A Merchant: Who Is It?
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
"Who deals in goods of the kind or otherwise by his occupation holds himself
out as having knowledge or skill peculiar to the practices or goods involved in
the transaction" is how the UCC defines a merchant in Section 2-104(1). Any
transaction in which both parties are charged with the knowledge or skill of
merchants is referred to by the phrase "between merchants," which appears
repeatedly in Article 2. [4] In terms of every potential transaction, not every
businessperson is a merchant. However, if a person or organization hires an
agent or broker who poses as having such knowledge or expertise, they may be
deemed a merchant under Article 2. As a result, a university that has a
purchasing office may function as a merchant for the transactions that are
handled by that division.
Parties may decide on obligations. As per the UCC
The parties to a contract are free to include almost whatever they wish in their
agreement under the UCC. "The effect of provisions of this Act may be varied
by agreement," according to Article 1-102, "with the exception that the
obligations of good faith, diligence, reasonableness, and care prescribed by this
Act may not be disclaimed by agreement, but the parties may by agreement
determine the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable." As a result, the
UCC is the "default" position; the parties can specify how they would like the
contract to function. The UCC is applicable if they leave out any clause
pertaining to a particular component of how their contract operates. For
instance, the UCC uses the phrase "delivery" if they do not specify where it will
take place. It will take place at the "seller's place of business or if he has none,
his residence," according to Section 2-308. Regardless of whether a transaction
has already taken place, a change in title is necessary for a sale to take place. As
you may remember, the Uniform Commercial Code (UCC) defines a sale as a
"transfer of title from seller to buyer for a price." Therefore, there cannot be a
sale if there is no transfer of title. The absence of a sale has various
ramifications, one of which is that no implicit warranty of merchantability is
created with regard to a merchant-seller. (Once more, as was covered in the
previous chapter, an implied warranty ensures that the products sold by a
merchant-seller are appropriate for the typical use for which they are intended.)
Naturally, the lessor retains title in a lease.
