LENB 3135 Chapter 12: Sales and Lease Law || with 100% Error-free Solutions.
1 view 0 purchase
Course
LENB 3135 Chapter 12: Sales and Lease Law || with
Institution
LENB 3135 Chapter 12: Sales And Lease Law || With
Conforming Goods correct answers Goods that conform to the contract specifications
Cover correct answers A buyer or lessee's purchase on the open market of goods to substitute for those promised but never delivered by the seller
Cure correct answers The right of a party who tenders nonconform...
LENB 3135 Chapter 12: Sales and Lease Law || with 100%
Error-free Solutions.
Conforming Goods correct answers Goods that conform to the contract specifications
Cover correct answers A buyer or lessee's purchase on the open market of goods to substitute for
those promised but never delivered by the seller
Cure correct answers The right of a party who tenders nonconforming performance to correct his
or her performance within the contract period
Express Warranty correct answers A seller's or lessor's oral or written promise, ancillary to an
underlying sales or lease agreement, as to the quality, description, or performance of the goods
being sold or leased
Firm Offer correct answers An offer (by a merchant) that is irrevocable without consideration for
a period of time (not longer than three months) - by a merchant must be in writing and must be
signed by the offerer
Implied Warranty correct answers A warranty that the law derives by inference from the nature
of the transaction or the relative situations or circumstances of the parties
Implied Warranty of Fitness for a Particular Purpose correct answers A warranty that goods sold
or leased are fit for the particular purpose for which a buyer or lessee will use the goods
Implied Warranty of Merchantability correct answers A warranty that goods being sold or leased
are reasonably fit for their ordinary purpose, are properly packaged and labeled, and are of fair
quality
Intangible Property correct answers Property that cannot be seen or touched but exists only
conceptually, such as corporate stocks and bonds. Article 2 of the Uniform Commercial Code
does not govern this
Merchant correct answers A person who deals in goods of the kind involved in the sales contract
or who holds herself or himself out as having skill or knowledge specific to the practices or
goods being purchased or sold
Perfect Tender Rule correct answers A rule under which a seller must deliver to the buyer goods
that conform perfectly to the requirements stipulated in the sales contract. A tender of
nonconforming goods automatically constitutes a breach of contract
Predominant-Factor Test correct answers A test courts use to determine whether a contract is
primarily for the sale of goods or for the sale of services
Sale correct answers The passing of title to property from the seller to the buyer for a price
, Sales Contract correct answers A contract for the sale of goods under which the ownership of
goods is transferred from a seller to a buyer for a price
Tangible Property correct answers Property that has physical existence and can be distinguished
by the senses of touch and sight
Tender of Delivery correct answers Under the Uniform Commercial Code, a seller's or lessor's
act of placing conforming goods at the disposal of the buyer or lessee and giving the buyer or
lessee whatever notification is reasonably necessary to enable the buyer or lessee to take delivery
Under the Uniform Commercial Code, if an offeree includes additional terms in an acceptance,
will a contract result? If so, what happens to these terms? correct answers If one or both parties
are nonmerchants, the contract does not include any of the additional terms.
If both parties are merchants, the terms automatically become part of the contract unless; 1.the
orig. offer expressly limited acceptance to its terms, 2.the new/changed terms materially alter the
contract, or 3.the offerer objects to the new/changed terms within a reasonable period of time
What are some important exceptions to the perfect tender rule? correct answers - Cure
- Substitution of Carriers
- Commercial Impracticability
- Destruction of Identified Goods
When can a buyer or lessee revoke his or her acceptance? correct answers After accepting
nonconforming goods - can notify seller/lessor within a reasonable time after noticing defect
What implied warranties arise under the Uniform Commercial Code? correct answers - Implied
Warranty of Merchantability
- Implied Warranty of Fitness for a Particular Purpose
- Warranties Implied from Prior Dealings or Trade Custom
Article 2 correct answers Governs contracts for the sale of goods. The common law of contracts
also applied to sales contracts to the extent that the common law has not been modified by the
UCC - if there is a conflict between a common law rule & the UCC, the UCC controls. Special
rules apply to merchants.
Article 2A correct answers Governs contracts for the lease of goods. Except that it applies to
leases, is essentially a repetition of Article 2
Offer correct answers - Not all terms have to be incl for a contract to be formed - only the qty,
and term
- A written & signed offer by a merchant, covering a period of 3 mo. or less, is irrevocable w/o
payment of consideration
Acceptance correct answers - May be made by any reasonable means of communication
- Offer can be accepted by promise to ship or prompt shipment of goods
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller FullyFocus. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.79. You're not tied to anything after your purchase.
