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MBE Contracts III
Contracts - Uniform Commercial Code
| Question | Answer |
|---|---|
| Uniform Commercial Code - Coverage Areas | -UCC --Merchant Specific Rules ---Confirmatory Memo ---Firm Offer Rule --Defenses --Damages --Requirements Contract --Installment Contracts --Battle of the Forms -Third Party Beneficiaries --Intended --Incidental --Assignment or Delegation |
| UCC 2-205: Firm Offer Rule | A signed writing by a merchant which by its terms gives assurances that it will be held open is not revocable for lack of consideration for the stated period of time, not to exceed three months. |
| Requirements Contract | A contract in which one party agrees to supply as much of a good or service as is req'd by the other party, and in exchange the other party expressly or implicitly promise that it will obtain its goods or services exclusively from the first party. |
| UCC 2-712: Cover by Buyer | After covering aggrieved user may recover: Price to Cover - Contract Price= PLUS Incidental and Consequential damages. |
| UCC 2-615: Impracticability | Delay in delivery or non delivery... ny a seller is not a breach if the seller's performance is made impracticable by a contingency whose nonoccurence was a bausch assumption on which the contract was made. |
| Impossibility | -Subjective: --Impossibility will not excuse duties of performance under a contract. -Objective: --Impossibility will excuse duties of performance under a contract. |
| 3rd Party Beneficiaries Analysis I | -Identify 3rd party beneficiary Contract -Intent to benefit Test --Is 3rd party incidental - then no rights --is 3rd party intended- then step 3 -Has Third Party Vested? --Learned of the contract and assented to it? |
| 3rd Party Beneficiaries Analysis II | ...--Changed positions in reliance on the contract? |
| UCC 2-601: Non-Conforming Goods | Buyer has three options: 1)He can accept the whole shipment 2)He can reject the whole shipment 3)He can accept any commercial unit or units and reject the rest |
| Free on Board (FOB) | indicates that the seller is responsible for getting the goods to a supper designated by the buyer. At this point, the risk of loss passes from the seller to the buyer. |
| Incidental Damages I | -Expenses incurred by the indued party as a result to the other party's breach of contract. --Expenses for inspection, receipt, transportation --Storage of rejected goods or services --Expenses associated with buying replacement goods or services, and. |
| Incidental Damages II | ... any other expense related to delay in delivery or non-delivery |
| Consequential Damages I | -Damages which do not derive directly from the breach, but from the results of the breach; they are more indirect in nature. Ex: losses Buyer incurs which the Supplier had reason to know at the time of contracting and |
| Consequential Damages II | ...which Buyer could not reasonable have prevented. |
| UCC 2-609: Right to Adequate Assurances I | -When reasonable grounds for insecurity arise, one party may (in writing) in demand adequate assurances from the other that the performance will occur -Assurances must be provided within a reasonable time (no more than 30 days) |
| UCC 2-609: Right to Adequate Assurances II | ...-Failure to provide assurances is a repudiation of the contract. |
Created by:
Gkell001
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