fall 2010 bule 402 perf and remedies

fall 2010 bule 402 perf and remedies - Commercial...

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2/6/11 Commercial Transactions: Performance and Remedies Professor Julie Shubin Bule-402-002-S10 Commercial Law © Julie Shubin 2010
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2/6/11 Topics/Concepts Good Faith Seller’s Obligations and Rights Buyer’s Obligations and Rights Remedies: Assurance and Repudiation Seller’s Remedies Buyer’s Remedies
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2/6/11 Good Faith Good faith means honesty in fact . Between merchants, it also means the use of reasonable commercial standards of fair dealing. The Code requires good faith in the performance and enforcement of every contract.
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2/6/11 Seller’s Obligations/Rights What is the seller’s primary obligation?
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2/6/11 Seller’s Obligations/Rights Perfect Tender Rule Restrictions on the Perfect Tender Rule Usage of Trade, Course of Dealing, and Course of Performance Parties’ Agreement Cure Substantial Impairment
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2/6/11 Seller’s Obligations (and a Few Rights) Conforming goods satisfy the contract terms. Non-conforming goods do not. The seller must tender the goods -- make conforming goods, available to the buyer. UCC 2-301 Perfect Tender Rule Under the perfect tender rule, the buyer may reject the goods if they fail in any respect to conform to the contract. UCC 2-601
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Restrictions on the Perfect Tender Rule Usage of trade: any practice that members of an industry expect to be part of their dealings. Course of dealing: previous
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fall 2010 bule 402 perf and remedies - Commercial...

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