COB 218 Chapter Notes - Chapter 14: Anticipatory Repudiation, Intangible Property, Tangible Property
28 Nov 2016
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Document Summary
Sales contracts: governed by article 2 of the ucc: article 2 deals with the sale of goods. It does not deal with real property, services, or intangible property (stocks & bonds: real estate & services common law applies. In some situations, the rules can vary depending on whether the buyer or seller is a merchant. Sale: the passing of title from the seller to the buyer for a price. Tangible property: has physical existence & can be distinguished by the senses of touch & sight. Intangible property: (cid:272)a(cid:374)"t (cid:271)e see(cid:374) or tou(cid:272)hed exists only conceptually. Firm offer: an offer (by merchant) that is irrevocable without consideration for a period of time. Three exceptions to the writing requirements of the statute of frauds: specially manufactured goods, admissions, partial performance. Perfect tender rule: the seller was obligated to deliver goods that conformed with the terms of the contract in every deal.
