CH 15 - UCC Sales and Lease Contracts

Question 0

LEASE

Answer 0

Transfer of posession.

Question 1

SALE

Answer 1

Transfer of title

Question 2

TANGIBLE PROPERTY

Answer 2

You can perceive with 5 senses

Question 3

INTANGIBLE PROPERTY

Answer 3

Copyright

Question 4

PREDOMINANT FACTOR TEST

Answer 4

You apply the law of the central part. Predominant in a mixed contract.
Ex. Without PC there is no service required.

Question 5

MERCHANT

Answer 5

Commercial expert

Question 6

GOODS

Answer 6

Moveable objects

Question 7

UCC = UNIFORM COMMERCIAL CODE

Answer 7

Goods what are important

Question 8

LESSOR

Answer 8

Toyota

Question 9

Lesse

Answer 9

Me :)

Question 10

REQUIREMENTS

Answer 10

Promises to buy/ sell everything you NEED (Average based on pat history)

Question 11

OUTPUT CONTRACTS

Answer 11

Promises to sell/ buy everything you PRODUCE

Question 12

FIRM OFFER

Answer 12

Irrevocable offer, leaved it there for 3 months!!! Could be less, but NOT more.

Question 13

IRREVOCABLE OFFER

Answer 13

Option contracts

Question 14

COURSE OF DEALING

Answer 14

Previous actions and communications for a particular transaction that establishes a common basis for their understanding.

Question 15

USAGE OF TRADE

Answer 15

Any market practice or method of dealing that is so regularly observed in a place, that parties expect it.

Question 16

COURSE OF PERFORMANCE

Answer 16

Conduct that occurs under the terms of a particular agreement, which indicates what the parties to that agreement intended it to mean.

Question 17

ROL = RISK OF LOSS

Answer 17

Usually seller until until delivery, it depends on the contract.

Question 18

IDENTIFICATION

Answer 18

Be very careful, specific, otherwise you must take general type of whatever you said.

Question 19

FUNGIBLE GOODS

Answer 19

By nature all parts equal

Question 20

BAILEE

Answer 20

Temporary possession, delivery. They have to posses the piano in order to deliver it.

Question 21

CURE

Answer 21

To fix, to correct a problem.

Question 22

CISG

Answer 22

International UCC - Countries making deals.