Business Law: Contracts Part III Flashcards
How long does a merchant’s firm offer last?
If a merchant’s firm offer does not indicate how long the offer will be kept open, it is irrevocable for a reasonable time, not to exceed three months
Between two merchants, how are changes to terms treated?
At common law, a purported acceptance that includes a term that was not included in the offer is treated as a counteroffer, but the Sales Article does not follow this rule. Under the Sales Article an acceptance with an additional or different term generally is effective.
Who and what does the UCC Sales Article apply to?
UCC Sales Article applies to all contracts involving the sale of goods. It is not limited to contracts for the sale of goods between merchants. It also applies to contracts for sale of goods between nonmerchants.
UCC sales must involve the sale of goods. Goods are moveable personal property. The UCC Sales Article does not apply to personal service contracts, real estate contracts or contracts involving intangible personal property. The sale of specially manufactured goods clearly involves the sale of moveable personal property (goods).
