COB 218 Chapter Notes - Chapter 14: Intangible Property, Dill, Tangible Property
Document Summary
State statutory law governing sales and lease transactions is based on the uniform commercial code. The rule is that whenever a conflict arises between a common law contract rule and the state statutory. When the ucc is silent, the common law governs. Two important points in regard to article 2: The ucc provides a framework of rules that are readily applicable to the numerous difficulties that can. The manufacturers and sellers of products may incur product liability when product defects cause injury. Article 2 of the ucc sets forth the requirements for sales contracts, as well as the duties and obligations. The goal of the ucc is to simplify and to streamline commercial transactions. The ucc allows parties to form sales and lease contracts without observing the same degree of formality. Article 2a covers similar issues for lease contracts. The parties to sales or lease contracts are free to agree to terms different from those stated in the ucc.
