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Quarter 2 Final Exam Study Guide

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Total cards: 24•Content version: v4•Public deck•Updated: 8/1/2026

Card preview (24)

#1
Front (Question)

Article II

Back (Answer)

Concerns sale of tangible, movable, personal property

#2
Front (Question)

Article III

Back (Answer)

Concerned with negotiable instruments

#3
Front (Question)

Contract to Sell

Back (Answer)

Concerned with future goods meaning not yet in existence or owned by seller at the time of transaction

#4
Front (Question)

Contract of Sale

Back (Answer)

Concerned with existing goods

#5
Front (Question)

In a Contract to Sell (future goods), the title would pass _________

Back (Answer)

At some point in the future, usually upon delivery to buyer

#6
Front (Question)

In a Contract of Sale (existing goods), the title would pass _______

Back (Answer)

Immediately when parties agree on the goods and the price

#7
Front (Question)

Risk of loss passes from seller to buyer when ________

Back (Answer)

the title passes from seller to buyer

#8
Front (Question)

Statute of Frauds of the UCC mandates _______

Back (Answer)

Contracts must be in writing to be enforceable

#9
Front (Question)

States of Frauds of the UCC applies to a Sale of Goods for any merchandise that cost _______

Back (Answer)

$500 or more

#10
Front (Question)

Consignment

Back (Answer)

Owner (consigner) gives to consignee to sell on their behalf; not really a sale

#11
Front (Question)

Consignee

Back (Answer)

One who receives goods

#12
Front (Question)

Consignor

Back (Answer)

One who ships goods

#13
Front (Question)

Bill of Sale

Back (Answer)

A document that shows evidence of title/ownership to personal property; usually for buyers benefit to show ownership. Similar to a deed transferring real property and is not the contract.

#14
Front (Question)

An exception to a Statute of Frauds under the UCC is _____

Back (Answer)

Non-resalable goods (specifically manufactured goods for specific buyer)

#15
Front (Question)

Bearer Paper

Back (Answer)

Payable to the order of cash or bearer or to oneself

#16
Front (Question)

Order Paper

Back (Answer)

Payable to the order of a named person; must be a legal entity

#17
Front (Question)

Drafts

Back (Answer)

An order to pay

#18
Front (Question)

Promissory Notes

Back (Answer)

A promise to pay

#19
Front (Question)

Drawer

Back (Answer)

Executes (signs) a draft, makes the order to pay (funeral home owner writes a check to an employee: the owner is the drawer)

#20
Front (Question)

Drawee

Back (Answer)

The one ordered to pay a draft (The bank)

#21
Front (Question)

Payee

Back (Answer)

One to whom a payment is made (employee)

#22
Front (Question)

Maker

Back (Answer)

Executes (signs) a promissory note (Susan creates a promissory note to pay Joe $10: Susan is the maker)

#23
Front (Question)

Endorser

Back (Answer)

One who endorses an instrument on the reverse side

#24
Front (Question)

Endorsee

Back (Answer)

One who has an instrument made payable to them through an endorsement