Term
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Definition
| A contract that is so unfair and one sided that it would be unreasonable to enforce it. |
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Term
| The UCC allows the court to evaluate a contract or any clause in a contract, and if the court deems it to have been unconscionable at the time it was made the court can: |
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Definition
1. Refuse to enforce the contract,
2. Enforce the remainder of the contract without the unconscionable clause,
3. Limit the application of any unconscionable clauses to avoid an unconscionable result. |
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Term
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Definition
| The passing of title of property from the seller to the buyer for a price |
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Term
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Definition
| A contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price. |
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Term
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Definition
| Property that has physical existence and can be distinguished by the senses of tough or sight. A car is tangible property property; a patent right is intangible property |
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Term
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Definition
| Property that cannot be seen or touched buy exists only conceptually,. such as corporate stocks and bonds, patents and copyrights, and ordinary contract rights. Article 2 of the UCC does not govern intangible property. |
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Term
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Definition
| In regard to the lease of goods, an agreement in which one person (the lessor) agrees to transfer the right to the possession and use of property to another person (the lessee) in exchange for rental payments |
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