Chapter 20 Notes - Chapter 20- Uniform Commercial Code-...

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Chapter 20- Uniform Commercial Code- Article 2 Sales I. Scope of Article 2 a. Covers sales of goods i. Not covered: 1. Real property- (real estate) land or things that built on the land and that are permanently attached 2. Intangible assets- stock, patent 3. Services ii. UCC controls where: 1. It conflicts with, or 2. Has modified common law of contracts b. Sale- passing of title for a price i. Very specific, ii. Title-ownership is complete as long as can transfer it to someone else c. Goods- i. Movable- can be a 1000 tons, ii. iii. May be associated with real estate 1. Minerals or mineral rights a. If oil found- depends on the severance (who is going to separate it) b. If minerals are severed before take them- then it is under the jurisdiction of the UCC c. If someone takes a contract to go on someone’s land and extract minerals then not UCC d. If you the owner of land extract the minerals before then UCC 2. Growing crops or timber- things growing on the land a. Severance is not as important b. Crops are grown with the intention to be harvested
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c. UCC covers those commodities 3. Fixtures- something in a business that you attach a. If becomes fixed to the realty then issues as to where the UCC controls it or not b. If it is movable property then UCC def owns it d. Goods and services combined i. Not applied 1. Ex- plumber come and fix a toilet and uses a good that they had in their truck ii. Not applies to a product given to you by a service e. Merchant- i. Deals in kind of goods being sold 1. Ongoing ii. Has unique skills or knowledge related to goods sold
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This note was uploaded on 11/28/2010 for the course LAW 1024066 taught by Professor K during the Spring '09 term at Fairleigh Dickinson.

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Chapter 20 Notes - Chapter 20- Uniform Commercial Code-...

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