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Flashcards in REG 15 Deck (16):
1

when is a mailed or faxed acceptance valid

Effective upon dispatch (when you mail it)

2

What is a firm offer under UCC

Assurance in writing
Signed by A merchant
That offer will remain offer
You don't need consideration
Can't. be longer than three months,

No time is stated then a reasonable time (rain check was example.
Period of irrevocablility can't exceed 3 months

3

Does a firm offer have to be in writing?

Yes

4

Does a firm offer have to be signed by a merchant?

Yes

5

Does a firm offer have to state price?

No, but it has to say offer will be open

6

Does a firm offer require consideration

No

7

Firm offer has to say offer is open, does it have to specify time it's open?

No, must be reasonable and not exceed 3 months

8

Output contract - what is it?

Agreement to buy sellers output or
Agreement to supply buyer with goods

9

Output Contract is enforceable under both ________ and ______

UCC and Common Law

10

Do you have to specify price in an out put contract or quantity

No why do an output contract otherwise, don't know how much
Price is reasonable price if none is stated

11

If you make a firm offer can you revoke it?

Probably not if you do it right away, the whole purpose is promise to keep an offer open.

12

COD does the buyer have a right to inspect before paying for the goods.

No, but the seller has an obligation to deliver goods that conform to the contract.

13

What is a Sale on Approval Under the UCC code

Sale where goods are delivered with an understnading that the buyer may test them before buying.

Can return conforming goods.

Title and risk of loss does not pass until acceptance.

Acceptance may be implied by not returning goods in a reasonable period of time

14

Under article 2 of UCC which of events will result in the risk of loss passing from a merchant sellter to a buher.

Tender of Goods at sellers store
Use of sellers truck to deliver goods

If no agreement about risk of loss and no carrier and bailee is not in possession, then it's when the buyer is in receipts.

15

Under the UCC is the risk of loss ever based on title?

No never, based on agreement of the parties.

16

Sale on Approval - when do title and risk of loss pass to buyer

No until acceptance