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16 Cards in this Set

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UCC 2-106

Sale = passing of title from the seller to the buyer for a price

UCC 2-105

Goods - tangible, movable items


* includes manufactured items




not include money, securities, property, services

Issues involving goods you use what approach?

UCC

Issues involving services you use what approach?

Common Law

Elements of a Contract

1. Offer


2. Acceptance


3. Consideration

Unilateral Contract

A contract where the offeror makes a promise to receive specific performance

Bilateral Contract

When both the offeror and offoree give a promise to have specific performance

Offer

is a communication that objectively manifests itmaker’s willingness to enter a bargain and is made in a way that justifiesanother person in believing that his or her assent to the bargain is invitedand will conclude it.

Acceptance

the second element of a contact that must be giving by the offeree

Consideration

The third element of a contract that is sought by the promisor in exchange for his promise and is given by the promisee in exchange for that promise

UCC 2-204

Even though one or more terms are left open tocontract for sale does not fail for indefiniteness if the parties intended tomake a contract and there is a reasonably certain basis for giving anappropriate remedy.

Objective test for Offer

would a reasonable person in the circumstancesbelieve it was meant to be an offer?

Subjective Test for Offer

applies if other party KNEW if it was meant tobe an offer





Lucy v. Zehmer

Over-taking Rejection rule

if a communication is sent rejecting the offer,and a later communication is sent accepting, then the first one to be receivedby the offeror will prevail. Valid upon receipt of it.

Firm Offer

an offer (usually in writing), which states itmay not be withdrawn, revoked or amended for a specific period of time. If theoffer is accepted without a change during that period, there is a firm,enforceable contract.

UCC 2-205




Firm offer

An offer by a merchant to buy or sell goods in asigned writing which by its terms gives assurance that it will be held open isnot revocable, for lack of consideration, during the time stated or if no timestated for a reasonable time.