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Chapter 18 Notes

Chapter 18 Notes - Ch 18 UCC Articles Cited UCC 2A-106(i...

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Ch. 18 UCC Articles Cited: UCC 2A-106(i) When UCC provision address issue, UCC governs. Otherwise, common law governs Article 1 – General provisions and definitions Article 2 – Sales o Article 2A – Leases Article 3 – Negotiable instruments Article 4 – Bank deposits and collections o Article 4A – Fund transfers Article 5 – Letters of credit Article 6 – Bulk sales Article 7 – Documents of title Article 9 – Secured transactions Article 2 Sales contract – a contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price Sale – the passing of title to property from the seller to buyer for a price Tangible property – property that has physical existence and can be distinguished by the senses of touch and sight Intangible property – property that cannot be seen or touched but exists only conceptually o Not governed by Article 2 Goods associated with real estate: Often fall within the scope of Article 2 Mixed sale – goods and services combined o Predominant-factor test – a test courts use to determine whether a contract is primarily for the sale of goods or for the sale of services Merchant – a person who is engaged in the purchase and sale of goods o Deals in goods related to sales contract o Has special knowledge and skill related to goods involved o Employs a merchant as a broker, agent, or other intermediary Article 2A Lease – transfer of the right to possess and use goods for a period of time in exchange for payment Lease agreement – agreement in which one person agrees to transfer the right of possession and use of property to another person in exchange for rental payments
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