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Business Law 4510 > Ch 23 - Obligations > Flashcards

Ch 23 - Obligations Flashcards

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1
Q

Perfect tender rule

A

Requires that the seller delivers the goods in conformation with the terms of the contract down to the last detail

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2
Q

Substantial performance

A

All material elements of a contract are satisfied (weaker than perfect tender rule)

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3
Q

Exceptions to perfect tender rule

A 
Past dealings
Usage of trade
Contract terms
Right to cure
Destruction of goods
Substantial impairment
Commercial impracticality
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4
Q

Buyer’s obligations

A

Inspection before payment
Reasonable time and place
Can reject all/part/subject to cure
Timeliness

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5
Q

Good faith

A

Honesty in fact

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Business Law 4510 (16 decks)

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