Business Law I: UCC Sales & Leases Key
Concepts
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Business Law I: UCC Sales & Leases Key Concepts
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What does Article 2 of the UCC cover? The sale of goods over $500.
What types of transactions does Article 2A of the UCC All commercial and consumer lease/financing of goods.
cover?
What is the definition of a 'Sale' under Article 2? The passing of title from seller to buyer for a price.
, What are 'Goods' according to Article 2? Tangible and movable items, excluding land, services, or intangibles.
Who is considered a 'Merchant'? A person who deals in goods of the kind sold and possesses a high degree of
expertise.
What is a 'Merchant's Firm Offer'? An offer made by a merchant in a signed writing that is irrevocable for a
reasonable period of time.
What happens if an offeree includes additional or A contract may still result, but additional terms may be stricken unless both
different terms in an acceptance? parties are merchants.
What is a Requirements Contract? A contract where the buyer agrees to purchase what they need or require.
What is an Output Contract? A contract where the buyer agrees to buy all of the seller's production or output.
When does risk of loss pass if not expressly agreed When the goods are to be delivered without movement by the seller.
upon?
What is the Statute of Frauds in relation to sales Contracts for the sale of goods over $500 must be in writing.
contracts?
What is required for modifications to be enforceable Modifications must be made in good faith and, if required, in writing.
under the UCC?
What is the 'mirror image' rule? Under common law, the terms of acceptance must be identical to the offer.
What is the effect of shipping nonconforming goods? It constitutes both acceptance and a breach unless the seller notifies that it is an
accommodation.
What is meant by 'open terms' in an offer? An offer may include open terms as long as the parties intended to form a
contract and there is a reasonably certain basis for remedy.
Concepts
Leave the first rating
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Play your way to mastery with fun games
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Students also studied
From the same upload Flashcard sets Study guides
Business Law I: UCC Sales & Leases Key Concepts
Study guide
jmh3501
Terms in this set (42) Hide definitions
What does Article 2 of the UCC cover? The sale of goods over $500.
What types of transactions does Article 2A of the UCC All commercial and consumer lease/financing of goods.
cover?
What is the definition of a 'Sale' under Article 2? The passing of title from seller to buyer for a price.
, What are 'Goods' according to Article 2? Tangible and movable items, excluding land, services, or intangibles.
Who is considered a 'Merchant'? A person who deals in goods of the kind sold and possesses a high degree of
expertise.
What is a 'Merchant's Firm Offer'? An offer made by a merchant in a signed writing that is irrevocable for a
reasonable period of time.
What happens if an offeree includes additional or A contract may still result, but additional terms may be stricken unless both
different terms in an acceptance? parties are merchants.
What is a Requirements Contract? A contract where the buyer agrees to purchase what they need or require.
What is an Output Contract? A contract where the buyer agrees to buy all of the seller's production or output.
When does risk of loss pass if not expressly agreed When the goods are to be delivered without movement by the seller.
upon?
What is the Statute of Frauds in relation to sales Contracts for the sale of goods over $500 must be in writing.
contracts?
What is required for modifications to be enforceable Modifications must be made in good faith and, if required, in writing.
under the UCC?
What is the 'mirror image' rule? Under common law, the terms of acceptance must be identical to the offer.
What is the effect of shipping nonconforming goods? It constitutes both acceptance and a breach unless the seller notifies that it is an
accommodation.
What is meant by 'open terms' in an offer? An offer may include open terms as long as the parties intended to form a
contract and there is a reasonably certain basis for remedy.
