Ch 21 - Introduction To Sales And Lease Contracts

Question 1

Good

Answer 1

All tangible things that are movable at the time of identification to the contract for sale

Question 2

3 sources of contract law

Answer 2

Common law
UCC
Statutory law

Question 3

UCC can fill open terms in contract

Answer 3

Except for quantity

Question 4

UCC applies to (real estate, trade fixtures)

Answer 4

TF, not RE

Question 5

Mixed goods and services contracts

Answer 5

Primary purpose of sale determines if it falls under UCC

Question 6

Merchants

Answer 6

Held to a higher standard than non merchants
A person who deals in goods of the kind, or otherwise by his occupation, holds himself out as having the kind of knowledge or skill peculiar to the practices or goods involved (also if they employed a broker)

Question 7

UCC v common law

Answer 7

UCC doesn’t need mirror image of offer and acceptance

No consideration needed in UCC for good faith modification

Question 8

Lease

Answer 8

Transfer of the right to possession and use of goods for a term in return for consideration

Question 9

Consumer lease

Answer 9

Lease that have a value of at less than $25,001 and exists between a business and a personal user

Question 10

Financial lease

Answer 10

Lease that involves a third party (supplier or vendor) who lease a separate role from that of the lessor

Question 11

Firm offers

Answer 11

Irrevocable w/o consideration needed under UCC

Question 12

Parol evidence rule

Answer 12

Cannot later contradict contract with new evidence

Question 13

Unconscionable

Answer 13

So unreasonable as to be unfair if the court were to enforce it

Question 14

Sale

Answer 14

The passing of title from the buyer to seller for a price

Question 15

CISG

Answer 15

countries have adopted as of 12/15 (not the UK)
•Preempts the UCC – Travelers affirmative opt out
•Writing not required
•Price must be stated
•Offer irrevocable if reliance
•Closer to mirror image rule