Agreement Is Defined under Section

(35) `security right` means a security right in personal property or personal movable property that secures the payment or performance of an obligation. “security right” means all the interests of a shipper and a purchaser of accounts, furniture, an intangible payment or a promissory note in a transaction subject to Article 9. The “security right” does not include the particular security right of a buyer of goods in the identification of those goods for a contract of sale in accordance with article 2 (505), the right of a seller or lessor of goods under article 2 or 2A to retain or take possession of the goods is not a “security right”, but a seller or lessor may also acquire a “security right”; in accordance with Article 9. The retention of title or retention of title of a seller regardless of shipment or delivery to the buyer in accordance with § 2-401 is effectively limited to a reservation of a “security right”. Whether a transaction in the form of a lease establishes a “security right” is determined by § 1-203. Conditions or situations that must occur, or facts that must be true before the party is obliged to fulfill its obligations under the contract. 5. Error of fact (§ 20): “If both parties to an agreement are wrong with regard to a fact essential to the agreement, the agreement is null and void.” A party may not be allowed to obtain compensation on the ground that he has committed a particular act out of ignorance of the law. A mistake can be a bilateral error if both parties to an agreement are wrong about the facts.

The error must be related to a fact that is essential to the agreement. 18. `fungible goods` means goods the unit of which is equivalent to another similar unit by reason of its nature or commercial practice; or (B) goods treated as such by agreement. (9) “buyer in the ordinary course of business” means a person who purchases goods in good faith, unaware that the sale infringes the rights of another person in the goods and, in the ordinary course of things, by a person who is not a pawnshop, in the business of selling those goods. A person purchases goods in the ordinary course of things if the sale to the person is consistent with usual or customary practices in the type of business in which the seller carries on business or with the usual or habitual practices of the seller. A person who sells oil, gas or other minerals at the wellhead or minehead is a person who sells such goods. A buyer may, in the ordinary course of business, purchase for cash, by exchanging other goods, or for secured or unsecured credit, and purchase goods or ownership documents under an already existing purchase agreement. Only a buyer who takes possession of the goods or has the right to claim them from the seller in accordance with article 2 may be a buyer in the ordinary course of business. The term “Buyer in the ordinary course of business” does not include a person who acquires goods as part of a bulk transfer or as security for the total or partial satisfaction of a monetary debt. The preamble shall indicate the name of the agreement, the date of its execution and the parties concerned. If the parties are corporations, the preamble will indicate the type of entity and the status of the organization.

The preamble contains a descriptive name, e.B. buyer and seller, which refers to the parties in the rest of the document. As explained in the previous chapters, a contract requires an exchange of promises (or promises of immediate action). The terms of the agreement indicate the intention of the parties to express their agreement with the commitments (and other terms) contained in the rest of the agreement. Recitals are an optional form of contract. Their purpose is to provide general information for the agreement. They shall often indicate the parties` general understanding of the situation and its purpose or intention at the time of the conclusion of this Agreement. This section does not contain any provision that creates obligations, rights or obligations in the contract. Nothing in the recitals is enforceable under the contract. The last part of the contract is the power of attorney and signature blocks.

As already discussed in the text, the contract must be signed by a person authorized to conclude the contract. The consideration or the subject matter of an agreement is lawful unless it is: (12) “Agreement”, as opposed to “Agreement”, means the entire legal obligation arising from the agreement of the parties under the Uniform Commercial Code as supplemented by other applicable laws. According to § 205, if the Agency is intended for a certain period of time, the Client may not terminate the Agency before the expiry of the period, unless there is sufficient reason. If he does so, he is obliged to compensate the agent for the damage caused to him as a result. .