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Chapter 19 - Formation & terms. After reading the material in this chapter, you should be able to: Definitions of basic terminology, terms (details) of sales contracts, the nature of “title”, title & third parties, risk of loss, sales on trial, approval, or consignment. | Sales Formation & Terms Product Liability Performance of Sales Contract Remedies for Breach of Sales Contracts 4 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Formation & Terms P A E T R H C 19 “Merchants have no country. The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gains.” Thomas Jefferson, U.S. president and merchant, in a letter to Horatio G. Spafford (March 17, 1814) Learning Objectives Definitions of basic terminology Terms (details) of sales contracts The nature of “title” Title & third parties Risk of loss Sales on trial, approval, or consignment 19 - Uniform Commercial Code (UCC) governs most commercial transactions in the United States and Article 2 covers the sale of goods Does not literally apply to trade in services United Nations Convention on Contracts for the International Sale of Goods (1980) provides rules governing risk of loss in international sale of | Sales Formation & Terms Product Liability Performance of Sales Contract Remedies for Breach of Sales Contracts 4 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Formation & Terms P A E T R H C 19 “Merchants have no country. The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gains.” Thomas Jefferson, U.S. president and merchant, in a letter to Horatio G. Spafford (March 17, 1814) Learning Objectives Definitions of basic terminology Terms (details) of sales contracts The nature of “title” Title & third parties Risk of loss Sales on trial, approval, or consignment 19 - Uniform Commercial Code (UCC) governs most commercial transactions in the United States and Article 2 covers the sale of goods Does not literally apply to trade in services United Nations Convention on Contracts for the International Sale of Goods (1980) provides rules governing risk of loss in international sale of goods contracts The Sale of Goods 19 - UCC Article 2 covers a sale of goods involves the transfer of ownership to tangible personal property in exchange for money, other goods, or the performance of services Leasing large goods, such as manufacturing or agricultural equipment, is common UCC Article 2A applies to a lease of goods The District of Columbia and all states except Louisiana have adopted UCC Article 2A Choice of Law 19 - The UCC Article 2 does not explicitly apply to sale of services, but goods only. While some courts will apply UCC Article 2 rules to a transaction in which sales and services are mixed, most seem to avoid application of UCC Article 2 to mixed goods and services. Therefore, when faced with a sales transaction dispute, a person must identify the subject matter (services, goods, or a mixture) in order to determine the applicable law. This chart is Figure 1 on page 461 of the text. Example of a sales dispute: Baxter v. Maurice’s Auto Repair and Towing .
