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Question
Vanessa has received gifts subject to the provisions of the Uniform Transfer to Minors Act. When Vanessa graduates from high school at age 17 and moves away from home she wants to terminate the custodianship. At what age does the custodianship terminate?
A. 17
B. 18
C. 21
D. The age is decided on case to case basis.
Answer
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Related questions
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Westdress Inc. entered into a contract with Salvo Inc. to supply them with specified goods by June, 15th. Salvo Inc. shipped the goods which were delivered to Westdress Inc. on May 30th. Westdress inspected the goods, found 50% of the goods to be nonconforming to their order but kept them without notifying the seller of the discrepancy. In the meantime, Salvo Inc. realized its error and contacted Westdress to replace the goods. But Westdress refused the offer. Discuss the case.
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_____ is a court action that allows a person entitled to goods to recover them from someone who has them wrongfully.
A. Adjustment
B. Writ of replevin
C. Specific performance
D. Cover the sale
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Gerald orders 1,000 cupcakes from Haddock Bakers for a Christmas Eve party. However, Haddock fails to deliver the cupcakes as per the schedule mentioned in the contract, and does not send any notification to Gerald. Gerald orders the cupcakes from Marlene's Cakes that evening. This is an example of which of the following?
A. Writ of replevin
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C. Cover of a sales contract
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Q:
Turban, an immigrant who speaks little English, enters into a contract to pay $300 per month for ten years to purchase an auto from Travel Motor Co. The appraised retail value of the car is $5000. What legal remedy would release Turban from his contract?
A. Unconscionability
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A seller cannot sue a buyer of goods for breach of contract if the seller is able to resell the goods.
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A commercial unit is a single whole for the purpose of sale, the division of which impairs its character or value on the market.
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Conway Retailers contracts to buy office furniture from Blue Ridge Manufacture to install in a newly constructed office building. About half of the delivered furniture is defective and Conway rejects it. Conway may recover the cost of inspecting the defective furniture from Blue Ridge.
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Seth was the highest bidder for an antique chest at an auction sale. There was nothing to indicate whether the auction was with or without reserve. The auctioneer withdrew the chest from the auction without accepting Seth's bid because the bid was too low. Is the auctioneer legally entitled to withdraw the chest from the sale? Explain.
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Which of the following is true of insurable interest?
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B. Buyers cannot place insurance on goods.
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D. Buyers can obtain insurable interest on goods that are not mentioned in the contract.
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A. Destination contract
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Q:
A document of title allows the person who possesses it to:
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B. conclusively prove ownership of the goods named in the document.
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Q:
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B. pass to the buyer at the point of origin.
C. pass to the buyer at the destination.
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Q:
Which of the following is true of international sales law?
A. It governs only the formation of a sales contract and the rights and duties that arise from it.
B. It is concerned with the validity of a contract that would be governed by other laws.
C. It applies to the liability of the seller for death or personal injury caused by the goods to any person.
D. It applies to auctions sales, sales of stocks, securities, negotiable instruments or money.
Q:
Which of the following is true of oral contracts for the sale of goods of $500 or more?
A. Oral contracts can occur between merchants and consumers for sale of good of $500 or more.
B. A written conformation is received and signed by one party, and sent to the other for approval.
C. A written conformation is received by a party and to which it does not object to within 10 days.
D. An oral objection is accepted to a written confirmation for the sales of goods for $500.
Q:
_____ are those that are in accordance with the obligations under the contract.
A. Future goods
B. Nonconforming goods
C. Tangible goods
D. Conforming goods
Q:
In what respect is a bailment legally different from a sale?
A. Title does not transfer in a bailment.
B. Title transfers in a bailment but no price is involved.
C. In both there is a transfer of title but in a bailment the title reverts to the bailer at the end of the bailment.
D. In a sale the title transfer includes all rights of ownership but in a bailment the title transfer includes limited rights of ownership.
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Robert receives a document of title for lumber she purchased. Even though she does not yet possess the lumber, the document transfers to her both title to the lumber and risk of loss for it.
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In a contract for which no delivery is required, title to the goods does not pass to the buyer until the buyer receives the goods.
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In a shipment contract, risk of loss does not pass from the seller to the buyer until the buyer receives the goods.
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In an auction with reserve, the auctioneer must accept the highest bid.
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A sale of goods contract offer is silent concerning the method of acceptance. It may be accepted in any reasonable manner.
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Time Zone sells to Gary for $4000 a designer jeweled watch which has a real gold band. Later Gary finds that the band is just polished with golden color and the watch does not have any real jewels and could be bought in the local store for $20. Gary can sue Time Zone for:
A. consequential damages.
B. exemplary damages.
C. nominal damages.
D. speculative damages.
Q:
Better Houses, Inc. has been contracted to build an addition on the Joyners' house. It built half of the addition and then unexpectedly announced that it was not going to finish the job. Such a desertion of work is called:
A. a constructive breach of contract.
B. substantial performance.
C. abandonment of contractual obligations.
D. a repudiation of contract.