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5 Cards in this Set
- Front
- Back
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#1
Formation |
Governing Law
UCC Merchants Offer Elements of an offer Irrevocable: MFO Termination: Acceptance: Promise/Performance UCC 2-207 New/Additional term: 1 merchant - proposal; 2 merchants - automatic Different: K/O rule gapfillers Consideration Substitutes MFO Modification: good faith |
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#2
Defenses |
Defenses
Formation SOF> Goods over $500 Writing MCM: 10 days Part/Full performance Speciality Manufactured goods |
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#3
Conditions |
Conditions
Excuse: FAVE W Failure to cooperate Ant. Repudiation: Assurances must be w/in 30 days> breach Voluntary Disablement Estoppel Waiver Satisfied Complete Substantial Divisibility |
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#4
Duties |
Duties
Discharged: FAN FIMMI Frustration of Purpose Accord & Satisfaction Novation Failure to excuse Impractability Mutual Recission Modification Impossibility Performance Performance Complete Substantial Divisibility Risk of loss Face to face: when other take possession Carrier: pass to seller, when deliver goods to carrier except lxxx clause |
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#5
Remedies |
Remedies/Breach: Minor, Material, Total
Seller remedies (buyer breaches) During man. During shipment Insolvent buyer Commercially Resonable Resale Market Price Damages Lost Profits Action for price> unique goods buyer must purchase Buyer Remedies (seller breaches) Rejection> non-conforming goods Revocation of acceptance Cover Market price damages Specific performances Warranty Duty to mitigate |
