Tangible personal property in exchange for money

Assignment Help Operation Management

Reference no: EM131745950

The sale of goods is the transfer of ownership to tangible personal property in exchange for money, other goods, or the performance of services. The law of sales of goods is codified in Article 2 of the Uniform Commercial Code, which was designed to recognize the commercial realities faced by merchants and shrug off some older common law provisions.

Suppose that Apple, Inc. is seeking to build on its success as the world's leading market of smartphones, and decides to introduce a new product, uPhoneX, which will boast a flexible screen allowing users to twist and bend the device for different functions. Apple contracts with Oranges, Corp., to build the new screens for the uPhoneX. The two parties have never done business before, but because Apple wants to introduce the new product by Christmas, there is little time for negotiations. As a result, the parties neglect to include a fixed price term, quantity term, delivery terms, or time for performance, but Orange Corp. does agree to sell its entire output of the flexible screens to Apple. Both parties perform on the contract, but disputes soon arise.

Suppose that a dispute arises between Apple, Inc. and Orange Corp., and Orange Corp. argues that the contract should be null and void because it was not definite enough to be enforced. The two parties cannot agree, and Apple sues Orange. What would the likely outcome of such a lawsuit be?

Reference no: EM131745950

Questions Cloud

What the impact of the increased federal deficits : What the impact of the increased federal deficits has been on the level of domestic savings in the U.S. economy. Use words to explain your graph

Common law of contracts in a number of respects : The UCC changes the common law of contracts in a number of respects, including requirements of good faith, modification, waiver, and delivery.

Is this evidence that human exposure to dioxin : Overall in the city of Ufa, the proportion of males was 51.2%. Is this evidence that human exposure to dioxin may result in the birth of more girls

A staff tax accountant has come to you for advice : A staff tax accountant has come to you for advice. She has begun a tax return and does not know what to do with the expenses that the client has submitted

Tangible personal property in exchange for money : The sale of goods is the transfer of ownership to tangible personal property in exchange for money, other goods, or the performance of services.

Identify the basic image principles applied to the website : Describe the website you chose and then identify the basic image and typographic principles applied to the website.

Create a confidence interval to test the clinic claim : Create a confidence interval to test the clinic s claim that the typical weight loss is 10 pounds

Key differences between leaders and managers : What are some key differences between leaders and managers?

Compute cost of goods sold : Calculate average-cost per unit. Larkspur Company is a multi product firm. Presented below is information concerning one of its products

User Account

All Pages