Sales

Question 1

Controls contracts for the sale of goods for any dollar amount

Answer 1

Article 2 of the UCC

Question 2

Tangible personal property

Answer 2

Personal goods–covered by UCC

Question 3

Good sin which one unit is considered the equibalent of the other units–UCC applies

Answer 3

Fungible goods

Question 4

One who deals in the kind of goods being sold, or one who holds self out as having superior knowledge and skills as to the goods involved, or one who employs another who qualifies as such

Answer 4

Merchant

Question 5

If contracts are unclear and the parties have had previous dealings, we look to see how the unclear term was interpreted or acted upon by the parties in the past

Answer 5

Course of dealing

Question 6

If Sales contract is unclear, look to how the term is typically used in the particular trade, business, or industry

Answer 6

Usage of trade

Question 7

A contract in which the buyer promises to purchase all that a seller can produce

Answer 7

output contract

Question 8

A contract in which the seller promises to provide the quantity of goods taht the buyer needs

Answer 8

Requirements contract

Question 9

A rule that states that if a merchang makes a promise in writing to hold in offer open, even if it’s not supported by consideraiton, they cannot revoke it for max 3 mon

Answer 9

Firm offer rule

Question 10

If a contract is betwen merchants, the additional terms in cluded in the acceptance become part of the contract

Answer 10

Battle of forms

Question 11

When a party is ready, willing, and able to perform the obligations of hte contract

Answer 11

Tender

Question 12

The place of tender if the contract doesn’t specify,

Answer 12

Seller’s place of business

Question 13

Rule that states that a seller’s tender of goods must conform exactly to the terms of hte contract, and if it’s not the buyer can reject hte goods

Answer 13

Perfect tender rule

Question 14

A defect that the buyer coudl not perceive with reasonable inspection at the time of delivery–buyer may revoke prior acceptance in this case

Answer 14

Hidden defect

Question 15

Excuses either seller’s obligation to perform based on performance becoming excessivley expensive or difficult due to unforseeable events

Answer 15

Commercial impracticability

Question 16

When one party clearly indicates that is unwilling or unable to perform the contract as promised–excuses other party from obligation

Answer 16

Anticipatory repudiation

Question 17

An arrangement in which an agent is appointed by consignor to sell goods

Answer 17

Consignment

Question 18

Any document that in the regular course of business is accepted as adequate evidence that the person in possession of hte document is entitled to receive, hold, and dispose of hte document and the godos it covers

Answer 18

Document of title

Question 19

A document of title that is issued by a private or common carrier in exchange for goods delivered to it for shipment; negotiable or non

Answer 19

Bill of lading

Question 20

A document of title issued by a person engaged in teh business of storigngoods that cknowledges receipt of the goods, desribes the goods stored, and contains the terms of hte storage contract; can be negotiabloe or non

Answer 20

Warehouse receipt

Question 21

Occurs when the goods that are going to be used to perform the contract are shipped, marked, or otherwise designated as such
Gives the buyer an insurable interst in the goods and right to demand them upon offering full contract prise

Answer 21

Identification

Question 22

A contract in which title passes on tender at destination (buyer’s place of business)

Answer 22

Destiniation contract

Question 23

A contract in which title passes when the seller puts goods in the possession of hte carrier

Answer 23

Shipping (point) contract

Question 24

A shipment contract that includes cost, insurance, and freight in the price

Answer 24

CIF

Question 25

A shipment contrac that includes cost and freight in the price

Answer 25

C&F

Question 26

Warranty in which the seller warrants good title, rightful transfer, and freedom from any security interest or lien of which the buyer has no knowledge

Answer 26

Warranty of title

Question 27

Any affirmation of fact or promise made by the seller to the buyer that relates to the goods and becomes part of hte basis of the bargain

Answer 27

Express warranty--can be written or oral

Question 28

Warranty that warrants that goods are fit for ordinary purpose, and properly packaged/labeled

Answer 28

Warranty of merchantability

Question 29

Warranty created when the selelr knows of the particular use for which the goods are required and further knows that the buyer is relying on skill and judgment of the seller to slect and furnish suitable goods for this particular use

Answer 29

Warranty of fitness for a particular purposed

Question 30

Manufacturers, sellers, and lessors who normally deal in this type of product are liable to users of products wtihout proof of ault or lack of reasonable care if the product was defective when sold, and unsually dangerous

Answer 30

Strict product liability

Question 31

A product liability rule that states that those in business of selling or distributing defective products are liable for harm to individuals or property resulting from such defect--defect does NOT need to be unreasonably dangerous like under strict product liability 1. Manufacturing defects 2. Inadequate warnings/instruction 3. design defects

Answer 31

REstatement (Third) of Torts: Product Liability Published by the American Law Institute

Question 32

Unde this act, a liensor of its software has special self-help remedies availble to protect its software, the right to be pade for usage, or its trade secrets

Answer 32

uniform Computer Information Transactions Act (UCITA)

Question 33

Damges resulting from a buyer's needs that the seller was aware of at the time of contracting

Answer 33

Consequential damanges

Question 34

Suing for possession of goods wrongfully held by the seller, if hte buyer is unable to cover

Answer 34

Replevin

Question 35

Substituting gods from another seller, if original seller breaches contract and doesn't deliver

Answer 35

"covering"

Question 36

UCC rule applying to any transaction that creats a lease, regardless of form

Answer 36

Article 2A of UCC

Question 37

A 3 party transaction in which the lessor acquires title or right ot possess goods from a supplier

Answer 37

Finance lease

Question 38

Contracts for sales of goods pbetwen persons or companies of different countries follow these rule

Answer 38

Contracts for the International Sale of Goods (CISG)