Business Law Week 5 - UCC and Sales of
Goods
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UCC and Sales of Goods: Key Concepts and Legal Frameworks
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annjohnson89
Practice questions for this set
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What are existing goods?
Choose an answer
Goods that are manufactured after the Goods that are fungible and
1 2
contract is signed. interchangeable with other goods.
Goods that are in existence and owned by
Goods that are identified by the seller but
3 the seller at the time of the contract. IE: 4
not yet owned.
, Caskets, urns
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Terms in this set (57) Hide definitions
What is the Uniform Commercial Code (UCC)? A model act governing sales of goods and certain negotiable instruments.
What are goods under the UCC? Movable tangible personal property.
What is real property? Land and objects permanently attached to land. Excludes movable machinery
and equipment. Fixed Assets
What is personal property? Movable, tangible property.
What are the requirements of a valid UCC offer with Clear Who? Parties
and Definite Terms? What? Subject matter
How many? Quantity
How much? Price (clear and definite terms).
ONLY for UCC Goods
What does the Predominant Factor Test determine? Whether UCC(goods) or common law applies(services).
What does the UCC not apply to? Real property
intangible personal property(Copyrights, data, money, etc)
Service contracts
What is the definition of a sale? (Definite and has taken place.)The transfer of title to goods from the seller to the
buyer for consideration.
What is title in the context of sales contracts? Ownership; evidence of ownership of property.
What are the two types of property? Real property and personal property.
What are existing goods? Goods that are in existence and owned by the seller at the time of the contract. IE:
Caskets, urns
What are identified goods? Goods specified by the buyer and seller. Not exactly under the ownership of the
buyer or seller
Goods
Leave the first rating
Add to calendar
Play your way to mastery with fun games
Match Blocks Charms NEW
Students also studied
From the same upload Flashcard sets Study guides
UCC and Sales of Goods: Key Concepts and Legal Frameworks
Study guide
annjohnson89
Practice questions for this set
Learn 1 /7 Study with Learn
What are existing goods?
Choose an answer
Goods that are manufactured after the Goods that are fungible and
1 2
contract is signed. interchangeable with other goods.
Goods that are in existence and owned by
Goods that are identified by the seller but
3 the seller at the time of the contract. IE: 4
not yet owned.
, Caskets, urns
Don't know?
Terms in this set (57) Hide definitions
What is the Uniform Commercial Code (UCC)? A model act governing sales of goods and certain negotiable instruments.
What are goods under the UCC? Movable tangible personal property.
What is real property? Land and objects permanently attached to land. Excludes movable machinery
and equipment. Fixed Assets
What is personal property? Movable, tangible property.
What are the requirements of a valid UCC offer with Clear Who? Parties
and Definite Terms? What? Subject matter
How many? Quantity
How much? Price (clear and definite terms).
ONLY for UCC Goods
What does the Predominant Factor Test determine? Whether UCC(goods) or common law applies(services).
What does the UCC not apply to? Real property
intangible personal property(Copyrights, data, money, etc)
Service contracts
What is the definition of a sale? (Definite and has taken place.)The transfer of title to goods from the seller to the
buyer for consideration.
What is title in the context of sales contracts? Ownership; evidence of ownership of property.
What are the two types of property? Real property and personal property.
What are existing goods? Goods that are in existence and owned by the seller at the time of the contract. IE:
Caskets, urns
What are identified goods? Goods specified by the buyer and seller. Not exactly under the ownership of the
buyer or seller
