Match Each Statement with the Correct Term Below

question 60

Multiple Choice

Match each statement with the correct term below.
-FOB

• A)A sequence of previous conduct between parties establishing a basis for interpreting their agreement.
• B)A practice or method of dealing regularly observed and followed in a place, vocation, or trade.
• C)Contractual obligation arising by operation of law providing the goods are reasonably fit for the ordinary purposes for which they are used.
• D)Transfer of possession without title to buyer for a trial period; title and risk of loss remain with seller until buyer accepts the goods.
• E)A contract in which the seller bears the risk of loss and expense until the goods are delivered to the carrier for shipment.
• F)Transfer of right to possession and use of goods in return for consideration.
• G)Transfer of title to goods from seller to buyer for a price.
• H)An offer in writing by a merchant that gives assurance it will be kept open for a period of time up to three months.
• I)A contract in which goods are sold and delivered to the buyer with an option to return them to the seller; the risk of loss is on the buyer until she returns the goods.
• J)Delivery term for a shipment contract, free on board.
• K)Movable personal property.
• L)Concept under which the Code excuses performance when an unforeseen supervening event, not within the contemplation of the parties at the time of contracting, occurs.
• M)Limits the time period for which a manufacturer is liable for injury caused by its product.
• N)Historically, a contractual relationship between the plaintiff and the defendant that was necessary at common law to maintain a lawsuit.
• O)An affirmation of fact or promise about the goods or a description, including a sample of the goods, which becomes part of the basis of the bargain.
• P)A contract in which the seller is required to tender delivery of the goods at a particular destination; the seller bears the risk of loss until the goods are tendered to the buyer.
• Q)A negation of a warranty.
• R)Designation of specific goods as goods to which the contract of sale refers.
• S)A person who is a dealer in the goods, or who by his occupation holds himself out as having knowledge or skill peculiar to the goods or practices involved, or who employs an agent or broker whom he holds out as having such knowledge or skill.
• T)Honesty in fact in the conduct or transaction concerned.

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Definitions:

Collaborative Efforts

Joint actions or projects undertaken by a group of people or organizations working together towards a common goal.

Revolutionary Technology

Refers to groundbreaking innovations that significantly alter and improve the way tasks or operations are conducted.

Long-Term Purpose

An overarching goal or objective that guides actions and decisions over an extended period.

Polices And Guidelines

Established rules and recommendations that govern behavior or operations within an organization, ensuring consistency and compliance.