What is a good under UCC Article 2?
Article 2 is a vast segment of the UCC that specifically addresses contracts for the sale of goods. A good is any movable property identified at the time of the contract. ‘Goods’ are also sometimes known as ‘chattels. ‘
What is a reasonable time for revocation of acceptance?
(2) Revocation of acceptance must occur within a reasonable time after the buyer discovers or should have discovered the ground for it and before any substantial change in condition of the goods which is not caused by their own defects. It is not effective until the buyer notifies the sellerof it.
Can you revoke an acceptance?
Whoever makes an offer can revoke it as long as it hasn’t yet been accepted. This means that if you make an offer and the other party wants some time to think it through, or makes a counteroffer with changed terms, you can revoke your original offer.
Can a buyer revoke a prior acceptance of nonconformity does not substantially impair the goods value to the buyer?
If goods have been accepted because the seller promised to fix defects or because the defects were latent, then the buyer may revoke the acceptance where the nonconformity substantially impairs the value of the contract to the buyer.
Who does UCC Article 2 apply to?
UCC Article 2 applies to the sale of goods between merchants or between a merchant and a non-merchant. As such, merchants are required to follow certain standards of conduct when engaging in a business or commercial contract. Transactions between non-merchants are not covered by Article 2 UCC.
What is the difference between revocation and rejection?
Rejection occurs before a buyer accepts the goods, whereas revocation refers to situations where a buyer has already accepted the goods. The UCC gives buyers the right to revoke acceptance of goods only in very limited circumstances.
Can a buyer reject goods after acceptance?
Uniform Commercial Code Overview If a buyer decides to reject delivered goods that fall short of the specifications in a purchase contract, they have to do it reasonably soon after the goods delivery. Therefore, the buyer is at liberty to reject all the mugs, accept all of them, or reject some while accepting others.
What happens if an offeree accepts an offer before it is effectively revoked?
If an offeree accepts an offer before it is effectively revoked: a void contract is formed. A binding promise to keep an offer open for a stated period of time or until a specified date is called a(n): time contract.
When can a buyer revoke acceptance of goods give an example?
UCC ยง 2-608 provides that after a buyer has accepted goods, the acceptance may be revoked under the following circumstances: “(1) The buyer may revoke his acceptance of a lot or commercial unit whose non-conformity substantially impairs its value to him if he has accepted it (a) on the reasonable assumption that its …