The Uniform Commercial Code

Vocabulary

buyer

person who buys or contracts for purchase of goods as a merchant operating in good faith under the Uniform Commercial Code (UCC)

cure

action a seller takes to repair, adjust, or replace nonconforming goods sent to a buyer

defect

goods that do not conform with a contract, usually because of a shortcoming, imperfection, or flaw

good faith

honesty and the observance of reasonable commercial standards of fair dealing under the Uniform Commercial Code (UCC)

goods

all things that are movable at the time of identification to a contract for sale, including specially manufactured items

merchant

someone who routinely deals in the sale or purchase of goods under the Uniform Commercial Code (UCC)

nonconforming

good that fails to meet the specifications provided for in a contract between buyer and seller

perfect tender rule

rule under the Uniform Commercial Code (UCC) that empowers a buyer to reject any good that does not conform with a contract

real property

land and everything attached to it that cannot be easily moved, such as buildings, crops, and mineral rights; not the same as personal property

receipt

taking physical possession of goods and accepting them as conforming under a contract

rejection

buyer’s refusal to take or accept a particular good or item as satisfying the contract

sale

passing the title from a seller to a buyer for an agreed-on fee or price

seller

person who sells or contracts for sale of goods as a merchant operating in good faith under the Uniform Commercial Code (UCC)

Uniform Commercial Code (UCC)

uniform set of laws, adopted by all states and the District of Columbia, that govern commercial transactions within the United States. Different jurisdictions enforce the UCC differently.

United Nations Convention on Contracts for the International Sale of Goods (CISG)

international agreement governing sales transactions in which goods pass national boundaries

usage of trade

any method of dealing that happens so often in a vocation or trade that it will most likely happen during the transaction in question