UCC Terms and Definitions for Contract Law, Quizzes of Contract Law

Download UCC Terms and Definitions for Contract Law and more Quizzes Contract Law in PDF only on Docsity! TERM 1 UCC Art. 2 DEFINITION 1 Governs transactions of goods. TERM 2 Breach of Contract DEFINITION 2 To establish a breach of contract a party must prove: the other party has a present duty to perform the duty has not been performed the duty has not been discharged TERM 3 Contract Requirements DEFINITION 3 An enforceable contract requires: an offer an acceptance consideration; and no defenses to contract formation TERM 4 SOF DEFINITION 4 Applies to: a promise that by its terms cannot be completed within a year (runs from the date of the agreement) a promise for the sale of goods for $500 or more TERM 5 UCC Contract Requirements DEFINITION 5 UCC Essential Terms of K: a writing sufficient to indicate that a contract was formed; the signature of the party to be charged; and a quantity term TERM 6 UCC Acceptance of Goods DEFINITION 6 Under the UCC, a buyer accepts goods when she: indicates to seller that they conform or that she will keep tem even though they fail to conform (after a reasonable opportunity to inspect); or she fails to reject them after a reasonable time after tender or delivery of the goods. TERM 7 Installment Contracts DEFINITION 7 Goods of an installment contracted can be rejected only if: the nonconformity substantially impairs the value of the installment and cannot be cured; the nonconformity substantially impairs the value of the entire contract (amount to breach of entire contract). TERM 8 UCC Modification DEFINITION 8 Modification - is enforceable must comply with the SOF if the original agreement was subject to the SOF TERM 9 Cure DEFINITION 9 Cure -Prior to the date performance is to be rendered, a party failing to comply with the contract may cure: a deficiency in quantity quality issues delivery of too much may be cured be an acceptance or return of part TERM 10 Waiver of Breach DEFINITION 10 A party waives the right to claim breach of contract when that party: accepts nonconforming goods and paying for them