Bus Law Chapter 9
stature of limitations is set at
4 years
merchant
a person who deals in goods of a kind or otherwise holds himself out as to have specific knowledge on a given subject. they present themselves as a professional in a given field
3 categories of non-sales transactions
bailments, lease, gift
UCC has influenced the courts with the regard to sellers and has become ...
buyer oriented
the code provides more ... rules for the meaning of a contract
flexible
sales of goods for $500 dollars or more are subject to
fraud statutes
article 2 imposes higher standards on ...
merchants than non-merchants
article 2 of UCC deals with
moveable goods or chattels. sales personal property
article 2 of UCC does not cover...
real estate, or contracts for services nor employment
bailments
the transfer of possession, care and/or control of personal property by the owner to the possessor (bailor). this is a temporary conveyance of goods to a third party (ex. getting your car fixed after an accident)
lease
the transfer of rights for usage for a specific amount of time (leasing a car instead of buying)
gift
transfer of title by the owner to another person