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Lecture Dynamic business law - Chapter 21: Introduction to sales and lease contracts

After reading this chapter, you will be able to answer the following questions: What is the UCC? What is a sales contract? What kinds of contracts fall under the UCC interpretations? What is a merchant, and why is that designation significant? What is a lease contract? What is the CISG? | Chapter 21 Introduction to Sales and Lease Contracts Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 21: Introduction to Sales and Lease Contracts The Uniform Commercial Code (UCC): A uniform/model law that governs commercial transactions, including contracts for the sale of goods, leases, and secured transactions 21- The Uniform Commercial Code, or UCC, is a uniform law that governs commercial transactions, including contracts for the sale of goods, leases, and secured transactions. 21- UCC Outline (Articles and Topics) Article 1: General Provisions Article 2: Sales Article 2(A): Leases Article 3: Negotiable Instruments Article 4: Bank Deposits and Collections Article 4(A): Wire Transfers Article 5: Letters of Credit Article 6: Bulk Transfers Article 7: Documents of Title Article 8: Investment Securities Article 9: Secured Transactions The UCC includes the following provisions: Article 1: General Provisions; Article 2: Sales; Article 2(A): Leases; Article 3: Negotiable Instruments; Article 4: Bank Deposits and Collections; Article 4(A): Wire Transfers; Article 5: Letters of Credit; Article 6: Bulk Transfers; Article 7: Documents of Title; Article 8: Investment Securities; and Article 9: Secured Transactions. UCC Article 2 Applies to contracts for the sale of goods 21- UCC Article 2 applies to contracts for the sale of goods. 21- UCC Article 2 Terminology Sale: The passing of title from seller to buyer for a price Goods: Tangible things that can be moved (Examples: Automobiles, furniture, electronics) Mixed goods and services contracts: Contracts that include both goods and services. UCC Article 2 applies to contract if goods are “predominant part” of transaction Merchants: Buyers or sellers who Deal in goods of the kind involved in contract By occupation, represent themselves as having knowledge and skill unique to goods | Chapter 21 Introduction to Sales and Lease Contracts Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 21: Introduction to Sales and Lease Contracts The Uniform Commercial Code (UCC): A uniform/model law that governs commercial transactions, including contracts for the sale of goods, leases, and secured transactions 21- The Uniform Commercial Code, or UCC, is a uniform law that governs commercial transactions, including contracts for the sale of goods, leases, and secured transactions. 21- UCC Outline (Articles and Topics) Article 1: General Provisions Article 2: Sales Article 2(A): Leases Article 3: Negotiable Instruments Article 4: Bank Deposits and Collections Article 4(A): Wire Transfers Article 5: Letters of Credit Article 6: Bulk Transfers Article 7: Documents of Title Article 8: Investment Securities Article 9: Secured Transactions The UCC includes