business law Chapter 18

business law Chapter 18 - CHAPTER18 FORMATION OF SALES AND...

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FORMATION OF SALES AND LEASE CONTRACTS   CHAPTER 18
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2 Uniform Commercial Code (UCC) model act Comprehensive statutory scheme to cover most aspects of commercial transactions
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3 Overview of UCC Article 1 General provisions Article 2 Sale of goods Article 2A Leases of goods Article 3 Negotiable instruments Article 4 Bank deposits, collections Article 4A Wire transfers
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4 Overview of UCC (continued) Article 5 Letters of credit Article 6 Bulk transfers Article 7 Documents of title Article 8 Investment securities Article 9 Secured transactions
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5 Article 2 (Sale of goods) All states except Louisiana have adopted. Article 2 is also applied by federal courts to sales contracts governed by federal law. If Article 2 is silent on an issue, common law of contracts applies (judicial opinions)
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6 What is a Sale? What is a sale? The passing of title from a seller to a buyer for a price.
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7 What are Goods? Tangible things that are movable at the time of their identification to the contract. E.g., car, book, sweater, corn. Money and intangible items such as stocks, bonds, and patents are not tangible goods.
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This note was uploaded on 11/12/2010 for the course BUS 3213 taught by Professor Killer during the Spring '08 term at Buffalo State.

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business law Chapter 18 - CHAPTER18 FORMATION OF SALES AND...

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