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Questions and Answers
What does the Uniform Commercial Code (UCC) govern?
What does the Uniform Commercial Code (UCC) govern?
- The sale of services
- The sale of goods (correct)
- The sale of intellectual property
- The sale of real estate
Which UCC Articles are the focus of sales contracts?
Which UCC Articles are the focus of sales contracts?
- Articles 6 and 7
- Articles 1 and 3
- Articles 2 and 2A (correct)
- Articles 4 and 5
How can sales contracts be formed?
How can sales contracts be formed?
- Through counteroffer
- Through invitation to treat
- Through silence
- Through offer and acceptance (correct)
What is the requirement for written sales contracts over $500?
What is the requirement for written sales contracts over $500?
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What are the two types of warranties?
What are the two types of warranties?
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What are the remedies for breach of contract?
What are the remedies for breach of contract?
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What is the time limit for bringing a lawsuit for breach of contract?
What is the time limit for bringing a lawsuit for breach of contract?
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What does the parol evidence rule do?
What does the parol evidence rule do?
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When does acceptance occur in a sales contract?
When does acceptance occur in a sales contract?
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What can excuse performance in a sales contract?
What can excuse performance in a sales contract?
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Study Notes
- The Uniform Commercial Code (UCC) governs the sale of goods.
- UCC Article 2 (Sales) and Article 2A (Leases) are the focus.
- Sales contracts can be formed through offer and acceptance.
- Written sales contracts over $500 must be signed.
- Warranties can be express or implied.
- Remedies for breach of contract include canceling, covering, and recovering damages.
- Lawsuits must be brought within 4 years from the date of breach.
- The parol evidence rule limits written terms in final contracts.
- Acceptance occurs when the buyer takes possession of the goods.
- Performance may be excused due to unforeseen events.
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