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Business Law 230
Chapter 18 - Formation of Scales and Lease Contracts
14
Business
Undergraduate 2
06/06/2012

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Term
Article 2
Definition
An article of the UCC that governs sale of goods
Term
Sale
Definition
The passing of title of goods from a seller to a buyer for a price
Term
Goods
Definition
Tangible things that are moveable at the time of their identification to a contract
Term
Mixed Sale
Definition
A sale that involved the provision of a service and a good in the same transaction
Term
Merchant
Definition

A person who

1. Deals in the goods of the kind involved in a transaction

2. By his or her occupation holds himself out as having knowledge or skill peculiar to the goods involved in the transaction

Term
Article 2A
Definition
An article of the UCC that governs leases of goods
Term
Lease
Definition
A transfer of the right to the possession and use of named goods for a set term in return for certain consideration
Term
Lessor
Definition
A person who transfers the right of posession and use of goods under a lease
Term
Lessee
Definition
A person who aquires the right to possession and use of goods under a lease
Term
Finance Lease
Definition
A 3 party transaction consisting of a lessor, a lessee, and a supplier
Term
Gap-Filling Rule
Definition
A rule that says an open term can be "read into" a contract
Term
Accomodation
Definition
A shipment that is offered to a buyer as a replacement for the original shipment when the original shipment cannot be filled
Term
UCC Statute of Frauds
Definition
A rule that requires all contracts for the sale fo goods costing $500 or more and lease contracts involving payments of $1,000 or more to be in writing
Term
Patrol Evidence Rule
Definition
A rule which says that is a written contract is a complete and final statement of the parties' agreement, any prior or contemporaneous oral or written statements that alter, contradict, or are in addition to the terms of the written contract are inadmissable in court regarding a dispute over the contract
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