UCC laws

Question 1

UCC 2-104

Answer 1

deals with the definition of a merchant

Question 2

definition of a merchant (3)

Answer 2

a person who

• deals with the kind of goods involved in the transaction
• holds himself out as having knowledge or skill about the practices or goods involved in the transaction
• uses an agent, broker, or other intermediary who has such knowledge or skill

Question 3

ucc 2-205

Answer 3

deals with firm offers for merchants

Question 4

firm offer by a merchant

Answer 4

an offer by a merchant to buy or sell goods in a signed writing which by its terms gives assurance that it will be held open is not revocable, for lack of consideration, during the time stated, or * if no time is stated for a reasonable time, BUT IN NO EVENT may such a period of irrevocability exceed 3 months*.

any such term of assurance on a form supplied by the offeree must be separately signed by the offeror

Question 5

ny gol 5-1109

Answer 5

deals with irrevocable firm offers if you’re not a merchant

Question 6

irrevocable firm offers if you’re not a merchant

Answer 6

has to be

• in writing signed by the offeror or by his agent
• states that the offer is irrevocable during a period set forth or until a time fixed
• if it states that the offer is irrevocable but does not state the period of time of irrevocability, it shall be construed to state that the offer is irrevocable for a reasonable time.

Question 7

ny gol 5-703

Answer 7

deals with real property provision

Question 8

What is within the real property provision?

Answer 8

any contract that creates or transfers an interest in real property

e.g sale, lease, mortgage

Question 9

When is a lease an exception on the real property provision?

Answer 9

when the lease is of one year or less

Question 10

Does it matter when the parties enter into contract when making a real property lease?

Answer 10

No. The only period that is relevant is the length of time tenant is entitled to occupy property.

Question 11

gol 5-701 (1)

Answer 11

deals with the one year provision of the statute of frauds

Question 12

gol 5-702 (2)

Answer 12

deals with suretyship

Question 13

suretyship

Answer 13

within: promise to answer for the debt of another

it is a promise to be secondarily (collaterally) liable for another’s debt

Question 14

ucc 2-201

Answer 14

about the sale of goods that are $500 or more