BLAW 4203 Exam 1 Outline Questions and Answers
sale of movable and tangible goods
UCC - 2 sales contracts cover the...
intellectual property, real estate, services
UCC - 2 sales contracts (the sale of movable and tangible goods) do NOT include what (3) things
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written offers made and signed by a merchant are irrevocable for the specified
timeframe given in the offer (merchant offer rule)
merchant firm offer rule - answer written offers made and signed by a merchant are
irrevocable for the specified timeframe given in the offer
type of contract NOT dollar amount - answer in traditional contract law, the SOF
varies dependent upon the...
statute of frauds - answer requires contract to be in writing
, for UCC-2, applied to contracts greater than or equal to $5000
exception is fully executed contracts or contracts for very specialized/customized goods
that cannot be resold
$5000 - answer in the statute of frauds, for the UCC-2, it is applied to contracts
greater than or equal to...
exception - answer in statute of frauds, _______ is fully executed contracts or
contracts for very specialized/customized goods that cannot be resold
parol evidence rule (PER) - answer if contract is in writing, no oral evidence will be
considered to assist judicial efficiency and effectiveness
most contracts that are subject to the statute of frauds are also subject to this -
however, they aren't the same
efficiency and effectiveness - answer in the parol evidence rule (PER), if the contract
is in writing, no oral evidence will be considered to assist judicial...
they often overlap - answer title, risk of loss, and insurable interest are three different
things, but...
insurable interest - answer do you own the good OR is it identified to you and you
will eventually own the good?
note, the buyer and seller can simultaneously have an insurable interest
title - answer do you own the good?
this is important to determine whether it should be on your balance sheet
contract terms of FOB shipping or destination will determine the answer
contract terms of FOB shipping or destination - answer what determines the answer
when addressing who has the title?
risk of loss - answer if good is destroyed, are you responsible?
this usually goes along with the title but can be modified by agreement
express, implied - answer what are the two types of warranties?
express - answer this type of warranty is written or verbal
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