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10 Cards in this Set
- Front
- Back
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What are the four elements needed to form a contract?
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(1) committment
(2) definite terms (3) communicated (4) to a specific offeree |
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In the absence of a specified payment term, what does the UCC section 2 provide?
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Payment should be made when the buyer receives the goods
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In the absence of a specified time for shipment, what does the UCC section 2 provide?
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Shipment should be made within a resonable time
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In the absence of a specified place of delivery, where shall the delivery be?
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UCC section 2 provides that unless agreed otherwise, the place of delivery shall be the seller's place of business or residence.
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What is a firm offer?
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Ucc 2-205
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 (limited to 3 months) |
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Who is obligated under the implied warranty of mercantibility?
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A merchant with respect to goods of that kind
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definition of MERCHANT
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(1) deals in goods of that kind or
(2) holds himself out as having knowledge or skill peculiar to those goods or (3) to whom that skill may be attributed by his employment |
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WHat is an OFFER?
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An agreement to do (or not do) something CONDITIONED on acceptance.
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What test is used to determine INTENT under contracts
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mutual assent is determenined through an objective test. Would a resonable person conclude that an intent to contract exists
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When is a contract VOID?
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A contract is void when it produces no legal obligation.
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