The right to reclaim the goods c. The right to resell the goods d. All of the above 34. If a contract doesn’t address the terms of payment for goods, payment must be made: a. Within 30 days b. Within 10 days c. At the time of delivery d. Never 35. Product liability cases can arise under which of the following issues: a. Manufacturing defect b. Design defect c. Inadequate warning d. All of the above 36. Defenses to product liability claims include: a. Assumption of the risk b. Product misuse c. Commonly known dangers d. All of the above 37. Which of the following are negotiable instruments under the UCC? a. Drafts b. Checks c. Promissory notes d. Certificates of deposit e. All of the above 38. A signature on a promise to pay may consist of which of the following? a. A handwritten signature b. A stamp c. A symbol d. All of the above 39. Defenses to liability on a negotiable instrument include: a. Forgery of the signature b. Bankruptcy discharge c. Mental incapacity d. All of the above 40. Prearranged auto payments can be stopped by notifying the bank a. In writing b. Orally c. Through online communication d. Any of the above ...
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Outline
1. Law questions and answers


Running head: LAW QUESTIONS

1

Law Questions

Student’s Name
Course Name and Number
Instructor’s Name
Date Submitted

LAW QUESTIONS

2

1. What is the UCC (Uniform Commercial Code)?
The Uniform Commercial Code is defined as a collection of regulations that offer laws
and rules that govern profitable or transactions or business dealings.
2. Why does the UCC matter when discussing contract law?
UCC is applied during the sale of securities and goods, while the prevailing contract laws
typically apply to contracts for real estates, services, intangible assets, employment, and
insurance.
3. What is a “sale” as it relates to the UCC?
A sale in UCC exists when a title is passed from a seller to the purchaser at a cost.
4. What is a “good” as it relates to the UCC?
According to UCC, a good is defined as all items, including products that are specialized
manufactures that are movable during identification to the contract.
5. What law governs a contract he has both the sale of goods and services included? A
commitment to sell products is a law that regulates the sale of items.
How does the court decide? The court chooses the contract of sale when there is the
presence of a deal where there is an agreement of transfer.
6. Describe a firm offer.
A firm offer is an offer that remains open for a particular time or occurrence of a specific
event or until a specific time during which it cannot be annulled.
7. Under the UCC, rights, and obligations are determined by who holds “title” to the
items in question. Explain what “title” means as it relates to the UCC.
The title means that the seller of products in a certain way or the other collects items to be
sold to mass inventories for them to be held or distributed for the purchaser.

LAW QUESTIONS

3

8. What is a “future good” as it pertains to the UCC?
In UCC, future goods are defined as products that are bot identified and existing.
9. Explain what a “shipment contract” is under the UCC?
Shipment contract in UCC enables the seller and purchaser to apportion risk in case
products are either damaged or lost before a client receives the products. The seller
makes a promise to sell the items to a mutual carrier to ensure that delivery is done to the
buyer.
10. Why is it important to understand who holds the “risk of loss” in a sales contract?
The importance of understanding who has the “risk of loss” in a sales contract is to
ensure that both the buyer and the seller understand that the seller maintains the danger of
loss until the moment when an item is entirely transferred to a client.
11. Explain why you might choose to ensure the sale of goods under the UCC.
UCC has an advantage in that in case an argument arises during a sale, the UCC acts as
the governing body and settles the dispute amicably.
12. Explain what a “good faith purchaser” is and when it would be an issue under the
UCC.
A good faith purchaser is a trader who offers value for a product in good faith without the
know-how of adversative assertions and is essential because the buyer establishes
whether the purchase violates the security interest or ownership rights of third parties.
13. Define the theory of “perfect tender.”
The theory of perfect tender is a word that is used to refer to the legal privilege of a buyer
to persist that the purchased products precisely follow to the description of the item in
terms of quantity, quality, and the delivery method.

LAW QUESTIONS

4

14. What does the "implied warranty of merchantability" ensure for customers?
Implied warranty of merchantability is defined as the assumed and unspoken guarantee
that a real property or an item is useful for use with regards to the standards required
during the manufacturing process.
15. What is “strict liability” as it applies to product liability?
Strict liability is a legitimate law that affirms that a distributor, manufacturer or seller of a
faulty item bears the responsibility to an individual harmed by that item even though the
defendant could have done the best to ensure that the damage did not take place.
16. What is a negotiable instrument?
A negotiable instrument is defined as a document that assures the payment of a certain
sum of money either on a set of time or on demand whereby the payer is named on the
file.
17. What is a transfer warranty?
Transfer warranty is the promise that i...

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