MGT 2106 Lecture Notes - Lecture 17: The Seller, Fax, Incoterms
Document Summary
Chapter 17 the formation of sales and lease contracts. Ucc applies when parties to a contract for the sale or lease of goods have failed to specify in writing some important terms concerning the price, delivery, passage of title, etc. With respect to ks for the sale and lease of goods we move away from common law principles and into the area of statutory law - the ucc. To the extent that it has not been modified by the ucc, the common law of contracts applies to the ucc. Article 2 deals with the sale of goods, it does not deal with real property (real estate). Article 2a covers any transaction that creates the lease of goods as well as subleases of goods. Sale defined by ucc as passing title from seller to buyer for a price. Goods must be tangible property (having a physical existence) and movable.
