BALW20150 Chapter Notes - Chapter 20: Finance Lease, Intangible Property, Mirror Image
17 Apr 2017
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Chapter 20: the formation of sales and lease contracts. State statutory law governing sale and lease transactions is based on the uniform. Commercial code (ucc) has been adopted by all states. Ucc allows parties to form sales and lease contracts without observing the same degree of formality used in forming other types of contracts. Duty of good faith and fair dealing is concept created by ucc and restricted to contracts for sale of goods (case on pg. Common law requirements for valid contract (agreement, consideration, capacity, legality) also apply to sales contracts. Whenever a conflict arises between a common law contract rule and the state statutory law based on the ucc, the ucc controls. When the ucc is silent, the common law governs. Article 2 deals with sale of goods does not deal with real property (real estate), services, or intangible property such as stocks and bonds.
