BL-Chapt20 - Print Chapter Page 1 of 33 The Formation of...

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The Formation of Sales and Lease Contracts Chapter Introduction 20-1 The Uniform Commercial Code 20-1a Comprehensive Coverage of the UCC 20-1b A Single, Integrated Framework for Commercial Transactions 20-1c Periodic Revisions of the UCC 20-2 The Scope of Article 2–The Sale of Goods 20-2a What Is a Sale? 20-2b What Are Goods? 20-2c Who Is a Merchant? 20-3 The Scope of Article 2A–Leases 20-3a Definition of a Lease Agreement 20-3b Consumer Leases 20-3c Finance Leases 20-4 The Formation of Sales and Lease Contracts 20-4a Offer 20-4b Acceptance 20-4c Consideration 20-4d The Statute of Frauds 20-4e Parol Evidence 20-4f Unconscionability 20-5 Contracts for the International Sale of Goods 20-5a Applicability of the CISG 20-5b A Comparison of CISG and UCC Provisions 20-5c Special Provisions in International Contracts Chapter Recap Page 1 of 33 Print Chapter 2010-8-30 ..
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Chapter Introduction When we turn to contracts for the sale and lease of goods, we move away from common law principles and into the area of statutory law. State statutory law governing sales and lease transactions is based on the Uniform Commercial Code (UCC), which, as mentioned in Chapter 1, has been adopted as law by all of the states. The UCC is widely viewed as one of the most important legal developments in the United States. We open this chapter with a discussion of the UCC's historical significance as a legal landmark. We then look at the scope of the UCC's Article 2 (on sales) and Article 2A (on leases) as a background to the topic of this chapter, which is the formation of contracts for the sale and lease of goods. The goal of the UCC is to simplify and streamline commercial transactions, allowing parties to form contracts without observing the same degree of formality used in forming other types of contracts. Today, businesses often engage in sales and lease transactions on a global scale. Because international sales transactions are increasingly commonplace, we conclude the chapter with an examination of the United Nations Convention on Contracts for the International Sale of Goods (CISG), which governs international sales contracts. The CISG is a model uniform law that applies only when a nation has adopted it, just as the UCC applies only to the extent it has been adopted by a state. Page 2 of 33 Print Chapter 2010-8-30 ..
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20-1 20-1a 20-1b 20-1c The Uniform Commercial Code Comprehensive Coverage of the UCC A Single, Integrated Framework for Commercial Transactions In the early years of this nation, sales law varied from state to state, and this lack of uniformity complicated the formation of multistate sales contracts. The problems became especially troublesome in the late nineteenth century as multistate contracts became the norm. For this reason, numerous attempts were made to produce a uniform body of laws relating to commercial transactions. The National Conference of
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BL-Chapt20 - Print Chapter Page 1 of 33 The Formation of...

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