Basic Terms
What is a sale?
Under the UCC, this is the transfer of ownership of goods from seller to buyer for a price.
What are “goods” under the UCC?
movable items
When does payment occur in a sales contract?
When the buyer delivers consideration and the seller accepts it
Name two things NOT considered goods under the UCC.
Real property, money, patents/copyrights, or intangible rights
What is ownership?
The passing of title from seller to buyer
What must be shown for a valid sales contract under the UCC?
Agreement between the parties
What is delivery under the UCC?
Placing goods under the buyer’s possession or control
What is required under the Statute of Frauds for sales contracts of $500 or more?
A written agreement signed by the party being sued
What is a contract to sell?
A contract in which ownership of goods will transfer in the future.
What does the UCC govern?
Sales of goods and contracts to sell goods
What is constructive delivery?
When control of goods is transferred without physical handover
What is the CISG?
A United Nations agreement that regulates international sales of goods
The seller in a sales contract is known by which term?
A vendor
Are patents and copyrights considered goods under the UCC?
no
What is the difference between delivery and receipt of goods?
Delivery is transfer by seller, receipt is buyer taking possession
What is a bill of sale?
Written proof of transfer of ownership
What is a vendee?
The buyer in a sales contract is known by this term.
Can a sales contract be valid if some terms are left open?
Yes, if the parties show agreement
What is constructive delivery?
When control of goods is transferred without physical handover
When both parties are merchants, what happens if the offeree adds new terms and the offeror does not object in a reasonable time?
The new terms become part of the contract unless they materially alter it