BALW20150 Chapter 20: Chapter 20 Notes Part 2
21 Dec 2018
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Document Summary
A single, integrated framework for commercial transactions: A contract for the sale or lease of goods is formed and executed: governed by article 2 and article 2a, 2. The transaction may involve a payment by check electronic fund transfer, or other means: article 3 for negotiable instruments, article 4 for bank deposits, article 4a for fund transfers, article 5 for letters of credit, 3. The transaction may involve a bill of lading or a warehouse receipt that covers goods when they are shipped and stored: article 7, 4. The transaction may involve a demand by the seller or lender for some form of security for the remaining balance owed: article 9. Article 2 deals with the sale of goods: does not deal with real property (real estate), services, or intangible property such as stocks and bonds, common law applies to these exceptions, 2.
