BUSINESS ADMINISTRATION
BUSINESS LAW
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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implied sale
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bulk sale
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transfer sale
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warranty sale
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Detailed explanation-1: -Uniform Commercial Code Article 2 governs the sale of goods. It was part of the original Uniform Commercial Code approved in 1951. Article 2 represented a revision and modernization of the Uniform Sales Act, which was originally approved by the National Conference of Commissioners on Uniform State Laws in 1906.
Detailed explanation-2: -The Uniform Commercial Code (UCC) contains rules applying to many types of commercial contracts, including contracts related to the sale of goods, leasing of goods, use of negotiable instruments, banking transactions, letters of credit, documents of title for goods, investment securities, and secured transactions.
Detailed explanation-3: -The Mirror Image Rule says that in order to form a valid and enforceable contract, the two parties must have documents that contain identical terms and conditions. This common-law rule applies to contracts for services or for real estate, but not for the sale of good (which, again, is governed by the UCC).