Uniform Commercial Code, Article 2
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The next primer you will prepare for your department's training series will acclimate your colleagues to the inner working of the UCC. Prepare a 2-3-page, double-spaced document explaining to your colleagues how to determine whether a valid contract has been formed in accordance with Article 2 (Sales) of the UCC. What is the purpose and function of the Uniform Commercial Code? Provide a scenario by way of example that will demonstrate to your colleagues the elements necessary to form a sales contract under UCC Article 2. Finally, provide additional facts to your scenario that will show how the Statute of Frauds and Parol Evidence Rule under UCC Article 2 can come into play.
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Solution Summary
This solution explains the sales contract under the UCC. The sources used are also included in the solution.
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A valid sales contract takes place if there is a firm offer by the merchant, and there is acceptance of the offer. Both the parties intend to bear the legal consequences of the sales contract. There must be consideration for the sales contract to be binding. According to Article 2 of the UCC Firm offers made by a merchant to buy or sell goods and keeping the offer open for a period of time are acceptable. According to Article 2- 209, there may be modifications in a contract without a change in the consideration of the contract. Also if a price is not stated for the sale of goods, a reasonable price will be fixed by the court (Article 2, 305). A requirements contract can be assigned but the quantity required by the assignee should not be unreasonably disproportionate to original quantity (Article ...
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