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Study Guide for second half of term- Summer Term 2021 The UCC imposes on all parties a duty of good faith. The UCC defines good
Study Guide for second half of term- Summer Term 2021
- The UCC imposes on all parties a duty of good faith. The UCC defines good faith as honesty in fact.
- UCC terms: sale, goods, open terms, merchant, requirements contract, output contract, merchants firm offer, course of dealing, usage of trade.
- Glossary: shipment contract, destination contract.
- What is the entrustment rule? Does it the permit the seller of stolen property to pass good title? Are there any limitations on this doctrine?
- More glossary, risk of loss, insurable interest, bailment, sale or return, consignment cure, perfect tender rule.
- Unless the parties agree to a different time, title passes to the buyer at the time and place the seller performs the physical delivery of the goods.
- Is it possible for title in goods to pass from the seller to the buyer and for delivery to be made even the goods do not move? If so, how?
- The basic obligation of the seller is transfer and delivery of conforming goods.
- The basic obligation of the buyer is to accept and pay for conforming goods.
- If it is unclear whether a contract for the sale of goods is a shipment or destination contract, what type of contract is it?
- When the buyer breaches, what remedies for breach does the seller have?
- How about the buyer, what remedies are available to her when the seller breaches?
- When is specific performance available? What does it mean to obtain cover?
- Define: warranty, warranty of title. What are the types of warranties of title, and when do they arise?
- What is an express warranty? The three ways an express warranty are made are: 1)the goods conform to any affirmation of fact or promise made about the goods: 2) that the goods conform to a description of them; 3) that the goods conform to a sample or model of the goods.
- Define: implied warranty, implied warranty of merchantability and implied warranty of fitness for a particular purpose. When do these warranties arise? Can they be disclaimed?
- Define: Negotiable Instruments, Order Instrument, Bearer Instrument, Draft, check, acceleration clause. Extension cluse.
- Holder in Due Course, Indorsement.
- Define: Signature liability, primary liability, secondary liability, transfer warranty, presentment warranty.
- What is the difference between a personal defense and a universal defense?
- Article 9 of the UCC governs secured transactions.
- Be able to define: security interest, secured party, debtor, security agreement, collateral.
- For an enforceable security interest to exist, there must be a written agreement (unless the secured creditor retains possession of the collateral); the creditor must give value to the debtor, and the debtor must have rights in the collateral.
- Once the requirements of a valid security agreement have been met, the security agreement is said to attach. Once attachment occurs, the secured creditor has an enforceable security agreement against the debtor.
- Perfection of a security interest is the process by which a secured party obtains priority over other parties who claim an interest in the collateral, or who wish to have their debts satisfied through the proceeds of the collateral.
- The most common method of perfecting a security interest is the filing of a financing statement. Note, however, that perfection is automatic for a purchase money security interest for consumer goods, or where the goods remain in the possession of the secured creditor.
- A purchase-money security interest arises when a seller or lender provides a buyer with the purchase money to buy goods.
- Assuming that a creditor has a purchase-money security interest(PMSI) in collateral and is either properly perfected or that perfection is automatic, the status as a PMSI is important in that it will give the creditor priority over most other creditors in the event of default.
- A financing statement is valid, prior to any extensions being filed, for a period of five years.
- Self help repossession is encouraged by the UCC.
- A secured creditor repossesses the collateral of a debtor in default. After selling the collateral, there remains an unpaid balance owing on the debt. The creditor can now obtain a deficiency judgment on the remaining balance.
- Define: Real Property, Personal Property, Fixtures, Bailment.
- How is personal property acquired?
- What is the rule for ownership of mislaid property?
- Define: Deed, easement, fee simple absolute, life estate, tenancy in the entirety, joint tenants, community property.
- Know the types of deeds. What is a recording statute?
- Important: Washington is a community property state. What does that mean?
- Define: Eminent domain, zoning, adverse possession.
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