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MS 331 Ch 14

Business Law: Ch 14 The UCC: Performance and Breach of Sales and Lease Contracts

QuestionAnswer
Generally, seller must __________ transfer and deliver conforming goods.
Generally, buyer must _________ accept and pay for conforming goods.
__________ occurs when seller delivers conforming goods to buyer Tender of Delivery
Tender of Delivery requires (3 things) 1.Reasonable Notice 2.Reasonable hour and manner 3.Generally, all goods in one installment
Place of Delivery - if contract does not specify, __________ seller's place of business (or the location of the goods)
[Delivery via Carrier] Shipment Contracts: Seller must put conforming goods in carrier’s hands, notify Buyer shipment has been made and provide relevant documents.
[Delivery via Carrier] Destination Contracts: Seller agrees to deliver goods at a particular destination along with necessary documentation
Perfect Tender Rule: If goods, or tender of delivery, fail in any respect to conform to the contract, the buyer has the right to _________, ________, or ______- accept the goods; reject the entire shipment; accept part and reject part
What are the exceptions to the Perfect Tender Rule? 1.Agreement of the parties; 2.Cure; 3.Substitution of carriers; 4.Installment contracts; 5.Commercial Impracticability; 6.Destruction of Identified Goods 7.Assurance and Coorperation
[Perfect Tender rule- exceptions] Describe Agreement of the parties agree that some defective goods will be acceptable.
[Perfect Tender rule- exceptions] Describe Cure seller has right to repair or replace defective goods within the time of contract performance. Substantially restricts right of rejection; buyers must act in good faith and give specific reasons for refusing acceptance
[Perfect Tender rule- exceptions] Describe Substitution of carriers If a carrier becomes impracticable or unavailable through no fault of either party, a commercially reasonable substitute is acceptable.
[Perfect Tender rule- exceptions] Describe Installment contracts Reject if the nonconformity substantially impairs the value of the installment and cannot be cured
[Perfect Tender rule- exceptions] Describe Commercial Impracticability If unforeseeable event occurs, the perfect tender rule no longer applies. ----- Seller must notify the buyer as soon as practicable the shipment is delayed or undeliverable.
[Perfect Tender rule- exceptions] Describe Destruction of Identified Goods If no fault of either party and it occurs, ---- Before risk passes to Buyer then, ------ Both Seller and Buyer are excused from performance; and -------- Goods identified at the time contract was formed
[Perfect Tender rule- exceptions] Describe Assurance and Cooperation One party has “reasonable grounds” to believe other party will not perform, she can ask for written assurance, or ‘suspend’ performance or delivery. ----------- Failure to respond may constitute a repudiation of the contract.
Generally, payment is made ____________ at the time and place the Buyer receives the goods.
Buyer has right to inspection _________ before payment
When is acceptance made? Buyer accepts goods when---- 1.by words or conduct 2.if buyer had reasonable time and failed to reject 3.buyer performs an act which indicates he thinks he is an owner
If some of the goods do not conform to the contract, and seller has failed to cure, buyer can ____________- make a partial acceptance.
Partial acceptance --- buyer cannot accept____________ less a single commercial unit.
Created by: savelae