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chp21 Sales/lease

Kubasek Dynamic business Law Chapter 21

QuestionAnswer
Consumer lease A lease that has a value of $ 25,000 or Less and exists between a lessor who is regularly engaged in the business of leasing or selling and a lessee who leases the goods primarily for a personal, family, or household purpose.
Finance Lease A type of lease in which the lessor does not select, manufacture, or supply the goods but acquires title to the goods or the right to their possession and use in connection with the terms of the lease.
Firm Offers An offer made in writing and containing assurances that it will be irrevocable for a period of time not longer than three months despite a lack of consideration for the irrevocability.
Goods Tangible things that can be moved
Lease Transfers of the Right to possession and use of goods for a term in return for consideration.
lessee A person who acquires the right to possession and use of goods under a lease.
lessor A person who transfers the right to possession and use of goods under a lease.
merchant Buyers or sellers who (1) deal in goods of the kind. 2. by occupation, hold themselves out as having knowledge and skill 3. employ a merchant as a broker, an agent, or some other intermediary.
Mirror Image Rule The mirror image rule does not apply under the UCC.
Mixed sale A contract that contains goods with a service.
UCC Parol Evidence Rule Courts try to enforce sales and lease contracts as written. Sometimes courts will allow parties to introduce: Additional terms that are consistent with contract terms information that interprets the agreement, course of performance or dealings or usa
Sale The Passing of title from the seller to the buyer for a price.
Uniform Commercial Code Scope The UCC is a uniform or model law that governs commercial transactions, from the sale of goods to secured transactions.
United Nations Convention on Contracts (CISG) The Legal structure for international sales, including business-to-business sales contracts.
Writing A type of documentation that shows contractual intent and satisfies the statue of frauds requirement.
UCC significance The UCC adds clarity and predictability to sales law.
Articles 2 the UCC (sales) covers contracts for the sale of goods
mixed Goods and Services Contracts Contracts that include both goods and services. courts apply article 2 if the goods are the predominant part of the transaction.
articles 2a of the ucc Leases covers contracts for the lease of goods.
Special kinds of leases Two Special kinds are consumer leases and finance leases. The UCC outlines special rules and protections for each kind of lease.
Formation of sales and leases in general The UCC is more lenient than common law regarding contract formation. Courts look at the intent of the parties to a sales or lease contract.
Offer and Acceptance of Lease and Sale Contracts Offers are valid even if terms are left open. The common law mirror-image rule does not apply to contracts for the sale or lease of goods. Courts look on a case-by-case basis to determine whether to allow additional terms.
UCC Consideration When sales and lease contracts are modified, These modifications do not need to be supported by new consideration.
UCC Statute of Frauds Contracts for the sales of goods must be in writing if the goods are valued at 500 or more. Lease contracts that require payments of $ 1000 or more must be in writing.
Exceptions to UCC statute of frauds Specifically manfactured Goods Contracts that parties admit exist situations in which partial performance has occurred.
Unconscionability under UCC a Court can refuse to enforce the parts of a contract or lease that are unfair or one-sided.
Scope of the CISG The CISG is a treaty that countries can sign to allow it to govern international business-to-Business sales contracts. Many major trading nations have signed the CISG.
Significance of the CISG THE CISG is important because it, rather than the UCC, governs international sales contracts. The CISG provides clarity, predictability, and uniformity for businesses that operate in the global economy.
Created by: tinafici