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8 Cards in this Set

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UCC 1-203
UCC 1-203 -- Obligation of Good Faith

Every contract or duty within this Act imposes an obligation of good faith in its performance or enforcement.
UCC 1-205 (1)
UCC 1-205 (1) -- Course of Dealing and Usage of Trade

(1) A course of dealing is a sequence of previous conduct between the parties to a particular transaction which is fairly to be regarded as establishing a common basis of undersanding for interpreting their expressions and other conduct.
UCC 1-205 (2)
UCC 1-205 (2) -- Course of Dealing and Usage of Trade

(2) A usage of trade is any practice or method of dealing having such regularity of observance in a place, vocation or trade as to justify an expectation that it will be observed with respect to the transaction in question. The existence and scope of such a usage are to be proved as facts. If it is established that such a usage is embodied in a written trade code or similar writing the interpretation of the writing is for the court.
UCC 1-205 (3)
UCC 1-205 (3) -- Course of Dealing and Usage of Trade

(3) A course of dealing between parties and any usage of trade in the vocation or trade in which they are engaged or of which they are or should be aware give particular meaning to and supplement or qualify terms of an agreement.
UCC 2-104 (1)
UCC 2-104 (1) -- Definitions; "Merchant"; "Between Merchants"; "Financing Agency"

(1) "Merchant" means a person who deals in goods of the kind or otherwise by his occupation holds himself out as having knowledge or skill peculiar to the practices or goods involved in the transaction or to whom such knowledge or skill may be attributed by his employment of an agent or broker or other intermediary who by his occupation holds himself out as having such knowledge or skill.
UCC 2-104 (3)
UCC 2-104 (3) -- Definitions; "Merchant"; "Between Merchants"; "Financing Agency"

(3) "Between merchants" means in any transaction with respect to which both parties are chargeable with the knowledge or skill of merchants.
UCC 2-105 (1)
UCC 2-105 (1) -- Definitions: Transferablility; "Goods"; "Future Goods"; "Lot"; "Commercial Unit"

(1) "Goods" means all things (including specially manufactured goods) which are movable at the time of identificationto the contract for sale other than the money in which the price is to be paid, investment securities, and things in action. "Goods" also includes the unborn young of animals and growing crops and other identified things attached to realty as described in the section on goods to be severed from realty.
UCC 2-105 (2)
UCC 2-105 (2) -- Definitions: Transferablility; "Goods"; "Future Goods"; "Lot"; "Commercial Unit"

(2) Goods must be both existing and identified before any interest in them can pass. Goods which are not both existing and identified are "future goods". A purported present sale of future goods or of any interest therein operates as a contract to sell.