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4017764
Chapter 20: Formation of Sales and Lease Contracts
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Resource summary
Chapter 20: Formation of Sales and Lease Contracts
Comprehensive Coverage of UCC
Article II
Governs sales contracts
does not deal with real estate, services or intangible property like stocks/bonds
if subj matter of a dispute is goods the UCC governs. if real estate or services, common law applies
rules can vary depending of whether buyer/seller is merchant
Article II-A
Lease Agreements
a lessor's and lessee's bargain w/ respect to lease of goods
applies to all types of goods, unless special type
Consumer Leases
lessor regularly engages in leas/sell biz
lessee who leases the goods "primarily for personal, family or household purpose
Total lease paymts >$25k
Finance Leases
involves: lessor, lessee, supplier
lessor buys/leases goods from supplier, then leases/subleases them to lessee
lessor is financing the transaction, simply
Offer
Open Terms
Parties intended to make contract
Reasonably certain basis for court to grant appropriate remedy
Open Price Open Payment Open Delivery
Requirements/Output Contracts
Merch FIrm Offer
1. Written 2. Signed by offeror
Acceptance
seasonably
Com of Accept.
Add. Terms
When 1 or both are non-merch
when both are merch.
Consideration
Statute of Frauds
Parole Evidence
Unconsionability
Special Provisions in International Contracts
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