An offer that is irrevocable without consideration, will remain irrevocable for a stated period of time or, if no definite period is stated, for a reasonable time.
What is a merchants firm offer?
100
The conduct that occurs under the terms of a particular agreement. Conduct that may indicate the intent of the parties to an agreement.
What is course of performance?
100
A seller’s promise as to the quality, description, or performance of goods being sold or leased.
What is an express warranty?
100
A legal relationship between two parties in which one party agrees to represent or act for another.
What is an Agency?
200
Under the UCC, a person engaged in the purchase and sale of goods of the kind involved in the sales contract or who holds himself out as having skill or knowledge peculiar to the practices or use of the goods.
What is a merchant?
200
The passing of title to property from the seller to the buyer for a price.
What is a sale?
200
A warranty that arises by law because of circumstances of sale (rather than an express promise).
What is an implied warranty?
200
A principal whose identity is known by the third party at the time the contract is made by the agent.
What is a disclosed principal?
300
An agreement in which a buyer agrees to purchase and the seller agrees to sell all or up to a stated amount of what the buyer needs or requires.
What is a requirements contract?
300
Property that has physical existence and can be distinguished by the senses of touch, sight, etc.
What is tangible property?
300
A warranty that goods being sold are reasonably fit for the general purpose for which they are sold.
What is an implied warranty of merchantability?
300
A computer program that by electronic or other automated means can independently initiate an action or respond to electronic messages or data without review by an individual.
What is an E-agent?
400
An agreement in which a seller agrees to sell and a buyer agrees to buy all or up to a stated amount of what the seller produces.
What is an output contract?
400
Goods that are alike by physical nature, by agreement, or by trade usage. Title for such goods and risk of loss passes without separating the goods being sold.
What are fungible goods?
400
A warranty that goods sold are fit for a particular purpose. Will arise where seller knows of the particular purpose and buyer is relying on his expertise.
What is an implied warranty of fitness for a particular purpose?
400
Legal responsibility placed on one person for the acts of another.
What is vicarious liability?
500
Any practice or method of dealing having such regularity of observance in a place, vocation, or trade as to justify an expectation that it will be observed with respect to the transaction in question.
What is usage of trade?
500
A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier and tender delivery of the goods to a specific destination.
What is a destination contract?
500
A Federal Statute enforced by the FTC designed to prevent deception in warranties by making them easier to understand.
What is the Magnuson-Moss Warranty Act of 1975?
500
Latin for “let the master respond”. A doctrine under which a principal or an employer is held liable for the wrongful acts committed by agents or employees while acting within the course and scope of their agency or employment.