ACTG 355 CH 21

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30 Terms

1

Goods

Movable personal property.

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2

Sale

Transfer of title to goods from seller to buyer for a price.

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3

Lease

A transfer of a right to possession and use of goods in return for consideration.

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4

Consumer Leases

Leases by a merchant to an individual who leases for personal, family, or household purposes for no more than $25,000.

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5

Finance Leases

Special type of lease transaction generally involving three parties: the lessor, the supplier, and the lessee.

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6

Article 2

Governs sales transactions under the Uniform Commercial Code.

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7

Article 2A

Governs lease transactions under the Uniform Commercial Code.

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8

Transactions Outside the Code

Includes employment, service, insurance, and real property contracts.

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9

Good Faith

Required honesty in sales and lease contracts.

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10

Unconscionability

Court may refuse to enforce unfair contracts.

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11

Procedural Unconscionability

Unfairness in the bargaining process.

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12

Substantive Unconscionability

Oppressive or grossly unfair contract terms.

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13

Course of Dealing

Previous conduct establishing interpretation basis.

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14

Usage of Trade

Regular practices followed in a specific trade.

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15

Merchant

A dealer in goods or knowledgeable person.

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16

Liberal Administration of Remedies

Encourages flexible solutions in contract enforcement.

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17

Freedom of Contract

Parties can vary most Code provisions by agreement.

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18

Manifestation of Mutual Assent

Agreement does not fail for missing terms.

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19

Irrevocable Offers

Cannot be revoked during specified time frame.

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20

Firm Offer

Merchant's signed offer valid for three months.

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21

Variant Acceptances

Acceptance with different terms focuses on intent.

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22

Tender of Delivery

Seller makes conforming goods available to buyer.

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23

Inspection

Buyer's right to examine goods before acceptance.

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24

Rejection

Buyer's refusal to accept goods within reasonable time.

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25

Acceptance

Buyer's agreement to become owner of goods.

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26

Revocation of Acceptance

Buyer rescinds acceptance due to nonconformity.

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27

Casualty to Identified Goods

Contract voided if identified goods are lost.

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28

Substituted Performance

Alternative performance offered when original impracticable.

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29

Statute of Frauds

Requires written contracts for goods over $500.

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30

Parol Evidence

Prior agreements cannot contradict written contract terms.

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