If the Parties to a Sale Under the UCC Do

question 175

Multiple Choice

If the parties to a sale under the UCC do not specify when the title to the goods passes, then, assuming goods have to be shipped, title passes to the buyer when:

• A) the buyer delivers "payment in full"
• B) the seller requests payment
• C) the buyer inspects the goods
• D) the buyer makes "substantial" payment
• E) none of the other choices

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Definitions:

Preexisting Duty

An obligation or duty that already exists under a contract, and performing it, therefore, does not constitute consideration for a new promise.

Law

Rules devised and applied by institutions of society or the government to modulate behavior.

Legally Sufficient Value

An acceptable form or measure of value that must be provided in a contract to make it binding and enforceable under law.

Consideration

Something of value (such as money, goods, services, or promised actions) that is exchanged between parties in a contractual agreement.