Contracts

Question 1

UCC - Chapter 2

Answer 1

Purpose is to find efficiency in forming contracts
Sale of Goods (tangible and less detail)
Realty + Sale of Goods
Statutory (in all states except Louisiana)

Question 2

Common Law

Answer 2

Judicial (more details and provision)
Sale of appliances in a home
Installation of Goods
Applies to service and real estate contracts (e.g. mortgage, liens, sale and purchase of RE, and leases)

Question 3

Blended Contracts

Answer 3

Involve the sale of goods AND services

Question 4

Contract

Answer 4

An agreement supported by the consideration between two with competent compatibility and a legal purpose

Question 5

Statute

Answer 5

An act or legislation that declares proscribes or commands something such as a specific law expressed in writing

Question 6

If a contract provides both goods and services then…

Answer 6

It is considered a blended law
If it is a service then it is under UCC
If it is installation of a service then it is under common law

Question 7

Difference between UCC and common law

Answer 7

UCC is sale of goods; efficient way for contracts to form in businesses; codified

Common law is real estate and services; more detailed; body of cases decisions

Question 8

A lease or loan is a service and would be under common law. (T/F)

Answer 8

True

Question 9

What are some examples of service under common law?

Answer 9

• a loan
• a lease
• purchase of partnership interest