General Flashcards
2-102
Applies to the transaction in goods
2-105
Goods: moveable at the time of identification other than money
includes: crops, unborn animals, goods severed from reality
1-303. Course of Performance,
Performance- conduct between parties for THIS transaction
1-303 Course of Dealing
Dealing - conduct between parties for PREVIOUS transactions
1-303 Usage of Trade
Trade - Practice regularly observed
locality and vocation effect
Article 9
Secure Transactions
Lease Bright-Line
a lease creates a security interest if the consideration that the lessee is to pay the lessor for the right to the goods is an obligation for the term of the lease and not subject to termination by lessee
The original term of the lease is equal to or greater than the remaining economic life of the go
CISG
applies to international
Article 3 is …?
Gap fillers
Article 9
Securied Transactions
Merchant is…
2-104 a person who deal in goods of the kind
Common law will cover when _____ lacks
UCC
Statute of Frauds (2-201)
a. Unenforceable any unwritten contract for sale of goods with value of more than $500 ($1000 in Michigan) unless some sufficient writing to indicate k for sale has been made between parties and signed by party against whom enforcement is sought
b. Merchant exception: confirming writing sufficient if recipient of writing knows contact and fails to object in writing in 10 days
i. Not required to be signed
ii. Writing indicate k for sale made
iii. Not mere negotiations
iv. Need binding language
c. Writing requirements:
i. To indicate buyer and seller
ii. Needs to indicate quantity
iii. Signed by party whom enforcement is sought against
Parole Evidence
previous aspects of negotiation not written into the contract can be considered IF no integration clause and the concepts would not have been written into teh contract usually
Leases are address in…
2A
Lease is not enforceable unless:
a. Total payment less than $1000
b. Writing, signed by party whom enforcement sought against sufficeitn to indicate lease k mad
c. If do not meet (1) then enforceable if the goods were received and accepted
i. Acceptance
1. Signifies goods are conforming
2. Fials to reject goods
3. Acceptance of part of a commercial unit = acceptance of whole unit
d. Payment is not a sufficient substitute for writing
Statute of Frauds Cmt 1
requires the party for whom it is sought to be enforced against to have signed the contract (signed is a loose term)
Under Statute of Frauds rejecting
must be in writting
Statute of Frauds partial performacne
payment or received and accepted the goods
Statute of Frauds 201(3)
the item was specifally manufacture for the person and could not be sold in regular course of business then it is enforceable
