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9 Cards in this Set

  • Front
  • Back
1. PTR
2. Cure
3. Installment Ks
4. Acceptance of goods
5. Revocation of acceptance of goods
6. Whether B rejects goods or revokes acceptance of goods, B can return the goods, get its $ back, and sue S for breach.
7. B's payment obligation
What is the Perfect Tender Rule?
S must deliver perfect goods in the right place at the right time. If tender isn't perfect, B has the right to reject the goods.
Rule on Cure?
A seller who fails to make perfect tender may have an option to cure. It usually depends on whether the time for performance has expired.
Installment Ks?
1. K requires or authorizes S to deliver in separate installments
2. PTR doesn't apply to installment Ks, so it's more difficult for a B to reject
a. B has right to reject installment only if there is substantial impairment in the installment that can't be cured.
b. B has right to reject entire K only if a defect in an installment substantially impairs the value of whole K.
Acceptance of goods?
1. Implied acceptance: occurs when B keeps the goods w/o objection after having a reasonable opp to inspect them
2. Once B accepts the goods, it is too late for the B to reject them... but a B who accepts non-conforming goods can still get damages.
Acceptance of good: Rule and Exception?
1. Rule: Once B accepts goods, B cannot revoke acceptance
2. Exception: B can revoke acceptance only if the defect substantially impairs their value and was difficult to discover (ie latent defect)
Whether B rejects/revokes good, B can return goods, etc. etc. What are the 2 differences?
1. Timing: rejection occurs early, before acceptance, while revocation occurs later, after acceptance.
2. Standard: B can reject goods if S fails to make a perfect tender, but B can revoke acceptance of goods only if there's a substantial impairment.
B's payment obligation. Can B pay with a check by the pmt due date?
Yes, but S doesn't have to accept the check. If S rejects the check, B has a reasonable time period to get cash.
The Rule on Performance of COMMON LAW Contracts?
Performance does not have to be perfect; substantial performance is all that's required...but cannot commit a material breach.