BLE Chapter 13 review

Rare coins even though currency, can be consider goods under the UCC

False

Generally, oral contracts are unenforceable in court.

False, they are generally enforceable

Under what conditions does a buyer show acceptance?

If the buyer signifies to the seller that the goods conform to the contract or will be retained in spite of their nonconformity The Buyer acts inconsistently The buyer fails to make an effective rejection after having reasonable opportunity to accept

When is a bill of sale necessary? Why?

Large sales; ex: car

Why is a bill of sale necessary

Makes resale of property easier because it provides the owner with written evidence of ownership

Individuals involved in sales transactions are either classified as casual seller or ___ by the law.

Merchant

Which of the following would not be considered goods under the UCCs law of sales

Six acres of land

A constructive delivery occurs when there is no actual transfer of possession of the goods, but the purchaser receives the power to control them, as intended by the parties involved.

True

Contracts to sell are not governed by the UCCs law of sales

True

If a buyer sells the goods, the UCC treats the buyers actions as an acceptance.

True

Intellectual property, such as a patent or copyright, is not considered a good under the UCC

True

Under the statue of frauds, sales goods are valued at 500 or more need to be evidence by writing to be enforceable in court.

True

perfect tender rule

When an offer is made and it is accepted as is

What constitutes an oral contract/what does it?

When buyer accepts/pays for goods Payment is made Buyer admits that he/she agreed to the contract Goods specially made not suitable for resale to others

Can a court refuse to enforce an entire contract that it finds to be unconscionable

Yes

casual seller

an individual who doesn't qualify as a merchant.

What are NOT considered "goods"

money, services, patents, copyrights, and trademarks

A court can decide to

refuse to enforce the contract enforce the contract without the unconscionable clause limit the clause's application so that the contract is no longer unfair

merchant

someone who deals regularly in the type of goods being exchanged or claims special knowledge.

What are "goods"?

tangible, movable items of personal property

Accommodation

when an arrangement with or a favor to the buyer after notification by the seller.

Non conforming

when the seller is unable to provide conforming goods

Do both parties have to sign the writing to satisfy the Statute of Frauds?

yes