Book Opener

Buying MoreThan He CanAfford?Angelo was promotedto district managerof a chain of musicstores. His new jobwould require him totravel, and he wantedto travel in style. Heimmediately went to acar dealer to buy anew car. He ordered acustom color, a CDplayer, leather seats,and a moon roof.By the time the newcar was delivered tothe dealer, Angelorealized he had overestimatedthe raise hereceived with the promotionand couldn’tpossibly afford the car.What are the ethicalissues in this case?Should Angelo buy thecar even though hecan’t afford it?llThe buyer receives and accepts the goods or pays for them.The parties admit in court that they entered into an oral contract.Other Sales Governed By UCC RulesThere are other sales that are governed by UCC rules. These salesinclude auction sales and bulk transfers.Auction SalesHave you ever attended an auction at your school or in your community?In an auction sale, the auctioneer presents goods for sale andinvites the audience to make offers, or bids. This process allows peopleto negotiate, or set their own prices. At a live auction, bidders in thecrowd respond with their offers, and the auctioneer accepts the sale.Bids may be withdrawn at any time before the acceptance. If a new bidis made while the gavel is falling, the auctioneer can either reopen thebids or declare the goods sold.In an auction with reserve , the auctioneer doesn’t have to sell thegoods for the highest bid if it’s lower than the reserve amount. The auctioneermay withdraw the goods at any time before a sale is completed.On the other hand, in an auction without reserve , the auctioneerIDENTIFIABLE GOODSGoods must be identifiedbefore title to them can betransferred to someoneelse under a sales contract.Under what circumstancesmight identifiablegoods, such as fruit, betreated as a future good?274 Unit 3: Understanding Consumer Law