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16 Cards in this Set
- Front
- Back
UCC 2-106 |
Sale = passing of title from the seller to the buyer for a price |
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UCC 2-105 |
Goods - tangible, movable items * includes manufactured items not include money, securities, property, services |
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Issues involving goods you use what approach? |
UCC |
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Issues involving services you use what approach? |
Common Law |
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Elements of a Contract |
1. Offer 2. Acceptance 3. Consideration |
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Unilateral Contract |
A contract where the offeror makes a promise to receive specific performance |
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Bilateral Contract |
When both the offeror and offoree give a promise to have specific performance |
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Offer |
is a communication that objectively manifests itmaker’s willingness to enter a bargain and is made in a way that justifiesanother person in believing that his or her assent to the bargain is invitedand will conclude it. |
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Acceptance |
the second element of a contact that must be giving by the offeree |
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Consideration |
The third element of a contract that is sought by the promisor in exchange for his promise and is given by the promisee in exchange for that promise |
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UCC 2-204 |
Even though one or more terms are left open tocontract for sale does not fail for indefiniteness if the parties intended tomake a contract and there is a reasonably certain basis for giving anappropriate remedy.
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Objective test for Offer |
would a reasonable person in the circumstancesbelieve it was meant to be an offer?
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Subjective Test for Offer |
applies if other party KNEW if it was meant tobe an offer
Lucy v. Zehmer |
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Over-taking Rejection rule |
if a communication is sent rejecting the offer,and a later communication is sent accepting, then the first one to be receivedby the offeror will prevail. Valid upon receipt of it.
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Firm Offer |
an offer (usually in writing), which states itmay not be withdrawn, revoked or amended for a specific period of time. If theoffer is accepted without a change during that period, there is a firm,enforceable contract.
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UCC 2-205 Firm offer |
An offer by a merchant to buy or sell goods in asigned writing which by its terms gives assurance that it will be held open isnot revocable, for lack of consideration, during the time stated or if no timestated for a reasonable time.
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