Introduction to Sales and Leases

Flashcards covering key concepts from the lecture on sales and leases.

UCC

Uniform Commercial Code; a set of laws designed to harmonize and standardize commercial transactions in the United States.

Firm Offer

An offer that cannot be revoked for a specified period of time, even without consideration, provided by a merchant.

Good

Anything that is movable other than money, except for foreign currency.

Predominant Purpose Test

A legal test used to determine if a contract is primarily for the sale of goods or for services.

Perfect Tender Rule

Under the UCC, requires that the seller delivers goods that conform exactly to the contract specifications.

Merchants

Individuals or businesses that deal in goods of the kind or hold themselves out as having knowledge or skill in the practices or goods involved in a transaction.

Duress

Pressure exerted on a person to coerce them into a contract or agreement.

Statute of Frauds

Legal requirement that certain contracts must be in writing to be enforceable, such as sales of goods exceeding $500.

Implied Warranty of Merchantability

An unwritten guarantee that a product will work as expected and be fit for the general purpose for which it is sold.

Anticipatory Repudiation

When one party breaches a contract before the performance is due, allowing the other party to seek remedies.