Understanding the Basics of UCC Contracts and Goods: Definitions and Key Concepts, Quizzes of Introduction to Business Management

Download Understanding the Basics of UCC Contracts and Goods: Definitions and Key Concepts and more Quizzes Introduction to Business Management in PDF only on Docsity! TERM 1 freedom of contract DEFINITION 1 let thte parties contracton whatever terms they can agree upon TERM 2 Ucc contracts DEFINITION 2 sale of goods $500+ TERM 3 promote economic activity DEFINITION 3 determine the intention of the parties, overlook minor defects in contracts TERM 4 add terms can be added to the contract when applicable DEFINITION 4 usage of trade course of dealing common law principles TERM 5 promote equity and fairness toward innocent responsible parties DEFINITION 5 provides methods for innocent parties to protect themselves TERM 6 bonafide purchaser for value DEFINITION 6 to clarify who has title to goods TERM 7 holder in due course DEFINITION 7 for holders of negotiable instruments TERM 8 UCC sets rules to determine who has title to goods DEFINITION 8 other parties concerned about who has title lenders insurers bankruptcy creditors TERM 9 goods DEFINITION 9 all things movable at the time that they are identified to a specific contract TERM 10 passage of title DEFINITION 10 bill of lading - transportation industry title document warehouse receipt - storage industry title document