Hi Hazelbaker Can you help me with these questions please.
Which of the following is the best functional definition of insurance?
-A legal contract by which the insurer, in return for consideration, agrees to pay another person if a stated loss or injury occurs.
-A legal contract by which an insurance company, in return for premiums, agrees to pay the policyholder if a certain event occurs.
-A written promise by the insurer to pay the beneficiary if loss occurs from the occurrence of a contingent event.
-A writing issued by an insurance company, for a consideration, that promises to indemnify a beneficiary for a loss from an existing risk or one that arises later.
The distinction between contracts that are covered by the UCC and those that are not is
-Basically dependent upon whether the subject matter of the contract involves the purchase or sale of goods.
-Based upon the dollar amount of the contract.
-Dependent upon whether the statute of frauds is involved
-Of relatively little or no imporatnce because the laws are invariably the same
Which of the following is excluded from the UCC's definition of goods?
-Minerals (including oil and gas) to be extracted by the seller
-Growing crops and timber
-The unborn young of animals
Patch, a frequent shopper at Soon-Shop Stores, received a rain check for an advertised sale item after Soon-Shop's supply of the product ran out. The rain check was in writing and stated that the item would be offered to the customer at the advertised sale price for an unspecific period of time. A Soon-Shop employee signed the rain check. When Patch returned to the store one month later to purchase the item, the store refused to honor the rain check. Under UCC Article 2, will Patch win a suit to enforce the rain check?
-No, because one month is too long a period of time for a rain check to be effective
-No, because the rain check did not state the effective time period necessary to keep the offer open
-Yes, because Soon-Shop is required to have sufficient supplies of the sale item to satisfy all customers
-Yes, because the rain check met the requirements of a merchant's firm off even though no effective time period was stated
Under UCC Article 2, and unless otherwise agreed to, the seller's obligation to the buyer is to
-Deliver the goods to the buyer's place of business
-Hold conforming goods and give the buyer whatever notification is reasonably necessary to enable the buyer to take delivery
-Deliver all goods called for in the contract to a common carrier
-Set aside confirming goods for inspecction by the buyer before delivery
Casassa, a merchant in San Francisco, under the terms of a nonshipment contract, agrees to sell 50 cases of packaged macaroni to Paoli. a restaurant owner whose business is in San Jose. At the time of contracting for the sale, both parties are aware that these identified goods are in a warehouse in Fresno. The place for delivery is not specified in the agreement. On the basis of these facts, teh place for delivery is
-Indefinite, and the contract is unenforceable
Taylor signed and mailed a letter to Peel that stated: "Ship promptly 600 dozen grade A eggs." Taylor's offer
-May be accepted only by a prompt shipment
-May be accepted by either a prompt promise to ship or prompt shipment
-Is invalid because the price term was omitted
-Is invalid because the shipping term was omitted
Cookie Co. offered to sell Distrib Markets 20,000 pounds of cookies at $1.00 per pound, subject to certain specified terms for delivery. Distrib replied in writing as follow: "We accept your offer for 20,000 pounds of cookies at $1.00 per pound, weighing scale to have valid city certificate." Under UCC,
-A contract was formed between the parties
-A contract will be formed only if Cookie agrees to the weighing scale requirement
-No contract was formed because Distrib included the weighing scale requirement in its reply
-No contract was formed because Distrib's reply was a counteroffer
Filmore purchased a TV set from Allison Appliances, an authorized dealer, for $499. The written contract contained the usual 1-year warranty as to parts and labor as long as the set was returned to the manufacturer or one of its authorized dealers. The contract also contained an effective disclaimer of any express warranty protection, other than that included in the contract. It further provided that the contract represented the entire agreement and understanding of the parties. Filmore claims that during the bargaining process Surry, Allison agent, orally promised to service the set at Filmore's residence if anything went wrong within the year. Which of the following would be Allison's best defense?
-The statute of frauds
-The parol evidence rule
-All warranty protection was disclaimed other than the express warranty contained in the contract
-Surry, Allison's agent, did not have express authority to amke such a promise
The UCC provides rules of construction that allow unclear contracts to be read in the context of commercial practices and other surrounding circumstances. When the application of these rules result in a conflict, what hierarchy does the UCC establish with regard to the following? 1. Course of performance 2. Course of dealing 3. Usage of trade 4. Express terms
To satisfy the UCC statute of frauds, a written agreement for the sale of goods must
-Contain payment terms
-Be signed by both buyer and seller
-Indicate that a contract for sale has been made
-Refer to the time and place of delivery
Assume that the parties have entered into a contract for the sales of goods. Which of the following is a false statement under the UCCC?
-Retention of title by the seller to goods delivered to the buyer is, in effect, a reservation of a security interest.
-Title to goods may pass under a contract for sale prior to identification to the contract
-Title can pass to the buyer when the seller completes physical delivery of the goods if a document of title is to be delivered at a different time or place.
-Identification of the goods to the contract gives the buyer an insurable interest in the goods even before delivery
To negotiate an instrument payable to bearer, one must
-Transfer possession of, and endorse, the instrument.
-Transfer possession of the instrument
-Endorse the instrument
-Endorse and transfer possession of the instrument with consideration
Anna Karr transferred a negotiable instrument payable to her order in exchange for value to XXXXX XXXXX. Karr did not endorse the instrument. As a result of the transfer, Watson,
-Obtains such rights as the transferor had in all cases
-Can become a holder only if the instrument is endorse and possession is transferred at the same time
-Is presumed to be the owner of the instrument because she gave value
-Is entitled to an unqualified endorsement by Karr
Under the Negotiable Instruments Article of the UCC, an endorsement of an instrument "for deposit only" is an example of what type of endorsement?