What is Section 2 306 of the Uniform Commercial Code?
(2) A lawful agreement by either the seller or the buyer for exclusive dealing in the kind of goods concerned imposes unless otherwise agreed an obligation by the seller to use best efforts to supply the goods and by the buyer to use best efforts to promote their sale.
What does the Uniform Commercial Code Article 2 have to do with contract law?
A buyer is defined in UCC, Article 2 (section 2-103) as “a person who buys or contracts to buy goods.” A buyer may or may not be a merchant. Section 2-301 provides that a seller’s obligation is to transfer and deliver the goods, and the buyer’s obligation is to accept and pay according to the contract.
What constitutes a sale in Texas?
A “sale” consists in the passing of title from the seller to the buyer for a price (Section 2.401). A “present sale” means a sale which is accomplished by the making of the contract.
What does Article 2 of the Uniform Commercial Code UCC govern?
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.
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.
Is selling personal items considered income?
Sold goods aren’t taxable as income if you are selling a used personal item for less than the original value. If you flip it or sell it for more than the original cost, you have to pay taxes on the surplus as capital gains.
Do you need a permit for a garage sale in Texas?
If you have a garage sale or sell personal items through the internet or an advertisement, you may need to obtain a Texas Sales and Use Tax Permit and collect sales tax. Texas sales tax is normally due when you sell tangible personal property.
What does Article 2 of the Uniform Commercial Code UCC govern quizlet?
Article 2 of the UCC governs contracts for the sale of goods.
What should you not sell at a garage sale?
What NOT to Sell at a Garage Sale
- Quality jewelry, silverware, antiques, collectibles or paintings.
- Better quality clothes.
- Similarly with big furniture items (beds, sofas, etc) and anything over $50.
- Don’t sell underwear at a yard sale.
- Don’t sell illegal goods, unsafe or recalled goods.
Can we have yard sales in Texas?
You can sell as many items as you want to as long as your total sales are $3,000 or less during a calendar year. Example – you sell housewares at a garage sale in May and make $1,000.
What is true about open terms under Article 2 of the UCC?
Under the UCC, a contract that contains open terms will be: valid if the parties intended to form a contract and there is a good basis for a court to grant a remedy.