Session:8 Sales Contracts Contract Law
Assessment Questions
Business Law I Essentials | Leadership Development – Micro-Learning Session
Rice University 2020 | Michael Laverty, Colorado State University Global Chris Littel, North Carolina State University| https://openstax.org/details/books/business-law-i-essentials
1. What is a sales contract?
2. All of the following are features of sales contracts except:
- Consensual.
- Bilateral.
- Cumulative.
- Principal.
3. What source of law governs sales contracts?
- Common Law.
- The Uniform Commercial Code.
- Statutory Law.
- Federal Law.
4. What is the definition of a good?
5. Distinguish a shipment contract from a destination contract.
6. What is a warranty in a sales contract?
7. Describe the difference between an express and implied warranty.
8. Examples of a defect in a breach of the implied warranty of merchantability, include all of the following except:
- Design defect.
- Manufacturing defect.
- Inadequate instructions.
- Product defect.
9. The following are possible remedies to buyers under the UCC:
- Cancel the contract.
- Obtain Cover.
- Sue.
- All of the above.
10. What is a breach of warranty?