CHAPTER 21

CHAPTER 21 - CHAPTER SUMMARY NATURE OF SALES AND LEASES...

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CHAPTER SUMMARY NATURE OF SALES AND LEASES Definitions Goods movable personal property Sale transfer of title to goods from seller to buyer for a price Lease a transfer of right to possession and use of goods in return for consideration Consumer Leases leases by a merchant to an individual who leases for personal, family, or household purposes for no more than $25,000 Finance Leases special type of lease transaction generally involving three parties: the lessor, the supplier, and the lessee Governing Law Sales Transactions governed by Article 2 of the Code, but where general contract law has not been specifically modified by the Code, general contract law continues to apply Lease Transactions governed by Article 2A of the Code, but where general contract law has not been specifically modified by the Code, general contract law continues to apply Mann CH 21- 1
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Transactions outside the Code include employment contracts, service contracts, insurance contracts, contracts involving real property, and contracts for the sale of intangibles Fundamental Principles of Article 2 and Article 2A Purpose to modernize, clarify, simplify, and make uniform the law of sales and leases Good Faith the Code requires all sales and lease contracts
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This note was uploaded on 10/14/2010 for the course BUS 5503 taught by Professor Sorrell during the Fall '10 term at Troy.

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CHAPTER 21 - CHAPTER SUMMARY NATURE OF SALES AND LEASES...

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