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Mixed Contract means any agreement to which either Party or any of its respective Subsidiaries and one or more Third Parties are a party as of immediately prior to the Effective Time that inures to the benefit or burden of both the Abbott Business and the Abbie Business, other than those agreements that are described
Definition. A contract that includes the delivery of both goods and services.
Term. Hybrid transactions. Definition. Contracts that include both the sale of goods and the sale of services. Term.
While U.C.C. Article 2 broadly defines goods, the U.C.C. is inapplicable to many construction contracts because the U.C.C. does not cover contracts that are predominantly for labor or services.
Contract law is governed by the common law and the Uniform Commercial Code “UCC.” Common law governs contractual transactions with real estate, services, insurance, intangible assets and employment. UCC governs contractual transaction with goods and tangible objects (such as a purchase of a car).
If it is for services, then UCC Article 2 does not apply. If it is for goods, then UCC Article 2 does apply. The challenge is that many construction agreements involve providing services and selling goods. If the agreement is a “services” contract, then other state laws will apply and not UCC Article 2.
Article 2 is a vast segment of the UCC that specifically addresses contracts for the sale of goods. A good is any movable property identified at the time of the contract. 'Goods' are also sometimes known as 'chattels.'
As it turns out, the UCC 2-328 applies equally to real estate auctions every day in the United States because of court decisions and resulting case law. Thus, even though the state legislatures adopted the UCC 2-328 for goods only, those same state courts say the UCC 2-328 does apply to real estate out of necessity.
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