FIN 240 Lecture Notes - Lecture 19: Intangible Property, Tangible Property, Force Majeure
Document Summary
Most comprehensive codification of the broad spectrum of laws involved in a total commercial transaction. Covers the sale of goods but not real property, services, or intangible property. Parties are free to agree to terms different from those stated in the ucc. General rule: if there is a conflict between a common law contract rule and the state statutory law based on the. Sale - passing of title from seller to a buyer for a price. Goods - an item of property the tis tangible and movable. Tangible property - can be touched or seen. Merchant - deals in goods of the kind in the sale. Holds themselves out as having special expertise, knowledge, or skill. Employs a merchant as a broker, agent, or other intermediary. Goods such as minerals, gas, or oil often do fall within the scope of the ucc if severance is to be made by the seller.
