Uniform Commercial Code - Law Dictionary Search Results
party
or agreement [the parties to a contract] [a person who signed the instrument as a to the instrument "Uniform Commercial Code"] accommodated party : a party to an instrument for whose benefit an accommodation party signs and incurs liability
perfect tender rule
permitting a buyer to reject goods for any defects "Ramirez v. Autosport, 440 A.2d 1345 (1982)"] NOTE: The Uniform Commercial Code contains provisions for a seller's right to cure a nonconforming shipment that counteract the strictness of the perfect
preexisting duty rule
of the contract NOTE: This rule is not applicable to sales contracts in jurisdictions that have enacted the Uniform Commercial Code. It is also not applicable where there has been a rescission of the contract followed by a new
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replevin
to take possession of the property prior to judgment on the action NOTE: Under section 2-716 of the Uniform Commercial Code, a buyer who is a party to a contract that has been breached by the seller has a
pro tanto
tanto [Late Latin] : for so much : to a certain extent [the obligation is pro tanto discharged "Uniform Commercial Code"] [entered into a pro tanto release pending the appeal]
purchase
(as a sale, mortgage, pledge, lien, or gift) that creates an interest and that is governed by the Uniform Commercial Code see also bona fide purchaser vi : to purchase something pur·chas·able adj pur·chas·er n n : an act
recourse
of a negotiable instrument see also recourse note at note compare non-recourse NOTE: Under Article 3 of the Uniform Commercial Code, the phrase without recourse on a negotiable instrument limits the liability of the endorser or drawer. If an
reduce
to convert by enforcement through litigation [may his claim to judgment, foreclose or otherwise enforce the security interest "Uniform Commercial Code"] re·duc·ibil·i·ty [-dü-sə-bi-lə-tē, -dyü-] n re·duc·ible [-dü-sə-bəl, -dyü-] adj re·duc·ibly adv re·duc·tion [ri-dək-shən] n reduce to practice : to
rejection
as performance of a contract NOTE: Rejection and revocation are two remedies available to the buyer under the Uniform Commercial Code after the delivery of defective goods. Goods may be rejected if they do not conform to the contract.
strict foreclosure
foreclosure 2 : the acceptance by a creditor of collateral as discharge of an obligation which under the Uniform Commercial Code denies the creditor the right to a deficiency judgment NOTE: Under the U.C.C.'s strict foreclosure provision, notice must
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