BA 202 Chapter 18-21 Group Notes.docx

BA 202 Chapter 18-21 Group Notes.docx - Justin Kent...

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Justin Kent, Caroline Snow, Shanna Porter and Madisein Ashby Business Law 2 Chapter 18: 1. Uniform Commercial Code (UCC)- A model act that includes comprehensive laws that over most aspects of commercial transactions. All the states have enacted all or part of the UCC as statutes. 2. Article 2 (Sales)- An article of the UCC that governs sale of goods. 3. Sale - The passing of title to goods from a seller to a buyer for a price. 4. Goods- Tangible items that are movable at the time of their identification to a contract. 5. Mixed Sale- A sale that involves the provision of a service and a good in the same transaction. 6. Merchant- A person who (1) deals in the goods of the kind involved in a transaction or (2) by his or her occupation hold him- or herself out as having knowledge or skill peculiar to the goods involved in the transaction. 7. Gap Filling Rule- rule that says open term can be “read into” a contract. 8. Statute of frauds - rule on the UCC that requires all contracts for sale of goods costing over $500 ($5000) or more and lease contracts involving payments of $1000 or more (at least a year) to be in writing. 9. Parol evidence Rule- if a written contract is a complete and final statement of the parties’ agreement, any prior or occurring oral or written statements that alter, contradict, or are in addition to the contract are inadmissible in court regarding a dispute over the contract. 10. CONCEPT SUMMARY Definiteness Contract must contain all the material terms of the parties agreement the UCC Gap filling rule permits terms to be implied if the parties intended to make a contract and there is reasonably certain basis for giving an appropriate remedy Irrevocable offers Option contracts Firm offers by merchants to keep an offer open are binding up to 3 months without any consideration. Counter offers Acceptance must be a mirror image of the offer. Counter-offer rejects and terminates the offers Additional terms of an acceptance become part of the contract if 1. they do not materially
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original offer. alter the terms of the offe 2. the offeror does not object within a reasonable time after reviewing the acceptance. Chapter 19: Title to Goods and Risk of Loss: 1. Identification of Goods: “Distinguishing of goods named in a contract from the seller or lessor’s other goods” a. UCC mandates when identification occurs: i. already existing goods are identified when a contract is made ii. goods that are part of a larger mass of goods, are identified when the specific merchandise is designated iii. future goods are not in existence* * FUTURE GOODS: goods that are not yet in existence (crop harvest, or unborn livestock) 2. Shipment Contracts VS Destination Contracts: a. Shipment contracts are contracts that require the seller or lessor to ship goods to a buyer via a common carrier i.
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