Ch 13 - UCC Art 2
UCC Article 2 deals with the sale of ______.
What are goods?
Requirement that seller deliver goods that conform with contract's terms.
What is the perfect tender rule?
The two types of orders to pay.
What are drafts and checks?
Two requirements for negotiating an order instrument.
What are indorsement and delivery?
What are person forges another's name or agent lacks authority to sign for principal.
Analysis used when contracts involve goods and services.
What is the predominant-factor test?
The three obligations of the buyer or lessee under Article 2/2A.
What are payment, right of inspection, and acceptance.
The two types of promises to pay.
What are promissory notes and certificates of deposit?
Effect of a qualified indorsement.
What is relieves indorser of any liability for payment of the instrument?
Two parties who are primarily liable on a negotiable instrument.
What are makers and acceptors?
The one open term courts generally will not fill in.
What is quantity?
Two options for non-breaching party when anticipatory repudiation occurs.
What are treat as final breach/pursue remedy or wait see if party honors contract.
The two requirements for a writing to be negotiable.
What are permanent and portable?
Result of being an holder in due course.
What is take an instrument free of most defenses or claims against transferor?
Who are drawers and indorsers?
The two requirements for a merchant's firm offer.
What are in writing and signed?
Situation when buyer can obtain specific performance as a remedy.
What is when goods are unique or monetary damages are inadquate?
Two requirements for unconditional payment.
What are not conditioned on occurrence of event or governed by another document.
Three requirements for HDC status.
What are taken for value, in good faith, and without notice of defects?
The difference between a cashier's check and a certified check.
What are a cashier's check is when bank serves as the drawer and drawee and certified check has been accepted by bank on which it is drawn?
The dollar amounts for Statute of Frauds to apply under Article 2/2A.
What are $500 for sale and $1000 for lease?
Rights of buyer upon rejecting nonconforming goods.
What are obtain cover, cancel the contract, and/or seek damages?
Requirement that instrument must be payable in money.
What is any medium of exchange recognized as government currency?
Three ways a person is considered to have notice of defect.
What are actual knowledge, received notice, or reason to know defect exists?
Three types of relationships between a bank and customer.
What are creditor-debtor, agency, and contractual?