Introduction to Sales and Leases

These flashcards cover key concepts from the lecture on sales and leases, focusing on the UCC, contract law, and relevant legal principles.

UCC (Uniform Commercial Code)

A set of standardized laws aimed to harmonize the law of sales and leases across the states.

Sale of Goods

Transactions where title passes from a seller to a buyer under the UCC.

Predominant Purpose Test

A legal test to determine whether a contract is primarily for goods or services.

Firm Offer

An offer made by a merchant that cannot be revoked for a certain period without consideration.

Perfect Tender Rule

Under UCC, the seller must deliver goods that conform exactly to the contract.

Good Faith

The obligation to act honestly and fairly in the fulfillment of contracts.

Merchant

A person or entity that deals in goods of a kind or has specialized knowledge related to those goods.

Implied Warranty of Merchantability

The assurance that goods are fit for the ordinary purposes for which they are used.

Anticipatory Repudiation

A situation where a party indicates before performance is due that they will not fulfill their contractual obligations.

Parol Evidence Rule

A legal rule that prevents the introduction of extrinsic evidence that contradicts or adds to the written contract.

Course of Performance

The conduct of a party in fulfilling a contract that calls for repeated actions.

Usage of Trade

Established practices or methods of dealing that are regularly observed in a specific industry.

Battle of the Forms

A situation in which the UCC allows acceptance of an offer to contain different terms without being considered a counteroffer.

Consideration

Something of value exchanged between parties that is necessary for formation of a valid contract.

Statute of Frauds

A legal principle requiring certain contracts to be in writing and signed to be enforceable.

Nonconforming Goods

Goods that do not meet the specifications set in the contract.