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chapter 11 - Chapter 11 Sales Leases and E-Contracts The...

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Chapter 11 Sales, Leases and E-Contracts
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The Sale of Goods The Uniform Commercial Code governs the sale of goods. Where the common law and UCC conflict, the UCC controls. “Goods” are items that are movable and tangible. Excluded are intangibles (stocks, bonds, patents, etc). Also excluded is real estate (immovable). “Merchant” is a person who is in the business of buying and selling goods of a particular type.
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UCC Contract Formation The UCC modifies some of the common law contract rules of formation Generally, the parties may set their own terms, but when they don’t, the UCC applies.
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UCC Contracts Offers – common law requires offers to be definite, but the UCC allows for “open” terms. Open Price – if the parties do not set a price, the UCC says a court will determine a “reasonable price at the time for delivery.” Open Payment – if the parties do not specify the time or form of payment, the UCC allows for payment to be due at the time and place of delivery, and may be made by commercially reasonable means (including check, credit card, etc).
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