Uniform Commercial Code - Law Dictionary Search Results

property of another by agreement and esp. under a lease 2 a : a person who under the Uniform Commercial Code is in possession of a negotiable instrument that names and is made payable to the possessor or that

good faith

has no knowledge or reason to know of any defect in the title. In section 1-201 of the Uniform Commercial Code good faith is defined generally as “honesty in fact in the conduct or transaction concerned.” Article 2 of

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Law merchant

merchant's principles came to be incorporated into the common law, which in turn formed the basis of the Uniform Commercial Code. Also termed commercial law: lex mercatoria, Black's Law Dictionary, 7th Edn., p. 893.

impracticability

commercial impracticability impracticability of performance compare frustration impossibility of performance at impossibility NOTE: Under section 2-615 of the Uniform Commercial Code, the impracticability must arise “by the occurrence of contingency the non-occurrence of which was a basic assumption on

recognized market

or haggling, and in which prices are stated publicly and presumed to be commercially reasonable NOTE: Under the Uniform Commercial Code, a creditor is not required to notify a debtor of the sale of collateral in a recognized market.

inventory

used or consumed in a business or held for sale or lease b under section 9-109 of the Uniform Commercial Code : goods that are held by a person who holds them for sale or lease or to be

lot

offered as one item (as in an auction sale) ;specif : a parcel or single article under the Uniform Commercial Code which is the subject matter of a separate sale, lease, or delivery whether or not it is sufficient

merchant

in a contract for their sale if the seller is a with respect to goods of that kind "Uniform Commercial Code"]

nonconformity

(as contract requirements) [acceptance of goods occurs when the buyer…will take or retain them in spite of their "Uniform Commercial Code"] 2 : a particular aspect in which something is nonconforming [cannot revoke an acceptance he made with knowledge

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