CH 15 - UCC Sales and Lease Contracts Flashcards
LEASE
Transfer of posession.
SALE
Transfer of title
TANGIBLE PROPERTY
You can perceive with 5 senses
INTANGIBLE PROPERTY
Copyright
PREDOMINANT FACTOR TEST
You apply the law of the central part. Predominant in a mixed contract.
Ex. Without PC there is no service required.
MERCHANT
Commercial expert
GOODS
Moveable objects
UCC = UNIFORM COMMERCIAL CODE
Goods what are important
LESSOR
Toyota
Lesse
Me :)
REQUIREMENTS
Promises to buy/ sell everything you NEED (Average based on pat history)
OUTPUT CONTRACTS
Promises to sell/ buy everything you PRODUCE
FIRM OFFER
Irrevocable offer, leaved it there for 3 months!!! Could be less, but NOT more.
IRREVOCABLE OFFER
Option contracts
COURSE OF DEALING
Previous actions and communications for a particular transaction that establishes a common basis for their understanding.
USAGE OF TRADE
Any market practice or method of dealing that is so regularly observed in a place, that parties expect it.
COURSE OF PERFORMANCE
Conduct that occurs under the terms of a particular agreement, which indicates what the parties to that agreement intended it to mean.
ROL = RISK OF LOSS
Usually seller until until delivery, it depends on the contract.
IDENTIFICATION
Be very careful, specific, otherwise you must take general type of whatever you said.
FUNGIBLE GOODS
By nature all parts equal
BAILEE
Temporary possession, delivery. They have to posses the piano in order to deliver it.
CURE
To fix, to correct a problem.
CISG
International UCC - Countries making deals.
