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