Reg 5

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

64017

Card Set

Reg 5

Description

UCC

Updated

2011-02-04T03:56:32Z

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