LENB 3135 Chapter 12- Sales and Lease Law Questions With Complete Solutions
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Module
LENB 3135 Chapter 12- Sales and Lease Law
Institution
LENB 3135 Chapter 12- Sales And Lease Law
Firm Offer - ️️An offer (by a merchant) that is irrevocable without consideration for a
period of time (not longer than three months) - by a merchant must be in writing and
must be signed by the offerer
Intangible Property - ️️Property that cannot be seen or touched but exists only
conc...
LENB 3135 Chapter 12- Sales and Lease
Law
Firm Offer - ✔️✔️An offer (by a merchant) that is irrevocable without consideration for a
period of time (not longer than three months) - by a merchant must be in writing and
must be signed by the offerer
Intangible Property - ✔️✔️Property that cannot be seen or touched but exists only
conceptually, such as corporate stocks and bonds. Article 2 of the Uniform Commercial
Code does not govern this
Cover - ✔️✔️A buyer or lessee's purchase on the open market of goods to substitute
for those promised but never delivered by the seller
Cure - ✔️✔️The right of a party who tenders nonconforming performance to correct his
or her performance within the contract period
Express Warranty - ✔️✔️A seller's or lessor's oral or written promise, ancillary to an
underlying sales or lease agreement, as to the quality, description, or performance of
the goods being sold or leased
Conforming Goods - ✔️✔️Goods that conform to the contract specifications
Implied Warranty - ✔️✔️A warranty that the law derives by inference from the nature of
the transaction or the relative situations or circumstances of the parties
Implied Warranty of Fitness for a Particular Purpose - ✔️✔️A warranty that goods sold
or leased are fit for the particular purpose for which a buyer or lessee will use the goods
Implied Warranty of Merchantability - ✔️✔️A warranty that goods being sold or leased
are reasonably fit for their ordinary purpose, are properly packaged and labeled, and
are of fair quality
Merchant - ✔️✔️A person who deals in goods of the kind involved in the sales contract
or who holds herself or himself out as having skill or knowledge specific to the practices
or goods being purchased or sold
Perfect Tender Rule - ✔️✔️A rule under which a seller must deliver to the buyer goods
that conform perfectly to the requirements stipulated in the sales contract. A tender of
nonconforming goods automatically constitutes a breach of contract
, Predominant-Factor Test - ✔️✔️A test courts use to determine whether a contract is
primarily for the sale of goods or for the sale of services
Sale - ✔️✔️The passing of title to property from the seller to the buyer for a price
Sales Contract - ✔️✔️A contract for the sale of goods under which the ownership of
goods is transferred from a seller to a buyer for a price
Tangible Property - ✔️✔️Property that has physical existence and can be distinguished
by the senses of touch and sight
Under the Uniform Commercial Code, if an offeree includes additional terms in an
acceptance, will a contract result? If so, what happens to these terms? - ✔️✔️If one or
both parties are nonmerchants, the contract does not include any of the additional
terms.
If both parties are merchants, the terms automatically become part of the contract
unless; 1.the orig. offer expressly limited acceptance to its terms, 2.the new/changed
terms materially alter the contract, or 3.the offerer objects to the new/changed terms
within a reasonable period of time
What are some important exceptions to the perfect tender rule? - ✔️✔️- Cure
- Substitution of Carriers
- Commercial Impracticability
- Destruction of Identified Goods
When can a buyer or lessee revoke his or her acceptance? - ✔️✔️After accepting
nonconforming goods - can notify seller/lessor within a reasonable time after noticing
defect
What implied warranties arise under the Uniform Commercial Code? - ✔️✔️- Implied
Warranty of Merchantability
- Implied Warranty of Fitness for a Particular Purpose
- Warranties Implied from Prior Dealings or Trade Custom
Article 2 - ✔️✔️Governs contracts for the sale of goods. The common law of contracts
also applied to sales contracts to the extent that the common law has not been modified
by the UCC - if there is a conflict between a common law rule & the UCC, the UCC
controls. Special rules apply to merchants.
Article 2A - ✔️✔️Governs contracts for the lease of goods. Except that it applies to
leases, is essentially a repetition of Article 2
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