33:140:320 Lecture Notes - Lecture 18: Unconscionability, Sough, Suzuki Sx4
Document Summary
Ucc facilitates commercial transactions by making laws governing sales and lease contracts uniform, clearer, simpler, and more readily applicable. Article 2 and 2a of the ucc provide rules governing all aspects of this transaction: the transaction may involve a payment by check, electronic fund transfer or other means. Article 7 (on documents of title) deals with this subject: the transaction may involve a demand by the seller or lender for some form of security for the remaining balance owed. Article 9 (on secured transactions) covers this part. Sales contract: a contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price. When a ucc provisions addresses a certain issue, ucc governs, when the ucc is silent, common law governs. Deals only with sale of goods (not with real property real estate, services, or intangible property stocks and bonds)
