Term
| Uniform Commercial Code (UCC) |
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Definition
| A model act that includes comprehensive laws that cover most aspects of commercial transactions. All the states have enacted all or part of the UCC as statues. |
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Definition
| An article of the UCC that governs sales of goods |
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| the passing of title of goods from a seller to a buyer for a price |
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| Tangible things that are movable at the time of their identification to a contract |
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| a sale that involves the provision of a service and a good in the same transaction |
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| a person who 1) deals in the goods of the kind involved in a transaction or 2) by his or her occupation holds himself or herself out as having knowledge or skill peculiar to the goods involved in the transaction |
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| an article of the UCC that governs leases of goods |
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| a transfer of the right to the possession and use of named goods for a set term in return for certain consideration |
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| a person who transfers the right of possession and use of goods under a lease |
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| a person who acquires the right to possession and se of goods under a lease |
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| a three-pary transaction consisting of a lessor, a lessee, and a supplier |
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| a rule that says an open term can be "read into" a contracts |
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| a reasonable price is implied at the time of delivery of a specific price is not contained in the contract |
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| payment is due at the time and place at which the buyer is to receive the goods if not stated in the contract |
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| Delivered to the seller's place of business or the seller's residence, if not stated in the contract |
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| performance within a reasonable amount of time if not stated in the contract |
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| the buyer is given the option of choosing the goods if it is not stated in the contract |
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| a shipment that is offered to a buyer as a replacement for the original shipment when the original shipment cannot be filled |
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| A rule that requires all contracts for the sale of goods costing $500 or more and lease contracts involving payments of $1,000 or more to be in writing |
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| a rule which says that if 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 inadmissible in court regarding a dispute over the contract |
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