Permachart - Marketing Reference Guide: Security Interest, Consequential Damages, Parol Evidence Rule

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2 Jun 2015
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Uniform commercial code article 2: sale of goods. Importance of agreement: a contract is formed when. 2-511(1), 2-309(1): absent an agreement, neither party extends credit to the other; reasonable terms on order of performance, duration, and termination, non-excludable duty of good faith is imposed upon parties in performance (s. 1-203) Private autonomy: provisions may be varied by agreement, excludes obligations of good faith, diligence, reasonableness, and care, excludes provisions which protect third parties" rights, excludes provisions protecting consumers from abusive clauses in consumer leases (s. 2a-103(4)) Priority disputes: priority disputes involving non-creditor transferees (resulting from transfers by lessors and lessees) take subject to existing leases (ss. 2a-304, 305: exceptions occur where transactions involve transferees who are buyers/lessees in ordinary course of business (ss. 2a-302(2), 305(2): lessee"s creditors are subject to lessor"s rights; they have rights to lessee"s leasehold interest but not to the lessor"s residual interest of the lessor (s. 2a-307)

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