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Question
In the absence of a specific contract provision regarding the details of payment, the UCC provides that payment be made in full:
A. at the time and place that delivery occurs.
B. within 10 days of the time and place that delivery occurs.
C. within 20 days of the time and place that delivery occurs.
D. within 30 days of the time and place that delivery occurs.
Answer
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Related questions
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Which of the following is not a primary source of law?
A. uniform model law
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B. state statutory law; federal common law; federal administrative law
C. state common law; state administrative law; state statutory law
D. federal administrative law; federal common law; state statutory law
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Bradley collects historic memorabilia, and one of his prized possessions is the pistol used by Aaron Burr in his duel with Alexander Hamilton. After reading an article in a magazine, Bradley discovers that Sam owns the matching pistol, used by Hamilton in the duel. Bradley contacts Sam and offers him $500,000 for the pistol. Sam e-mails Bradley that he accepts his offer but that the transaction must be for cash and face-to-face. Bradley responds that he'll be at Sam's home at noon the next day with the money. When he arrives, Sam informs him that he's received an offer of $600,000 for the pistol and states that Bradley must pay that amount or he'll sell to the other buyer. Bradley wants the weapon to complete the set. If he sues Sam, what course of action will best provide him the results he desires?
A. Sue for breach of contract and seek a legal remedy.
B. Sue for an injunction.
C. Bring a suit in equity and seek monetary damages.
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Gina is the executive secretary to the CEO of a large public corporation. One day her boss takes her into a back room containing numerous cardboard file boxes and three shredding machines, and he orders her to shred every document and file in the room. He then says, "We're under investigation by the SEC, and if they get their hands on anything in this room, we're ruined." She asks what is going on and is told that the company has been perpetrating frauds for years and needs to destroy all the evidence.
A. Since Sarbanes-Oxley does not have a whistle-blower provision, Gina has no recourse if she wants to keep her job.
B. Since Gina didn't actually participate in the frauds and since she is only following orders, she will have no liability.
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The Financial Stability Oversight Board created by the Restoring American Financial Stability Act of 2010 has the power to:
A. break up companies deemed to pose a threat to the nation's financial markets even if the company is not insolvent.
B. compel the SEC to assume an oversight position over institutions that pose a global risk to financial markets.
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Chris wanted to get a loan from the bank, but he had bad credit. In order to get the money, he convinced Eric to cosign as a surety. Now Chris has stopped making the payments. When is Eric liable for repayment of the loan?
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