Exam 17: Introduction to Sales and Lease Contracts

Under the UCC, an oral contract subject to the Statute of Frauds will be enforceable if there is evidence of partial performance.

A lease is an agreement to transfer the right to possess and use goods for a period of time in exchange for payment.

Fresh Dairy, Inc., is the offeror and Gelato Ice Cream Company is the offeree under a unilateral sales contract in which Hector's Helado Corporation is also interested. Gelato is not notified of Fresh Dairy's performance within a reason-able time. Gelato

To be characterized as a "good" under the UCC, an item of property must be movable and tangible.

Refined Metals Company and Superior Fabrication, Inc., enter into a contract under which Refined agrees to deliver a certain quantity of sheet metal to Superior each month. The contract does not include a price term. In a suit between the parties over the price, a court will

In contrast to standards that apply to consumers, the UCC imposes on merchants

UCC Article 2A covers leases of goods and is similar in many respects to Article 2.

In certain situations, the UCC imposes special rules on merchants.

iSharp, Inc., and Jenene, the owner of a Kitchen Time shop, orally agree to a sale of knives and other utensils for $12,000. Jenene gives iSharp a check for $4,000 as a partial payment. This contract is

Jacob offers to sell Bill a collection of baseball cards. For their transaction to be a sale under the UCC, Bill

A contract for the lease of goods involving total payments of $500 or more needs to be in writing to be enforceable.

Medico Inc. enters into a contract to sell medical supplies to New Hospital Corporation, which sells some of the items to Physicians Clinic, which later sells them to Oscar, a patient and consumer. Article 2 of the UCC applies to the sales transactions between