UCC and Commercial Transactions Flashcards
UCC stands for
Universal Commercial Code (state law that all 50 states - virtually uniform) - weird in Louisiana
State statutory law is based on
The UCC - written law that overrides common law
Common law and traditional statutory contract law still prevail where
Not changed by sale or lease law (Arts 2 and 2A) meaning a judge has the power to decide a case between two people
Common law governs
Contractual transactions with real estate, services, insurance, intangible assets and employment
UCC governs
Contractual transactions with goods and tangible objects such as purchase of a car
What article under the UCC governs the sale of goods
Article 2
What article under the UCC governs lease law
Article 2A
Patents and copyrights are what kind of property
Intangible property
The transferring of title/ownership from the seller to the buyer for a price
Sale (not a gift)
Something that is tangible and moveable by the time the contract is identified
Goods
Price can be
Anything if legal value (can be a service)
Land is
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)
Personal property is
Stuff that’s not land
If something can be removed from the building without damaging, can be subject to
Article 2 sale - fixture which could be a good
Are pets goods?
Yes bc they are tangible and moveable
Unborn animals are not goods because we cannot touch them but what is an example of an exception
Horse racing
Sale of crops in the ground would be what kind of contract
Real estate contract
Open Terms of a contract
Price
Payment
Delivery
Duration of ongoing contract
Common law rule on withdrawing offers
Can withdraw at any time before it is accepted
Elements of a merchants firm offer
Merchant
Signed agreement
Term limited
Someone who is dealing in the kind of goods they are offering to sell
Merchant
Must be signed by merchant
Signed agreement
Period of time that the merchant is promising to hold the offer open
Term (limited — less than 90 days)
