LP 5.1
July 20, 2014
Business Law
LP5.1 Uniform Commercial Code."
1. To what transactions does UCC Article 2 apply? (In other words, what is the scope of UCC Article 2?)
The UCC Article 2 governs the sale of goods as stated in Section 2-102.
2. How are "goods" defined in UCC Article 2?
In the UCC “goods” are generally defined as “all things that are moveable” as stated in Section 2-105.
3. How is a "sale" defined in UCC Article 2? A “sale” defined in the UCC Article 2 Section 2-106 consists of the passing of title from the seller to the buyer fr a price.
4. How is a "merchant" defined in UCC Article 2? In the UCC Article 2 Section 2-104 a merchant is defined as a person who deals in goods of a specific kind or as of having knowledge or a particular skill of practices or involving the goods involved.
5. How is a "contract" defined in UCC Article 2? In UCC Article 2 Section 2-106 unless otherwise stated “contract” refer to the present or future sale of goods.
6. Under Article 2, what is the dollar amount over which a contract must be in writing to be enforceable (the UCC statute of frauds)? According to UCC Article 2 Section 2-201 a contract over $500 must be in writing to be enforceable according to the UCC statue of frauds.
7. How is a "firm offer" defined in UCC Article 2? UCC Article 2 Section 2-205 defines a “firm offer” is an offer (usually in writing) giving assurance that it will remain open/not be revoked for a certain period of time, but no longer than 3 months.
8. What are the general obligations of the seller and buyer in a contract governed by Article 2? UCC Article 2 Section 2-301 states the obligation of the seller is to transfer and deliver and the buyer is to accept and pay in accordance to the contract.
9. What section of the Article 2 creates the implied warranty of
Business Law
LP5.1 Uniform Commercial Code."
1. To what transactions does UCC Article 2 apply? (In other words, what is the scope of UCC Article 2?)
The UCC Article 2 governs the sale of goods as stated in Section 2-102.
2. How are "goods" defined in UCC Article 2?
In the UCC “goods” are generally defined as “all things that are moveable” as stated in Section 2-105.
3. How is a "sale" defined in UCC Article 2? A “sale” defined in the UCC Article 2 Section 2-106 consists of the passing of title from the seller to the buyer fr a price.
4. How is a "merchant" defined in UCC Article 2? In the UCC Article 2 Section 2-104 a merchant is defined as a person who deals in goods of a specific kind or as of having knowledge or a particular skill of practices or involving the goods involved.
5. How is a "contract" defined in UCC Article 2? In UCC Article 2 Section 2-106 unless otherwise stated “contract” refer to the present or future sale of goods.
6. Under Article 2, what is the dollar amount over which a contract must be in writing to be enforceable (the UCC statute of frauds)? According to UCC Article 2 Section 2-201 a contract over $500 must be in writing to be enforceable according to the UCC statue of frauds.
7. How is a "firm offer" defined in UCC Article 2? UCC Article 2 Section 2-205 defines a “firm offer” is an offer (usually in writing) giving assurance that it will remain open/not be revoked for a certain period of time, but no longer than 3 months.
8. What are the general obligations of the seller and buyer in a contract governed by Article 2? UCC Article 2 Section 2-301 states the obligation of the seller is to transfer and deliver and the buyer is to accept and pay in accordance to the contract.
9. What section of the Article 2 creates the implied warranty of