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Chapter 15 - Chapter 15-The Formation of Sales and Lease...

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Chapter 15---The Formation of Sales and Lease Contracts Uniform Commercial Code (UCC). - What are the rules that we are going to live by in our every day transactions? - Nothing more (in itself) than a set of encyclopedias that legal scholars have come up with. - Definite terms required to form a contract are out the window!!!!!! We want to facilitate the normal every day terms. - We will look at Article 2 and 2A. o Article 2 is on sales of goods. Goods are movable, have a physical presence, and they are purchased for money. o Article 2A is on leases of goods. - Deals with secure transactions. - Someone installs the carpet in this room. Is it a service contract or a sale of goods? - What set of rules do you use? UCC or Common Law contracts.--- Threshold issue. - Goods must be movable and tangible. - Merchant- one who deals in goods of that particular kind. - Specific rules are applied to merchants. Mixed Contracts - Involving more than one type of item. Not included in article 2. The courts decide whether to apply Article 2 or Common Law tactics. Using 1 of 2 tests.
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