Oregon Notice of Cancellation of Sales Agreement Pursuant to Article 2 of the Uniform Commercial Code

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US-03284BG
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Description

The Uniform Commercial Code (UCC) has been adopted in whole or in part by the legislatures of all 50 states.


After the seller or lessor has notified the buyer or lessee of the cancellation, the seller's or lessor's obligations are discharged and he or she can pursue remedies available for breach [UCC 2-703(f), 2A-523(1)(a)].


On notice of cancellation, the buyer or lessee has no more obligations under the contract and retains all rights to other remedies against the seller [UCC 2711(1), 2A508(1)(a)].

How to fill out Notice Of Cancellation Of Sales Agreement Pursuant To Article 2 Of The Uniform Commercial Code?

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FAQ

Uniform Commercial Code Article 2 governs the sale of goods. It was part of the original Uniform Commercial Code approved in 1951.

Article 2 of the UCC governs contracts for the sale of goods.

UCC, Article 2, Section 2-106 defines a sale as the passing of title to goods from a seller to a buyer for a price. The UCC has some provisions that apply only to merchants, whether they are buyers or sellers.

Article 2 applies to transactions for goods, which ?means all things ? which are movable at the time of identification to the contract for sale other than the money in which the price is to be paid, investment securities . . . things in action ?

Article two only covers the sale of goods. This is important to keep in mind. Goods include all items that can be both identifiable and moveable at the time of the sale. Article 2 does not cover transactions involving service contracts.

Termination clauses will typically control the relation of parties to a contract. When a contract involves the sale of goods and is controlled by the Uniform Commercial Code (UCC), the contract will last for a 'reasonable time' and, absent agreement of the parties otherwise, will be terminable after reasonable notice.

One-day right to cancel A property owner can cancel any initial contract for construction, improvement, or repair of a residential structure by giving the contractor a written notice of cancellation prior to midnight of the next business day. Some exceptions apply such as work already substantially begun.

In addition, the sale of real estate is not covered by Article 2, but rather by Article 9 of the Uniform Commercial Code. For example, the sale of an automobile or a computer would be covered by Article 2.

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Oregon Notice of Cancellation of Sales Agreement Pursuant to Article 2 of the Uniform Commercial Code