Ucc

Front 1

distsinguishes the goods named in the contract from the buyers or sellers other goods

Back 1

Indentified Goods

Front 2

(agreement) the parties to a sales contract may agree among themselves as to who will bear the risk of loss if goods are lost or stolen

Back 2

Risk of Loss

Front 3

offer by a merchant in a signed writing w/o consideration that cannot be revoked for a stated time or a reasonable time (if no time is stated 3 months)

Back 3

firm offer 2-205

Front 4

what is needed for a firm offer unless indicated by the offerer acceptance may be any reasonable manner (I will sell you this desk if you call by 5pm I will sell you this desk, you show up at 5pm I don't have to sell it because I said you need to call me)

Back 4

acceptance

Front 5

the risk remains on the seller unless the buyer accepts the non-conforming goods (you order green shirts I deliver blue)

Back 5

non-conforming goods

Front 6

transfer of possession of the goods for a trail period *the risk of loss does not pass to teh buyer until the buyer accepts by words, conduct or lapse of time.

Back 6

sale on approval

Front 7

transfer of personal property (but not title) (dry cleaning, storage)

Back 7

Bailment

Front 8

in every contract for the sale of goods both buyer and seller must act in good faith

Back 8

good faith

Front 9

contract by which title to personal property is transfered from seller to buyer for a price

Back 9

sale

Front 10

a rememdy that orders the breaching party to perform the acts promised in the contract:usually awarded in cases where the subject matter is unique (the Mona Lisa)

Back 10

Specific Performance

Front 11

a contract that requires the seller to send goods to the buyer by carrier-delivery occurs when teh seller puts the goods in teh carriers possession C.I.F., C.O.D.,F.O.B., C&F

Back 11

Shipment Contract

Front 12

the obligation of the seller to transfer and deliver goods to the buyer in accordance with the sales contract

Back 12

tender of delivery

Front 13

a rule that says if the goods or tender of a delivery fails in any respect to conform to the contract the buyer may opt either (1) to reject the whole shipment (2)to accept the whole shipment or (3) to reject part and accept part of the shipment

Back 13

perfect tender rule

Front 14

grossly unfair

Back 14

unconscionalbility

Front 15

a stateue that estables the period during which a plaintiff must bring a lawsuit against a defendent

Back 15

Statute of limitations

Front 16

a statement of fact by the seller concerning characerestics of the goods that the buyer could have relied upon and becomes part of the contract

Back 16

express warranty

Front 17

arise by law nothing that the seller did (there is a statute or a case) includes merchants and sellers

Back 17

implied warranties

Front 18

the repudiation of a sales or lease contract by one of the parties prior to the date set for performance

Back 18

anticiaptry repudiation and retraction

Front 19

express-as is

Back 19

disclaimer of warranties

Front 20

put as is unless you examine the goods and see obvious defects ar enot warranteed

Back 20

implied warranties

Front 21

a party to a sales or lease contract may demand an adequate assurance of performance from the other party if there is an indication that the contract will be breached by the party

Back 21

assurance of performance

Front 22

this provision says that when a buyer relys on teh sellers skill or judgement to furnish goods to the seller at the time of entering the contract knows or has reason to know the buyers purpose and the buyers reliance on the seller (jeep story)

Back 22

warranty of fitnees for a particular purpose

Front 23

a tort doctrine that mes manufactors, distrubutors and wholesalers,, retailers and others in teh chain of distrubution of a defective product liable for the damges caused by the defect

Back 23

strict liablity in torts

Front 24

you give me a warranty saying here is no liens on what I've purchased

Back 24

warranty against encumbrances

Front 25

the goods are of fair, average quality (fish bone in fish chowder is an exception to the rule) (natural substance exception)

Back 25

warranty of merchantibility

Front 26

exception -chicken bones in chicken soup, fish bones in fish chowder

Back 26

natural substance exception

Front 27

the seller obtains the profit he would have recieved if the contract had been performed by the buyer

Back 27

lost profits

Front 28

if buyer breaks the contract
a) remedies of seller up to the seller
1) withold goods
2) recover goods

Back 28

Seller's Remedies

Front 29

the buyer obtains the difference between the contract price and the market price at the time and place of tender when the buyer learned of the breach plus incidential and consquential damages (you bring in a expert to determine f.m.p. I have a contract for $8,000 f.m.p. is $10,000 I get the $2,000 difference

Back 29

market price damages

Front 30

sellers opinion not a statement of fact

Back 30

puffery

Front 31

seller has the right to sell the title

Back 31

warranty of title

Front 32

I have a contract with you to get chairs for $5, you can't supply then. i get them for $8. you pay the $3 difference

Back 32

cover damages

Front 33

state statue that requires certain typesof contract to be in writing

Back 33

Statute of Fraudes and Exceptions UCC 201

Front 34

must be in writing
signature of both seller and buyer
quantity of goods

Back 34

Goods over $500

Front 35

either your business or home

Back 35

place of delivery