Main idea: Legal concepts related to commercial transactions and product liability

The USC requires that a HAD take an instrument in good faith. This means that Answer d. Kate must be assured in writing that the instrument has no defects. Correct Answer: Kate must have acted honestly and observed all reasonable commercial standards of fair dealing. Question 3 Thomas inherits a promissory note previously held by his deceased grandfather. Thomas has no notice that the note has been dishonored or is overdue. Thomas has the rights of Answer a holder only. Question 4 4 out Of 4 points Jason, Inc. Manufactures chain saws. Margin is injured while using a chain saw manufactured by Jason, Inc. ND sues the company for product liability based on negligence. To win, Margin must show that Answer Jason, Inc. Did not use due care with respect to the chain saw. Correct Jason, Inc. Did not use due care with respect to the chain saw. Question 5 One universal defense to liability for payment on a negotiable instrument is Answer forgery Question 6 Kennedy buys a new pink scooter. Kennedy reads in the documents included in the packaging with her scooter that it is covered by an implied warranty of merchantability; this means that Answer he scooter is reasonably fit for the ordinary purpose for which it is sold.

Question 7 O out of 4 points Suppose that Ray owns a jewelry store. Ray defrauds his old Aunt Cathy out of her watch and sells the watch to Missy. If Missy does not know that the watch was acquired by fraud, what title does she take? Answer She takes avoidable title, based on Ray's avoidable title. B. She takes good title because she was a good faith purchaser. Question 8 Tom bought a new Corvette 9 months ago and planned on cruising it in Daytona. The Corvette is constantly in the shop for the first 9 months that Tom owns it.

Tom is not able to drive the Corvette to Daytona because of the constant need for repairs. Tom is very frustrated. Tom may have a cause of action based upon a lemon law. A lemon law deals with Answer defective automobiles. Question 9 Scott is studying the LLC. Scott learned that one of the policies behind the USC is to encourage commerce. Thus, some of the harsh rules of contract law have been modified by the ICC. For example, under the common law of contract law, if terms were left open in a contract, there would be no agreement, no meeting of the minds, and there would be no contract.

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In entrant, as a general rule, under the USC if there are some open terms in a contract Answer the contract will be void because of the open terms. The contract will be valid if the parties intended to form a contract and there is a reasonable basis for the court to grant a remedy. Question 10 Under the Sac's perfect tender rule, what options does a buyer have when the seller tenders nonconforming goods? Answer The buyer must reject all of the goods. The buyer may accept all, or part, or none of the goods. Question 11 Tees has a special project. Tees has a daughter. Tees spoils her daughter.

Tees wants to give her daughter the biggest birthday celebration possible. Tees wants her daughter to have a birthday party that the other parents she knows will be talking about for years to come. As part of the decorations for the birthday party extravaganza, Tees wants to suspend a heavy, candelabra above her backyard pool. Tees goes to the local hardware Store. Tees finds a helpful sales associate. Tees details her plan to the sales associate. The sales associate suggests that Tees buy a particular brand of clear roping for the job. In reliance upon this recommendation, Tees buys the rope.

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