Business Law Homework

1. What are goods? (See Sales and Lease of Goods.)

2. What is a sale? (See Sales and Lease of Goods.)

3. When does the common law govern contracts for sales and leases of goods? (See Sales and Lease Contracts.)

4. How may the acceptance of an offer to buy, sell, or lease goods be made? (See Sales and Lease Contracts.)

5. If a contract calls for the sale or lease of goods that are already in existence, when does identification take place? (See Identification.)

6. In a transaction for a sale of goods subject to a shipment contract, when does title pass? (See Passage of Title.)

7. What determines who suffers a financial loss if goods are damaged, destroyed, or lost? (See Risk of Loss.)

8. Who bears the risk of loss when a sales or lease contract is breached? (See Risk of Loss.)

9. What does tender of delivery require? (See Obligations of the Seller or Lessor.)

10. What is the perfect tender rule? (See Obligations of the Seller or Lessor.)

11. When and how does a buyer or lessee pay for goods? (See Obligations of the Buyer or Lessee.)

12. In what situations can a buyer or lessee revoke his or her acceptance of goods?

13. What is a title warranty and when does it arise? (See Warranties of Title.)

14. What is an express warranty? (See Express Warranties.)

15. When does an implied warranty of merchantability arise? (See Implied Warranties.)

16. What is product liability?

17. Which federal agency is empowered to prevent unfair and deceptive trade practices? (See Deceptive Advertising.)

18. What are three forms of deceptive advertising? (See Deceptive Advertising.)

19. Which federal rule protects consumers who buy goods over the phone, through the mail, or online? (See Labeling Laws and Consumer Sales.)

20. Which federal agency oversees the credit practices of banks, mortgage lenders, and credit-card companies?

21. Are only unconditional promises or orders negotiable? If yes, why? If no, why not? (See What Is a Negotiable Instrument?)

22. What indicates that an instrument is payable on demand? (See What Is a Negotiable Instrument?)

23. What is the difference between assignment and negotiation? (See Transfer of Instruments.)

24. When is an indorsement required?

25. What does it mean to take an instrument in good faith? (See Requirements for HDC Status.)

26. In what circumstances will a holder be considered to have notice that an instrument is defective? (See Requirements for HDC Status.)

27. What is the key to liability on a negotiable instrument? (See Signature Liability.)

28. What are two situations in which unauthorized signatures arise?

29. What is the difference between a cashier's check and a certified check? (See Checks and the Bank-Customer Relationship.)

30. Who suffers the loss when a bank pays a check bearing a forged indorsement? (See Honoring Checks.)

31. What is a substitute check? (See Accepting Deposits.)

32. If a customer loses a debit card and others use it to make unauthorized purchases, how much is the customer required to pay?