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

What does lex mercatoria mean? - Correct Answer "law merchant" -a custom made law created by the merchants who used it regarding promises, sale and exchange of goods and payment (1500s England) The UCC was created as a proposal by... - Correct Answer American Law Institute and National Conference of Commissioners scholars What does Article 1 of the UCC cover? - Correct Answer General Purposes (purposes, guide, definitions) What does Article 2 of the UCC cover? - Correct Answer Sale o...

Constitutional Law - 1st Source of law - Federal and State Constitutions Executive Order - Legally binding directive from the president - Ex in 1957 Eisenhower ordered federal troops to enforce the Supreme Court's ruling to desegregate the school system Treaty - Written Agreement between two or more countries Becomes Legally binding when they are approved by 2/3 of the Senate Statutory Law - 2nd Source of law - the field of law involving statutes, which are laws passed by congress or by s...

WA BAR EXAM - SALES (UCC ARTICLE 2)/ EXAM REVIEW QUESTIONS AND ANSWERS, VERIFIED. Governing law - -Article 2 of the UCC governs sales of goods, meaning everything that is moveable at the time of sale Merchant - general rule - -Any person in a business or profession is a merchant. Seller - general rule - -A seller is a merchant who deals in goods of a particular kind if she regularly sells them Contract formation - general rule - -A sales contract is made in any manner that shows agreem...

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...

BUL 4422 Exam 1 2024 Questions And Answers 100% Correct(Graded A+) Three sources of laws that interpret sales contracts exist: - ANSWERS1. state common law 2. the uniform commercial code, and 3. state statutory law Every state except _________ has adopted Article 2 of the UCC. - ANSWERSLouisiana. Louisiana's civil tradition is based on Code Napoleon, or the French Civil Code. Article 2 describes ________ of goods, while Article 2(A) describes the __________ of goods. - ANSWERSArt...

BUS 263 Final Exam | Questions and Answers In a dispute over a sale involving a skateboard, Greg argues that as to this deal Hobby Shop, where Greg bought the board, is a merchant. A court may determine whether the shop is a merchant by assessing whether it holds itself out by occupation as having knowledge and skill unique to the skateboard in the transaction. Ferris is refinishing his kitchen floor and needs a floor sander to complete the job. Ferris's neighbor Gina suggests that he call Ho...

Contract Law for Paralegals Exam Questions and Answers 100% Pass What is a contract? -Answer-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 -Answer-• common law (state case law) for se...

The Formation of Sales and Lease Contracts Ans: •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 Ans: •Sale - Passing of title from a seller to a buyer for a price. •Goods - Tangible things that are moveable at the...

CLFP Classification & Terminology in Leasing Exam Questions and Answers Latest . Helps avoid tax abuse by defining what is not a lease for tax purposes. - Correct Answer-What is significant about IRS Revenue Ruling 55-540? Per IRS Revenue Ruling 55-540, what are the rules that if present prevent a transaction from being a lease for tax purposes? - Correct Answer-1). Any portion of the periodic payment is equity, 2.) lessee automatically acquires title upon making scheduled payments 3.) the...

The Code defines __________ as "honesty in fact in the conduct or transaction concerned." correct answers good faith The definition of "usage of trade" includes: correct answers a practice regularly observed and followed in a place, vocation, or trade. A merchant is defined as a person who: a. is a dealer in a particular type of goods. b. by his occupation holds himself out as having knowledge or skills peculiar to certain goods or practices. c. employs an agent or broker whom he ho...