Article 2 of the ucc Study guides, Class notes & Summaries

Article 2 of the Uniform Commercial Code (UCC) Applies to which types of contracts? - CORRECT ANSWER Contracts for sale of goods Does an international sales contract for the sale of goods exceeding $500 have to be in writing to be enforceable in court ? - CORRECT ANSWER No, because the 1980 U.N Convention on Contracts for the International Sale of Goods does not include a statute of frauds What is the standard measure of compensatory damages in a contract lawsuit? - CORRECT AN...

CLFP Exam Questions and Answers Latest Update Scored A+. Oldest Record of Leasing correct answer2010 B.C. in Sumerian City of Ur using Clay tablets for ag tools, land & Water rights, oxen and other animals Code of Hammurabi correct answer1750 BC, acknowledged leasing of Personal Property. First Record of Leasing First Example of A True Lease correct answerShip Charters. Phoenicians leased the ship and crew requiring them to assume benefits and obligations of ownership Statue of Wales corr...

Test Bank for Business Law and the Legal Environment Version 3.0 by Don Mayer, Daniel Warner, George Siedel, and Jethro K. Lieberman. Full Chapters test bank are included - Chapter 1 to 53 Chapter 1: Introduction to Law and Legal Systems 1.1 What Is Law? 1.2 Schools of Legal Thought 1.3 Basic Concepts and Categories of U.S. Law 1.4 Who Makes the Law 1.5 Legal and Political Systems of the World 1.6 A Sample Case 1.7 Summary and Exercises Chapter 2: Introduction to Corporate Social Resp...

Secured Transactions - Source of Law? Ans- UCC Article 9 What is a secured transaction? Ans- A business deal, generally a loan of money given in exchange for a security interest in personalty (personal property). If borrower doesn't repay, lender can sell the asset to pay off borrower's debt. Types of Collateral (4) Ans- 1. Tangible 2. Consumer Goods 3. Rights in Real Property 4. Intangible Tangible Collateral (3) Ans- 1. Inventory 2. Equipment 3. Farm Products Inventory Ans-...

CPCM exam 2024 with 100% correct answers Competitive negotiation -Answer-A method of contracting involving a RFP that states: -The buyer's requirements and criteria for evaluation -Submission of timely proposals by a maximum number of offerors -discussion with those offerors found to be within the competitive range -award of a contract to the one offeror whose offer, price and other consideration factors are most advantageous to the buyer R&D Contract -Answer-A contract for basic researc...

What is the holy trinity of contract formation? correct answers CONTRACT FORMATION CAN BE LOOKED AT AS A "HOLY TRINITY": i. OFFER ii. ACCEPTANCE iii. CONSIDERATION What are the governing law(s) for contracts? correct answers For contracts the law to be applied depends on what the subject matter of the contract is: SALE OF GOODS = governed by Article 2 of the UCC. Every other kind of contract = governed by Common Law. What are goods? correct answers Goods are defined as "mova...

The Formation of Sales and Lease Contracts - •Unlike the judge-made common law, the Uniform Commercial Code (U.C.C.) is statutory law passed by the legislatures of all 50 states. •By making much of contract law uniform across the American states, the U.C.C. attempts to strengthen commerce by simplifying and streamlining transactions. Article 2 - Sales of Goods - •Sale - Passing of title from a seller to a buyer for a price. •Goods - Tangible things that are moveable at the time of t...

Contract Law for Paralegals Exam Test Questions with Correct Answers| Updated Version What is a contract? a contract is a legally enforceable agreement composed of a promise or promises that have been agreed on and that create both rights and duties for the parties to the agreement. Requires: - mutual assent, - consideration, aka "bargained-for exchange of promises", and - no defenses to formation. (#1, 8) . What law applies to: Services Land Goods • common law (state cas...

BUSI 301 Chapter 8 questions well answered graded A+ goods - correct answer tangible personal property that is movable at the time of identification to a contract of sale; money and information are not included under the UCC, however future goods are The UCC applies only to: - correct answer sales contracts sales contract - correct answer A contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price. merchant - correct answer On...

LEGL 2700 Roessing Exam 2 Prep Set Questions & Correct Answers Promise - ANSWER : A commitment or willingness to be bound to a contract obligation Contract - ANSWER : A legally enforceable agreement between two or more parties that requires: -Offer and acceptance -Contractural capacity -Genuine Assent -Lawful Purpose -Lawful Form Uniform Commercial Code (UCC) - ANSWER : The most successful attempt to have states adopt a uniform law Purpose is to simplify, clarify, and modernize t...