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Goods
Movable personal property.
Sale
Transfer of title to goods from seller to buyer for a price.
Lease
A transfer of a right to possession and use of goods in return for consideration.
Consumer Leases
Leases by a merchant to an individual who leases for personal, family, or household purposes for no more than $25,000.
Finance Leases
Special type of lease transaction generally involving three parties: the lessor, the supplier, and the lessee.
Article 2
Governs sales transactions under the Uniform Commercial Code.
Article 2A
Governs lease transactions under the Uniform Commercial Code.
Transactions Outside the Code
Includes employment, service, insurance, and real property contracts.
Good Faith
Required honesty in sales and lease contracts.
Unconscionability
Court may refuse to enforce unfair contracts.
Procedural Unconscionability
Unfairness in the bargaining process.
Substantive Unconscionability
Oppressive or grossly unfair contract terms.
Course of Dealing
Previous conduct establishing interpretation basis.
Usage of Trade
Regular practices followed in a specific trade.
Merchant
A dealer in goods or knowledgeable person.
Liberal Administration of Remedies
Encourages flexible solutions in contract enforcement.
Freedom of Contract
Parties can vary most Code provisions by agreement.
Manifestation of Mutual Assent
Agreement does not fail for missing terms.
Irrevocable Offers
Cannot be revoked during specified time frame.
Firm Offer
Merchant's signed offer valid for three months.
Variant Acceptances
Acceptance with different terms focuses on intent.
Tender of Delivery
Seller makes conforming goods available to buyer.
Inspection
Buyer's right to examine goods before acceptance.
Rejection
Buyer's refusal to accept goods within reasonable time.
Acceptance
Buyer's agreement to become owner of goods.
Revocation of Acceptance
Buyer rescinds acceptance due to nonconformity.
Casualty to Identified Goods
Contract voided if identified goods are lost.
Substituted Performance
Alternative performance offered when original impracticable.
Statute of Frauds
Requires written contracts for goods over $500.
Parol Evidence
Prior agreements cannot contradict written contract terms.
Note 
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