Reg Ucc Article2

Front 1

Merchant firm offer - for the sale of GOODS
Certain offers by merchants are IRREVOCABLE without CONSIDERATION. 3 items to qualify:

Back 1

1. the seller must be a MERCHANT
2. the offer must be in WRITING AND SIGNED by the merchant
3.the offer must give assurances it will be kept open for a certain time- not longer than 3 months

Front 2

Under common law the acceptance must mirror the ________.
Under UCC new of different terms are ignored unless the contract is between _______.

Back 2

OFFER
MERCHANTS
MINOR CHANGES can generally be made between merchants, or they will be IGNORED.

Front 3

There are 4 warranties :

Back 3

1. Express warranties
2. the implied Warranty of Title
3. The implied Warranty of or Merchantability
4. the implied Warranty of fitness for a particular purpose.

Front 4

Express warranties - made by seller to induce purchase.
1.Must be Statements of _________, description or Samples or Model
2. Creation must be part of the Basis of the ________

Back 4

1. Fact
2. Bargain
Arise by seller and cannot be disclaim

Front 5

Implied warranty of TITLE - the seller has GOOD TITLE and the right to transfer that title. This warranty May be disclaimed only SPECIFICALLY, which means_____

Back 5

NOT "AS IT IS",but
"I DO NOT WARRANTY TITLE"

Front 6

IMPLIED WARRANTY OF MERCHANTABILITY
1.merchants promise goods fit for _________ purposes
2. made only by _________
3. can be disclaimed by _____ or _________

Back 6

1.ORDINARY
2. MERCHANTS
3. "AS IS " or "WITH ALL FAULTS"

Front 7

The implied Warranty of fitness for a particular purpose - arise when buyer relies on _______ to pick;
2.can be made by________
3. can be disclaimed by _____

Back 7

1. SELLER
2 any SELLER
3 BY WRITTEN disclamer

Front 8

Key areas to remember about STRICT PRODUCT LIABILITY:
1.Elements are
2. Privity is _________
3. Negligence is ________

Back 8

1. defective product, caused injury , unreasonable dangerous, seller in the business of selling these goods and no substantial changes.
2. not Required
3. not Required

Front 9

Delivery and risk of loss
1. For ROL to pass, goods must be _______
2. NONCARRIER CASES - rules depend on the Seller status. The place of delivery is seller's place of business.
a) Nonmerchant seller - risk passes on__________
b) Merchant seller - risk passed on _________
3. CARRIER CASES
a) Shipment contract - Risk passes __________
b) Destination contract - risk passes ________

Back 9

1, IDENTIFIED
2a Tender of Delivery - garage sale. ROL passed to buyer
2b on Actual Delivery
3a.to Buyer on DELIVERY TO CARRIER
3b. to Buyer at DESTIMATION

Front 10

Common SHIPPING terms
1. F.A.S. -
2. C.I.F.
3. F.O.B. the seller's place is ___ contract
4 F.O.B. the buyer's place is ___ contract

Back 10

1,2,3 - Buyers ROL
1 FREE ALONG SIDE
2 COST, INSURANCE AND FREIGHT
3 SHIPMENT contract. ROL passed to buyer at delivery to carrier
4. DESTINATION contract. ROL passed to buyer at delivery to desination

Front 11

Statute of Frauds - goods >$500 - need to be in writing
WRITING IS NOT NEEDED : (4)

Back 11

SWAP
S - SPECIALLY manuf. goods
W - written merchant confirmation
A - Admission in court
P - contract has been PERFORMED

Front 12

Under UCC, a modification of a contract for the sale of goods is ______ even without additional consideration.

Back 12

ENFORCEABLE

Front 13

Liability for personal injury CAN/CANNOT ? be disclaim

Back 13

CANNOT

Front 14

If the is no liquidated damages provision in the contract, the seller may retain a deposit up to _____ of the value of total performance or $_______, whichever is smaller

Back 14

20% or %500

Front 15

Before title to goods can pass from a seller to a buyer , the goods must be ________

Back 15

IDENTIFIED TO THE CONTRACT

Front 16

If both partied are MERCHANTS, a document confirming the existence of an oral agreement and signed by the party sending the document satisfied the writing req.-t as to the recipient as well as to the sender if the recipient does not object to the writing within _______ days after receipt - the offer is __________

Back 16

10 days
ENFORCEABLE

Front 17

When the seller is a merchant, the ROL passes from the MERCHANT seller to the buyer upon the __________
When the seller is NONMERCHANT, the ROL would have passed upon _________

Back 17

1.BUYER'S ACTUAL RECEIPT of goods.
2. 'TENDER OF DELIVERY"

Front 18

UCC permits the buyer to ________ the goods prior to payment or acceptance.

Back 18

to INSPECT

Front 19

Where the sales contract is _________ , the buyer is NOT entitled to inspect th goods before payment of the purchase price.

Back 19

C.O.D. cash on delivery

Front 20

UCC permits the fomation of a sales contract with "open price", "open delivery". "open quantity", but not " OPEN ________ "

Back 20

ACCEPTANCE

Front 21

The ________ may be excused from performance if the goods are accidentally destroyed before the ROL passes to the ________

Back 21

SELLER
BUYER