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Flashcards in BLaw - Sales Law Deck (11):
1

Only sales of goods are covered under the UCC.

Sales

2

Offer - You offer to sell something at a price

Acceptance - the other party accepts

Consideration - Something of value has been exchanged for the goods

Note: The UCC only covers sales of goods.

Sales

3

You offer to sell something at a price and keep that offer open for a set period of time

3 months max

Only merchants can make firm offers

Must be in writing and signed

Sales

4

If value of goods sold is > $500; sales contract must be in writing

Exceptions: Merchants can enter into oral contracts for > $500 items.

Oral contracts are binding for special or uniquely-made items (i.e. custom cabinets or custom furniture that could not be sold if buyer reneged)

Sales

5

If terms are:

FOB shipping point: Title transfers at point of shipment (i.e. when loaded on truck)

FOB destination: Title and risk transfers once item is delivered

Sales

6

The seller has the right to sell the good and no one else can stake claim to that good

Sales

7

This good will do its intended purpose

Can be disclaimed

Sales

8

This good is the right choice for you based on the seller's expert opinion

Can be disclaimed

Sales

9

Manufacturers of goods cannot disclaim that their products will be safe

Can be liable if negligent

Sales

10

Buyer can reject some or all of the shipment if the seller didn't perform as agreed and ship what was expected

Must give notice

Must give seller a chance to remedy the situation

Sales

11

Buyer must sue to recover damages within 4 years.

Sales