Virginia Notice of Termination of a UCC Sales Agreement for the sale of Goods or Personal Property

State:
Multi-State
Control #:
US-02288BG
Format:
Word
Instant download

Description

The Uniform Commercial Code (UCC) has been adopted in whole or in part by the legislatures of all 50 states. The Code makes no general provision for the suspension of a sales agreement, but in any situation in which a party is entitled to terminate or cancel, the party should be permitted to take the less drastic action of merely suspending the agreement until a particular condition is changed or defect cured.

How to fill out Notice Of Termination Of A UCC Sales Agreement For The Sale Of Goods Or Personal Property?

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FAQ

Timeshare Cancellation in Virginia The purchaser may hand deliver the notice to the developer at its principal office or at the project (resort), or by mailing the notice by certified United States mail, return receipt requested, to the developer or its agent designated in the contract.

"Resale transfer contract" means an agreement between a reseller and the owner by which the reseller agrees to transfer or assist in the transfer of the owner's resale time-share. "Reseller" means any person who, directly or indirectly, engages in a resale service.

Buyers can cancel the property sale agreement in Virginia for any reason (or for no reason at all) within 3 days of receiving the disclosure packet. Virginia law permits this timeframe to be extended to 7 days if the seller agrees.

Article 9 of the Model UCC is intended to create a uniform system across the country for creating, perfecting, and enforcing security interests in personal property.

You may cancel this contract, without any penalty or obligation, at any time prior to midnight of the third business day after the date the contract is signed. If you cancel, any payment made by you under this contract will be returned within ten days following receipt by the seller of your cancellation notice.

Under the UCC, if a contract is indefinite as to duration, it will be valid for a reasonable time. Unless the parties agree otherwise, either party may terminate the contract at any time (though many courts have held that reasonable notification to the other party is required).

The goods involved in a sale must include the following aspects: The goods must be movable at the time of the contract. The goods must be existing and identifiable before an agreement of purchase is made. The sale can include partial interest in the goods.

A purchaser shall have the right to cancel the contract until midnight of the seventh calendar day following the execution of such contract. If the seventh calendar day falls on a Sunday or legal holiday, then the right to cancel the contract shall expire on the day immediately following that Sunday or legal holiday.

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Virginia Notice of Termination of a UCC Sales Agreement for the sale of Goods or Personal Property