Term
|
Definition
| A contract for the sale of goods may be made in any manner sufficient to show agreement, even if terms are left open and the precise moment of its making is undetermined. |
|
|
Term
|
Definition
A merchant is a person who presents herself as having a knowledge or skill particular to the good or service involved in the transaction
o Comment 2 suggests that almost every person in business will be considered a merchant
|
|
|
Term
|
Definition
| An offer to make a contract invites acceptance in any manner and by any medium reasonable in the circumstances. An offer to buy goods invites acceptance by a promise to ship or the actual shipment of conforming or nonconforming goods, but the shipment of nonconforming goods is not an acceptance if the seller notifies the buyer that the shipment is offered as an accommodation. Finally, when performance is the reasonable mode of acceptance, the offeror must be notified of the acceptance within a reasonable time or she can treat performance without notification as an offer that has lapsed. (Note the difference between the last clause in 2-206 and Rest. 2nd §54) |
|
|
Term
|
Definition
| A good is anything that is movable at the time of identification to the contract. This excludes money, investment securities, and things in action. |
|
|
Term
|
Definition
| A contract or agreement relates to the present or future sale of goods |
|
|
Term
|
Definition
An offer by a merchant to buy or sell goods in a signed record that assures the offeree that the offer will remain open and is not revocable, for lack of consideration, for the time stated or a reasonable time, but no longer than three months.
o If consideration is given the offer can remain open for longer than three months
|
|
|
Term
|
Definition
| If the parties intended to make a contract and one or more terms are left open, the contract will not fail for indefiteness as long as there is a reasonably certain basis for an appropriate remedy |
|
|
Term
|
Definition
| An offer is the manifestation of willingness to enter a bargain made in such a way that another persons assent to that bargain is invited and will conclude it |
|
|
Term
|
Definition
| When an offerer invites an offeree to accept only via performance and not a promise, an option contract is created as soon as the offeree begins the performance. The offeror’s duty of performance is conditional on the completion of the invited performance |
|
|
Term
|
Definition
| An offer which the offeror should reasonably expect to induce action or forbearance on the part of the offeree before acceptance and does induce such action or forbearance is binding as an option contract to the extent necessary to avoid injustice |
|
|
