Sales Law Flashcards
Only sales of goods are covered under the UCC.
Sales
Offer - You offer to sell something at a price Acceptance - the other party accepts Consideration - Something of value has been exchanged for the goods Note: The UCC only covers sales of goods.
Sales
You offer to sell something at a price and keep that offer open for a set period of time 3 months max Only merchants can make firm offers Must be in writing and signed
Sales
If value of goods sold is > $500; sales contract must be in writing Exceptions: Merchants can enter into oral contracts for > $500 items. Oral contracts are binding for special or uniquely-made items (i.e. custom cabinets or custom furniture that could not be sold if buyer reneged)
Sales
If terms are: FOB shipping point: Title transfers at point of shipment (i.e. when loaded on truck) FOB destination: Title and risk transfers once item is delivered
Sales
The seller has the right to sell the good and no one else can stake claim to that good
Sales
This good will do its intended purpose Can be disclaimed
Sales
This good is the right choice for you based on the seller’s expert opinion Can be disclaimed
Sales
Manufacturers of goods cannot disclaim that their products will be safe Can be liable if negligent
Sales
Buyer can reject some or all of the shipment if the seller didn’t perform as agreed and ship what was expected Must give notice Must give seller a chance to remedy the situation
Sales
Buyer must sue to recover damages within 4 years.
Sales
