Sales Contracts 1 of 3 (35)

Question 1

Uniform Commercial Code (UCC)

Answer 1

A set of laws that regulate commerce within the U.S. and establish guidelines related to the sale of personal property (UCC Article 2) but do not govern sales of real property or the providing of services.

Question 2

Firm Offer

Answer 2

An offer that cannot be revoked, despite a lack of consideration from the offeree, provided it is from a merchant, is signed, and expires after a specified period of time, not to exceed 3 months.

Question 4

Implied Warranty of Title & Infringement

Answer 4

An automatic warranty associated with the sale of goods in which the seller warrants good title, that the transfer is rightful and legal, there are no liens or encumbrances on the property, and the transfer does not violate the rights of third parties, which may only be disclaimed with an explicit statement disclaiming the warranty in the sales contract.