Under the UCC, Which of the Following Is True If

question 15

Multiple Choice

Under the UCC, which of the following is true if goods are identified at the time the parties entered into a contract and these goods are partially destroyed through no fault of the parties before risk passes to the buyer or lessee?

• A) The contract is void.
• B) The buyer may inspect the goods and decide whether to (1) treat the contract as void or (2) ask the seller for a reduction of the contract price and then accept the damaged goods.
• C) The seller may inspect the goods and decide whether to (1) treat the contract as void or (2) offer the buyer a reduction of the contract price for the damaged goods.
• D) Unless the parties can agree on a price, the matter must be submitted to arbitration for a determination as to an appropriate price.
• E) Unless the parties can agree on a price, the contract is voidable at the option of the seller.

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Definitions:

Relative Status

Pertains to the position or ranking of an individual or group in relation to others within a social or organizational context, influencing dynamics and interactions.

Four-drive Theory

A motivational theory suggesting humans are driven by four basic needs: acquire, bond, comprehend, and defend, that influence behavior and decision making.

Hard-Wired

Something that is innately set or programmed in a way that is difficult to change.

Evolution

A process by which different kinds of living organisms are believed to have developed from earlier forms during the history of the earth.