Chapter 17 Introduction to Sales and Leases

Learning Objectives

After reading this chapter, you should understand the following:

  1. Why the law of commercial transactions is separate from the common law
  2. What is meant by “commercial transactions” and how the Uniform Commercial Code (UCC) deals with them in general
  3. The scope of Article 2, Article 2A, and the Convention on Contracts for the International Sale of Goods
  4. What obligations similar to the common law’s are imposed on parties to a UCC contract, and what obligations different from the common law’s are imposed
  5. The difference between a consumer lease and a finance lease