Business Law: Final Exam

BUSINESS LAW FINAL * Article 2 governs sales of goods- True * Delivering of a title- Sale * A warehouse receipt is a document that provides proof of ownership of commodities that are stored in a warehouse * Shipment contract- the seller is required or authorized to ship goods by carrier, such as a trucking company. The title passes to the buyer at the time and place of shipment * The risk of loss in a shipment contract passes to the buyer or lessee when the goods are delivered to the carrier. * Destination contract- seller is required to deliver goods to a particular destination. Title passes to buyer when goods are tendered at the destination. * the risk of loss passes to the buyer or lessee when the goods are tendered to the buyer or lessee at the specified destination. * Revocation of Acceptance- * In a contract, innocent party can do whatever to make themselves “whole” again. * The law if Maddy is an innocent party she can do anything to any remedy * Specific Performance, lies when the goods are unique. Suppose I am shipping bicycles to Lorena and I miss the delivery date. She can sue me for damages, cancel the contract, and buy bikes from someone else. She can only force me to deliver the actual goods to her. * Conforming goods- goods that conform to the contract description in every way * Perfect tender rule- under the common law, the seller was obligated to deliver goods that conformed with the terms of the contract in every detail. The UCC preserves the perfect tender doctrine by stating that if goods or tender of delivery fails in any respect to conform to the contract, the buyer or lessee has the right to accept the goods, reject the entire shipment, or accept part and reject part. * Cover- by or leasing substitute goods for those that were due under the contract. * Expropriation- occurs when a government seizes a privately owned business or privately owned goods for a proper