Discuss the effect of the Uniform Commercial Code on the law of sales contracts in the area of open terms.
What will be an ideal response?
The UCC makes the law of sales more flexible. Negotiations with open terms may create a binding agreement under the UCC even though the same negotiations under the common law would not have created a contract. UCC Section 2-204(3) states, "Even though one or more terms are left open, a contract does not fail for indefiniteness if the parties have intended to make a contract and there is a reasonably certain basis for giving an appropriate remedy." The UCC will not create a contract where the parties never intended to create one. A contract may state a method for determining missing terms, but if it does not, the UCC contains "gap-filler" provisions or rules for supplying the missing terms.
You might also like to view...
________ questions are designed to determine how you would make decisions, solve problems, or respond to stressful situations
A) Action B) Behavioral C) STAR D) Demographic E) Simulated
As a way of stemming the decline in the number of savings and loans and mutual savings banks, the Garn-St. Germain Act of 1982 allowed
A) money market certificates. B) money market mutual funds. C) money market deposit accounts. D) negotiable order of withdrawal accounts.
What do nodes in an influence diagram represent?
a. Model parts b. Influence levels c. Road maps d. Environmental factors
What do nodes in an influence diagram represent?
a. Part of the model b. Influence levels c. Road maps d. Environmental factors