Reg 5

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  1. Statute of Frauds- Six contracts requiring writing
    • MYLEGS
    • Marriage
    • Year
    • Land
    • Leases
    • Excutors
    • Goods- sale of $500 or more
    • Surety
  2. Merchant Firm Offer
    • 1. The Seller must be a merchant
    • 2. the offer must be in writing and signed by the merchant
    • 3. The offer must give assurances it will be kept open for a certain time

    The firm offer is irrevocable for the time stated, but no longer than three months.
  3. Statute of frauds (Exceptions) does not require written signed contract
    • SWAP
    • 1. Specially manufactured goods
    • 2. Written confimation of a contract to bind the sender, and binds the recipient
    • 3. Admitted in court contracts
    • 4. Preformed contracts
  4. Non Carrier cases- risk of loss
    • 1. Nonmerchant seller- Risk passes on tender of delivery
    • 2. merchant seller- risk passes on actual delivery.
  5. Carrier cases
    • Shipment contract- risk passes on delivery to carrier
    • Destination contract- risk passes at destination
  6. Warranties- perfect tender required (common law substantial performance) goods must conform to all warranties:
    • 1. Express Warranties
    • 2. Implied warrany of title
    • 3. Implied warranty of merchantability
    • 4. Implied warranty of fitness for a particular purpose
Card Set
Reg 5
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