QUESTION 1 The price in a sale of goods may only be paid in

QUESTION 1 The price in a sale of goods may only be paid in

QUESTION 1 The price in a sale of goods may only be paid in money True False 10 points 
QUESTION 2 Every contract for the sale of goods must state the price True False 10 points 
QUESTION 3 In a “sale on approval” contract the risk of loss remains on the seller if the buyer returns the goods to the seller True False 10 points 
QUESTION 4 A warranty of fitness for a particular purpose arises when the buyer relies upon the seller to select goods to meet the buyer’s needs True False 10 points 
QUESTION 5 All firm offers are good for three months True False 10 points 
QUESTION 6 An express warranty is a statement of opinion concerning the goods True False 10 points QUESTION 7 The quantity of goods must be stated to satisfy the statute of frauds True False 10 points QUESTION 8 An FOB contract is always a shipment contract True False 10 points 
QUESTION 9 A firm offer must have consideration to be enforceable True False 10 points 
QUESTION 10 The UCC statute of limitations for goods may be reduced to one year by agreement of the parties True False

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