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BLAW 444 > UCC and Commercial Transactions > Flashcards

UCC and Commercial Transactions Flashcards

1
Q

UCC stands for

A

Universal Commercial Code (state law that all 50 states - virtually uniform) - weird in Louisiana

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2
Q

State statutory law is based on

A

The UCC - written law that overrides common law

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3
Q

Common law and traditional statutory contract law still prevail where

A

Not changed by sale or lease law (Arts 2 and 2A) meaning a judge has the power to decide a case between two people

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4
Q

Common law governs

A

Contractual transactions with real estate, services, insurance, intangible assets and employment

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5
Q

UCC governs

A

Contractual transactions with goods and tangible objects such as purchase of a car

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6
Q

What article under the UCC governs the sale of goods

A

Article 2

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7
Q

What article under the UCC governs lease law

A

Article 2A

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8
Q

Patents and copyrights are what kind of property

A

Intangible property

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9
Q

The transferring of title/ownership from the seller to the buyer for a price

A

Sale (not a gift)

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10
Q

Something that is tangible and moveable by the time the contract is identified

A

Goods

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11
Q

Price can be

A

Anything if legal value (can be a service)

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12
Q

Land is

A

Real property or real estate…the location is defined/bounded in place and it is not moveable (everything is permanently affixed to it such as a building)

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13
Q

Personal property is

A

Stuff that’s not land

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14
Q

If something can be removed from the building without damaging, can be subject to

A

Article 2 sale - fixture which could be a good

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15
Q

Are pets goods?

A

Yes bc they are tangible and moveable

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16
Q

Unborn animals are not goods because we cannot touch them but what is an example of an exception

A

Horse racing

17
Q

Sale of crops in the ground would be what kind of contract

A

Real estate contract

18
Q

Open Terms of a contract

A

Price
Payment
Delivery
Duration of ongoing contract

19
Q

Common law rule on withdrawing offers

A

Can withdraw at any time before it is accepted

20
Q

Elements of a merchants firm offer

A

Merchant
Signed agreement
Term limited

21
Q

Someone who is dealing in the kind of goods they are offering to sell

A

Merchant

22
Q

Must be signed by merchant

A

Signed agreement

23
Q

Period of time that the merchant is promising to hold the offer open

A

Term (limited — less than 90 days)

BLAW 444 (1 decks)

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