Cards Return to Set Details

Term Uniform Commercial Code (UCC)
Definition A design act that has in-depth regulations that cover most facets of commercial transactions. All the states have actually enacted all or component of the UCC as statues.
Term Blog post 2 (Sales)
Definition An post of the UCC that governs sales of goods
Term sale
Definition the passing of title of items from a seller to a buyer for a price
Term goods
Definition Tangible points that are movable at the moment of their identification to a contract
Term blended sale
Definition a sale that entails the provision of a business and a great in the same transaction
Term merchant
Definition a perboy who 1) deals in the products of the type affiliated in a transaction or 2) by his or her occupation holds himself or herself out as having actually knowledge or ability peculiar to the goods affiliated in the transaction
Term Message 2A (Leases)
Definition an write-up of the UCC that governs leases of goods
Term lease
Definition a carry of the best to the possession and usage of named products for a collection term in return for specific consideration
Term lessor
Definition a person that transfers the appropriate of possession and use of products under a lease
Term lessee
Definition a perkid who acquires the appropriate to possession and also se of products under a lease
Term finance lease
Definition a three-pary transaction consisting of a lessor, a lessee, and a supplier
Term gap-filling rule
Definition a dominion that says an open term have the right to be "review into" a contracts
Term Open price term
Definition a reasonable price is implied at the moment of shipment of a particular price is not consisted of in the contract
Term Open Payment Term
Definition payment is due at the time and area at which the buyer is to obtain the products if not stated in the contract
Term Open Deliextremely Term
Definition Delivered to the seller"s area of business or the seller"s residence, if not stated in the contract
Term Open Time Term
Definition performance within a reasonable amount of time if not stated in the contract
Term Open assortment term
Definition the buyer is offered the alternative of picking the goods if it is not proclaimed in the contract
Term accommodation
Definition a delivery that is readily available to a buyer as a replacement for the original delivery as soon as the original delivery cannot be filled
Term UCC Statute of Frauds
Definition A ascendancy that needs all contracts for the sale of items costing $500 or even more and also lease contracts including payments of $1,000 or more to be in writing
Term parol evidence rule
Definition a rule which states that if a composed contract is a complete and last statement of the parties" agreement, any type of prior or contemporaneous dental or written statements that alter, contradict, or are in enhancement to the regards to the composed contract are inadmissible in court concerning a problem over the contract