Term
| Article of UCC that covers Sale of Goods |
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Definition
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Term
| Article of UCC that covers sales of Services |
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Definition
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Term
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Definition
| sale of both goods and services |
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Term
| Brach of warranty presupposes what two things? |
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Definition
| 1. Involves a good 2.Merchant is the defendant |
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Term
| When dealing with a Mixed Sale what question is asked IOT determine applicable body of Law? |
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Definition
| which was the predominant product, the good or the service? |
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Term
| What does modification of a contract require? |
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Definition
| consideration, unless it is done in good faith |
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Term
| Identification refers to what? |
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Definition
| The buyers right to purchase insurance on the goods once they are ID'd |
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Term
| When does the buyer assume risk of loss? |
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Definition
-shipment contract once shipped buy seller
-in a pick/up contract where the buyer has not picked up the goods after a reasonable time
-once the goods arrive at the buyers location
-if buyer breaches contract before shipment |
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Term
| When does the seller retain risk of loss? |
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Definition
-in a delivery contract
-in a pick/up contract, before reasonable time has expired
-when shipped with an unapproved replacement method
-if seller breaches |
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Term
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Definition
| handing over goods w/out transferring title |
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Term
| Individuals who cannot pass title: |
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Definition
| thief, finder of loss good, non-merchant bailee |
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Term
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Definition
| if a good is in possession of a merchant, and accidentally sells to a bona fide purchaser, then title has been validly transferred |
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Term
| when does the buyer have the right to inspect the goods? |
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Definition
before payment and after receipt
WAIVERABLE by buyer |
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Term
| 6 elements of performing a sales contract |
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Definition
1.Right to inspect
2.rejection of shipment
3.Acceptance of goods
4.Revocation of acceptance
5.Assurance of performance |
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Term
| Rejection of shipment (perfect tender rule) |
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Definition
| goods as well as shipment must be conforming |
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Term
| exceptions to Rejection of shipment |
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Definition
1.Specific agreement to the contrary
2.Installments-can only reject 1 shipment
3.If seller can cure
4.Buyer not rejecting in good faith
5.Substitution of carrier
6.Performance becomes commercially impractical |
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Term
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Definition
| can be implicitly accepted by not rejecting within a reasonable period of time |
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Term
| Conditions for Revocation of acceptance |
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Definition
1.as long as an inspection took place within a reasonable amount of time
2.if the seller refuses to cure |
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Term
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Definition
| buyer can request a written assurance of due performance |
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Term
| Regulation covering Assurance of performance |
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Definition
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Term
| Remedies for breach for buyer: |
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Definition
1.cancellation
2.Cover
3.Ordinary measures of damages
4.In case of sellers insolvency
5.Incidental and/or consequential damages |
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Term
| ordinary measure of damages |
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Definition
| difference between the contract price and the market price at the time of breach |
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Term
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Definition
| can request a temporary ligting of the stay IOT deliver goods |
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Term
| When is specific performance allowed? |
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Definition
| If remedy of cover is not available |
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Term
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Definition
1.Withhold or stop delivery
2.Resale
3.Ordinary measure of damages
4.in case of buyer's insolvency
5.Specific performance |
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Term
| withhold or stop delivery |
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Definition
| if the buyers brach is material prior to delivery the seller has this right |
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Term
| ordinary measure of damages |
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Definition
| difference between the contract price and the market price at the time of tendor |
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Term
| where is the place of tender for a shipment contract? |
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Definition
| where ever the item is shipped from |
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Term
| where is the place of tender for a delivery contract? |
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Definition
| where ever the goods are to be delivered |
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Term
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Definition
| the seller can change a credit deal to a cash deal |
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Term
| Two types of Product liability theories: |
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Definition
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Term
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Definition
| negligence and strict liability |
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Definition
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Term
| Two types of Warranties of quality: |
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Definition
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Term
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Definition
1.Merchantability
2.Fitness for a particular purpose |
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Term
| What is the statute of limitations for an implied warranty? |
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Definition
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Term
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Definition
product is a fair, average quality for the industry
-seller must be a merchant
-can be disclaimed |
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Term
| 5 Elements of fitness for a particular purpose |
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Definition
1.specific purpose
2.expressed purpose to seller
3.Communication is the buyer relying on seller's expertise
4.Seller knows that the buyer is relying on expertise
5.Seller makes recommendation
6.Buyer relies and acts on recommendation |
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Term
| Buzz words revoking all warranties |
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Definition
| "As-is" or "with all faults" |
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Term
| General rule for express warranties overriding implied warranties |
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Definition
| specific language will trump the more general language |
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Term
| Three elements required for tracing burdon |
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Definition
1.injury causing instrumentality
2.Product was under defendants control
3.What happened must be a result of negligence |
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Term
| Elements required for strict liability |
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Definition
1.Product must be defective when sold
2.Dealer must be a merchant who specializes in the good
3.Defective product causes severe damage to the personnel or equipment of the retailer or end user
4.Physical harm must occur
5.Defect must have caused the damage
6.The plaintiff has the tracing burdon |
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Term
| Where can the defect exist? |
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Definition
| either the product or instructions or both |
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