Iowa Merchant's Objection to Additional Term

State:
Multi-State
Control #:
US-02465BG
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Description

Unless it is expressly specified that an offer to buy or sell goods must be accepted just as made, the offeree may accept an offer and at the same time propose an additional term. This is contrary to general contract law. Under general contract law, the proposed additional term would be considered a counteroffer and the original offer would be rejected. Under Article 2 of the UCC, the new term does not reject the original offer. A contract arises on the terms of the original offer, and the new term is a counteroffer. The new term does not become binding until accepted by the original offeror. If, however, the offer states that it must be accepted exactly as made, the ordinary contract law rules apply.

In a transaction between merchants, the additional term becomes part of the contract if that term does not materially alter the offer and no objection is made to it. However, if such an additional term from the seller operates solely to the seller’s advantage, it is a material term and must be accepted by the buyer to be effective. A buyer may expressly or by conduct agree to a term added by the seller to the acceptance of the buyer‘s offer. The buyer may agree orally or in writing to the additional term. There is an acceptance by conduct if the buyer accepts the goods with knowledge that the term has been added by the seller.

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FAQ

Article 9 of the UCC governs any transaction that is voluntary and commercial and which creates an interest in personal property. Personal property may include fixtures, which are personal property that is attached to real property, such as a furnace.

Article 9 definitions. In this Article: a. ?Accession? means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost.

(Article 9) Except as used in "account for", means a right to payment of a monetary obligation, whether or not earned by performance, ? for property that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of, ? for services rendered or to be rendered, ? for a policy of insurance issued or to ...

The main point of Article 9 is to be a secured creditor: If a creditor is secured it has a claim in something of the buyer's (the goods exchanged for future payment or other collateral). This gives the creditor: Right of repossession of goods extended in exchange for future payment if the payment is never made.

Article 9 is a section under the UCC governing secured transactions including the creation and enforcement of debts. Article 9 spells out the procedure for settling debts, including various types of collateralized loans and bonds.

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Iowa Merchant's Objection to Additional Term