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47.  Reviewing the requirements for buyers and sellers who are considered merchants under the Code, the element that makes all these provisions function well is:

(a)     The combined concepts of void and voidable title.

(b)     The concept of identification to the contract.

(c)     The concept of good faith, as honesty in fact and acting in a commercially reasonable manner.

(d)     The imposition of harsh penalties for failure to fully perform a contract and the frequent use of punitive damages.

 

48.  A logical outgrowth of the application of warranty provisions under Article 2 resulted in

(a)     Changes in the law regarding intentional torts.

(b)     Changes in the law regarding professional errors and omissions.

(c)     Changes in the law of tort, extending strict liability to products.

(d)     No other changes in the law.

 

49.  A statement that a trailer has a capacity of 3,000 pounds would be treated as

(a)     A statement of opinion.

(b)     An implied warranty.

(c)     An express warranty.

(d)     Seller’s puff.

 

50.  Once goods have been identified to the contract:

(a)     The buyer has greater rights to the goods than the seller.

(b)     The seller’s creditors cannot take the goods.

(c)     The buyer has an insurable interest in the goods.

 

(d)     All of the above.

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