Lesson: UCC Contracts

In this lesson, Nick Palazzolo, CPA, dives into the intricate world of Uniform Commercial Code (UCC) contracts with a focus on Article 2’s application to the sale of goods. He navigates through the rules that govern transactions between merchants, as well as those involving non-merchants, clarifying the differences in contract agreements. Nick unpacks essentials such as implied warranties, risk of loss, and the nuances of acceptance and rejection of goods under the UCC. He also breaks down the firm offer rule and how the UCC's approach to acceptance and consideration diverges from common law. He further illustrates how UCC stipulates remedies for breaches in sales contracts and the statute of limitations for legal actions. Understanding the practical side of commercial transactions, Nick explains the statutes of frauds pertaining to written contracts and the enforceability regarding specially manufactured goods, admissions in court, and performance. He concludes with an exploration of impracticability, impossibility, and alternative transportation methods, essential for navigating and interpreting UCC contracts in commerce.