NYLE NY Commercial Transactions & UCC

Question 1

Under UCC Article 2 as adopted in New York, a contract for the sale of goods must be in writing if the price is at least how much?

Accepted Answer

$500

Answer

$250

Answer

$1,000

Answer

$5,000

Question 2

Under New York's adoption of UCC 2-314, to whom does the implied warranty of merchantability apply?

Accepted Answer

Only merchants who regularly deal in goods of that kind

Answer

All sellers of goods

Answer

Only retailers, not wholesalers

Answer

Any seller who makes an express warranty

Question 3

Under UCC Article 2's 'perfect tender rule,' a buyer may reject goods if:

Accepted Answer

The goods or tender of delivery fail in any respect to conform to the contract

Answer

The nonconformity is material and substantially impairs the value of the contract

Answer

The seller cannot cure the defect within a reasonable time

Answer

The defect was discoverable upon reasonable inspection

Question 4

Under UCC Article 2, in a shipment contract, when does risk of loss pass to the buyer?

Accepted Answer

When the seller delivers the goods to the carrier

Answer

When the seller delivers the goods to the buyer's address

Answer

When the buyer takes physical possession

Answer

When the buyer inspects and accepts the goods

Question 5

Under UCC 2-207, when a definite acceptance contains additional terms, which doctrine governs whether those terms become part of the contract between merchants?

Accepted Answer

The battle of the forms

Answer

The mirror image rule

Answer

The parol evidence rule

Answer

The doctrine of implied warranty

Question 6

Under New York's adoption of UCC Article 2, the statute of limitations for an action for breach of a sales contract is how many years from accrual?

Accepted Answer

4 years

Answer

2 years

Answer

3 years

Answer

6 years