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Kubasekchpt 23 Sales

Kubasek Dynamic Business Law Chapter 23

QuestionAnswer
commercial reasonableness Reasonable commercial standards of fair dealing, requird of merchants in addition to honesty in fact.
conforming goods Goods that conform to contract specifications
course of dealing A history of previous commercial transactions between the same parties.
course of performance the history of dealings between the parties in the particular contract at issue.
cure A breaching party's right to provide conforming goods when nonconforming goods were initially delivered; subject to a reasonable time test.
good faith Honesty in fact.
perfect tender rule indicates that if goods or tender of delivery fail in any respect to conform to the contract, the buyer/lessee has the right to accept the goods, reject the entire shipment or accept part and reject part.
tender of delivery A requirement that a seller/lessor have and hold conforming goods at the disposal of the buyer/lessee and give the buyer/lessee reasonable notification to enable him or her to take delivery.
Usage of trade Any practice that members of an industry expect to be part of thier dealings.
Basic Performance obligation UCC, Sellers and lessors are obligated to transfer and deliver conforming goods. Buyers and lesses are obligated to accept and pay for conforming goods in accordance with the contract. UCC requires good faith in the performance & enforcement.
Exceptions to the perfect tender rule Norms in the industry, past dealings exceptions outline in the agreement the S/L right to cure Excuse for performance Commercial impracticability
Created by: tinafici
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