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Statute of Frauds- Six contracts requiring writing
MYLEGS
Marriage
Year
Land
Leases
Excutors
Goods- sale of $500 or more
Surety
Merchant Firm Offer
1. The Seller must be a merchant
2. the offer must be in writing and signed by the merchant
3. The offer must give assurances it will be kept open for a certain time
The firm offer is irrevocable for the time stated, but no longer than three months.
Statute of frauds (Exceptions) does not require written signed contract
SWAP
1. Specially manufactured goods
2. Written confimation of a contract to bind the sender, and binds the recipient
3. Admitted in court contracts
4. Preformed contracts
Non Carrier cases- risk of loss
1. Nonmerchant seller- Risk passes on tender of delivery
2. merchant seller- risk passes on actual delivery.
Carrier cases
Shipment contract- risk passes on delivery to carrier
Destination contract- risk passes at destination
Warranties- perfect tender required (common law substantial performance) goods must conform to all warranties:
1. Express Warranties
2. Implied warrany of title
3. Implied warranty of merchantability
4. Implied warranty of fitness for a particular purpose
Author
dougmclain
ID
64017
Card Set
Reg 5
Description
UCC
Updated
2011-02-04T03:56:32Z
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