eugeneosbornAssignment 5

eugeneosbornAssignment 5 - Assignment 5 LAW2221-Scroggins...

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Assignment 5 1 LAW2221—Scroggins Carkson Text Chapter 20: 1. Distinguish between a sale and a lease. Sale: passing of a title from seller to buyer for price (sale of goods) Lease: lease or sublease of goods 2. What are the fundamental principles of Article 2 and Article 2A? What have the changes to the two provisions done to the need to include all material terms in an offer? Govern Sales and lease of goods Not all terms have to be included for a contract to be formed The price doesn’t have to be included for a contract to be formed An offer by a merchant in a signed writing with assurances that the offer will not be withdrawn is irrevocable without consideration 3. How does the parol evidence rule fit in? The terms of a contract may be explained or supplemented with additional terms or by course of dealing, usage of trade, or course of performance (evidence is admissible) 4. What differences are there between the UCC and the CISG? Mirror image rule: Irrevocable offer: Statute of fraud: Time of contract formation Chapter 21: 1. Explain how identification is necessary to title. Title cannot pass to buyer from seller unless the goods are indentified to the contract 2. Define fungible goods. Goods that are alike naturally (goods stored in large containers) 3. When does title pass? Once goods exist and are indentified 4. What happens when someone sells something they don’t have a right to? Title is void
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This note was uploaded on 01/08/2012 for the course BUS 2221 taught by Professor Scroggins during the Spring '11 term at Troy.

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eugeneosbornAssignment 5 - Assignment 5 LAW2221-Scroggins...

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