Term
|
Definition
| Movable personal property |
|
|
Term
|
Definition
| Transfer of title to goods from seller to buyer for a price |
|
|
Term
|
Definition
| A transfer of right to possession and use of goods in return for consideration |
|
|
Term
|
Definition
|
|
Term
|
Definition
| Special type of lease transaction generally involving three parties: the lessor, the supplier, and the lessee |
|
|
Term
|
Definition
| Governed by Article 2 of the Code, except when general contract law has not been specifically modified by the general contract law continues to apply |
|
|
Term
| Transactions outside the code |
|
Definition
| Include employment contracts, service contracts, insurance contracts, contracts involving real property, and contracts for the sale of tangibles |
|
|
Term
|
Definition
| Governed by Article 2A of the Code, but when general contract law has not been specifically modified by the Code, general contract law continues to apply |
|
|
Term
| Fundamental principles of Article 2 and Article 2A |
|
Definition
| To modernize, clarify, simplify, and make uniform the law of sales |
|
|
Term
|
Definition
| Honesty in fact in conduct or transaction; in the case of a merchant (and a nonmerchant under Revised Article 1), it also includes the observance of reasonable commercial standards of fair dealing |
|
|
Term
|
Definition
| A court may refuse to enforce an unconscionable contract or any part of a contract found to be unconscionable |
|
|
Term
| Procedural unconscionability |
|
Definition
| Unreasonable bargaining process |
|
|
Term
| substantive unconscionability |
|
Definition
| Grossly unfair contractual terms |
|
|
Term
|
Definition
| The Code provides that a contract does not fail for indefiniteness even though one or more terms may have been omitted; the Code provides standards by which missing essential terms may be supplied |
|
|
Term
|
Definition
| Contract to hold open offer |
|
|
Term
|
Definition
| Signed writing by merchant to hold open an offer for the sale or purchase of goods or the lease of goods |
|
|
Term
|
Definition
| The inclusion of different or additional terms in an acceptance is addressed by focusing on the intent of the parties |
|
|
Term
|
Definition
| An acceptance can be made in any reasonable manner and is effective upon dispatch |
|
|
Term
|
Definition
| Auction sales are generally with reserve, permitting the auctioneer to withdraw the goods at any time prior to sale |
|
|
Term
|
Definition
| The Code provides that a contract for the sale or lease of goods may be modified without new consideration if the modification is made in good faith |
|
|
Term
|
Definition
|
|
Term
|
Definition
| The Code requires some writing or writings sufficient to indicate that a contract has been made between the parties, signed by the party against whom enforcement is sought or by her authorized agent or broker, and including a term specifying the quantity of goods |
|
|
Term
|
Definition
| Contractual terms that are set forth in a writing intended by the parties as a final expression of their agreement may not be contradicted by evidence of any prior agreement or of a contemporaneous oral agreement, but such terms may be explained or supplemented by course of dealing, usage of trade, course of performance, or consistent additional evidence |
|
|
