reglab/housing_qa huggingface dataset:
CO Code § 4-1-204 (2021)
2021 Colorado Code|Title 4 - Uniform Commercial Code|Article 1 - General Provisions|Part 2 - General Definitions and Principles of Interpretation|§ 4-1-204. Value

 Except as otherwise provided in articles 3, 4, and 5 of this title, a person gives value for rights if the person acquires them:    In return for a binding commitment to extend credit or for the extension of immediately available credit, whether or not drawn upon and whether or not a charge-back is provided for in the event of difficulties in collection;    As security for, or in total or partial satisfaction of, a preexisting claim;    By accepting delivery under a preexisting contract for purchase; or    In return for any consideration sufficient to support a simple contract.     History. Source: L. 2006: Entire article R&RE, p. 465, § 1, effective September 1.    Editor's note:   This section is similar to former § 4-1-201 (44) as it existed prior to 2006.   OFFICIAL COMMENT   Source: Former Section 1-201(44).   Changes from former law: Unchanged from former Section 1-201, which was derived from Sections 25, 26, 27, 191, Uniform Negotiable Instruments Law; Section 76, Uniform Sales Act; Section 53, Uniform Bills of Lading Act; Section 58, Uniform Warehouse Receipts Act; Section 22(1), Uniform Stock Transfer Act; Section 1, Uniform Trust Receipts Act. These provisions are substantive rather than purely definitional. Accordingly, they have been relocated from former Section 1-201 to this Section.   1. All the Uniform Acts in the commercial law field (except the Uniform Conditional Sales Act) have carried definitions of “value.” All those definitions provided that value was any consideration sufficient to support a simple contract, including the taking of property in satisfaction of or as security for a pre-existing claim. Subsections (1), (2) and (4) in substance continue the definitions of “value” in the earlier acts. Subsection (3) makes explicit that “value” is also given in a third situation: where a buyer by taking delivery under a pre-existing contract converts a contingent into a fixed obligation.   This definition is not applicable to Articles 3 and 4, but the express inclusion of immediately available credit as value follows the separate definitions in those Articles. See Sections 4-208, 4-209, 3-303. A bank or other financing agency which in good faith makes advances against property held as collateral becomes a bona fide purchaser of that property even though provision may be made for charge-back in case of trouble. Checking credit is “immediately available” within the meaning of this section if the bank would be subject to an action for slander of credit in case checks drawn against the credit were dishonored, and when a charge-back is not discretionary with the bank, but may only be made when difficulties in collection arise in connection with the specific transaction involved.
CO Code § 4-1-205 (2021)
2021 Colorado Code|Title 4 - Uniform Commercial Code|Article 1 - General Provisions|Part 2 - General Definitions and Principles of Interpretation|§ 4-1-205. Reasonable Time - Seasonableness

  Whether a time for taking an action required by this title is reasonable depends on the nature, purpose, and circumstances of the action.    An action is taken seasonably if it is taken at or within the time agreed or, if no time is agreed, at or within a reasonable time.     History. Source: L. 2006: Entire article R&RE, p. 466, § 1, effective September 1.    Editor's note:   This section is similar to former § 4-1-204 (2) and (3) as it existed prior to 2006.   OFFICIAL COMMENT   Source: Former Section 1-204(2)-(3).   Changes from former law: This Section is derived from subsections (2) and (3) of former Section 1-204. Subsection (1) of that Section is now incorporated in Section 1-302(b).   1. Subsection (a) makes it clear that requirements that actions be taken within a “reasonable” time are to be applied in the transactional context of the particular action.   2. Under subsection (b), the agreement that fixes the time need not be part of the main agreement, but may occur separately. Notice also that under the definition of “agreement” (Section 1-201) the circumstances of the transaction, including course of dealing or usages of trade or course of performance may be material. On the question what is a reasonable time these matters will often be important.   ANNOTATION   Annotator's note. Since § 4-1-205 is similar to § 4-1-204 as it existed prior to the 2006 repeal and reenactment of this article, relevant cases construing that provision have been included in the annotations to this section.   The question of reasonableness is a question of fact to be measured by all of the circumstances of the case, and pre U.C.C. cases are applicable as they relate to the time for rescission of a contract of sale. Irrigation Motor & Pump Co. v. Belcher, 29 Colo. App. 343, 483 P.2d 980 ; Stroh v. Am. Recreation & Mobile Home Corp., 35 Colo. App. 196, 530 P.2d 989 (1975).   Whether notice is given within a reasonable time is a question of fact to be measured by all the circumstances of the case. White v. Mississippi Order Buyers, Inc., 648 P.2d 682 (Colo. App. 1982).   Delivery date not specified. Under either the UCC or common law, where no delivery date is specified, a reasonable date will be furnished by the court. Beiriger and Sons Irrigation, Inc. v. Southwest Land Co., Inc., 705 P.2d 532 (Colo. App. 1985).   Applied in Surplus Electronics Corp. v. Gallin, 653 P.2d 752 (Colo. App. 1982).
CO Code § 4-1-306 (2021)
2021 Colorado Code|Title 4 - Uniform Commercial Code|Article 1 - General Provisions|Part 3 - Territorial Applicability and General Rules|§ 4-1-306. Waiver or Renunciation of Claim or Right After Breach

 A claim or right arising out of an alleged breach may be discharged in whole or in part without consideration by agreement of the aggrieved party in an authenticated record.   History. Source: L. 2006: Entire article R&RE, p. 468, § 1, effective September 1.    Editor's note:   This section is similar to former § 4-1-107 as it existed prior to 2006.   OFFICIAL COMMENT   Source: Former Section 1-107.   Changes from former law: This section changes former law in two respects. First, former Section 1-107, requiring the “delivery” of a “written waiver or renunciation” merges the separate concepts of the aggrieved party's agreement to forego rights and the manifestation of that agreement. This section separates those concepts, and explicitly requires agreement of the aggrieved party. Second, the revised section reflects developments in electronic commerce by providing for memorialization in an authenticated record.   1. This section makes consideration unnecessary to the effective renunciation or waiver of rights or claims arising out of an alleged breach of a commercial contract where the agreement effecting such renunciation is memorialized in a record authenticated by the aggrieved party. Its provisions, however, must be read in conjunction with the section imposing an obligation of good faith. (Section 1-304).   ANNOTATION   Law reviews. For article, "Buyer-Secured Party Conflicts Under Section 9-307(1) of the Uniform Commercial Code", see 46 U. Colo. L. Rev. 333 (1974-75). For article, “Loan Documentation Clauses to Avoid Lender Liability”, 19 Colo. Law. 2225 .   Annotator's note. Since § 4-1-306 is similar to § 4-1-107 as it existed prior to the 2006 repeal and reenactment of this article, a relevant case construing that provision has been included in the annotations to this section.   Payors were not “aggrieved parties”, and thus could not relieve themselves of their obligations under notes by notifying bank that they waived their signatures. Farmers and Stockmens Bank v. Stafford, 738 P.2d 60 (Colo. App. 1987).
CO Code § 4-1-307 (2021)
2021 Colorado Code|Title 4 - Uniform Commercial Code|Article 1 - General Provisions|Part 3 - Territorial Applicability and General Rules|§ 4-1-307. Prima Facie Evidence by Third-Party Documents

 A document in due form purporting to be a bill of lading, policy or certificate of insurance, official weigher's or inspector's certificate, consular invoice, or any other document authorized or required by the contract to be issued by a third party shall be prima facie evidence of its own authenticity and genuineness and of the facts stated in the document by the third party.   History. Source: L. 2006: Entire article R&RE, p. 468, § 1, effective September 1.    Editor's note:   This section is similar to former § 4-1-202 as it existed prior to 2006.   OFFICIAL COMMENT   Source: Former Section 1-202.   Changes from former law: No changes.   1. This section supplies judicial recognition for documents that are relied upon as trustworthy by commercial parties.   2. This section is concerned only with documents that have been given a preferred status by the parties themselves who have required their procurement in the agreement, and for this reason the applicability of the section is limited to actions arising out of the contract that authorized or required the document. The list of documents is intended to be illustrative and not exclusive.   3. The provisions of this section go no further than establishing the documents in question as prima facie evidence and leave to the court the ultimate determination of the facts where the accuracy or authenticity of the documents is questioned. In this connection the section calls for a commercially reasonable interpretation.   4. Documents governed by this section need not be writings if records in another medium are generally relied upon in the context.
CO Code § 4-1-309 (2021)
2021 Colorado Code|Title 4 - Uniform Commercial Code|Article 1 - General Provisions|Part 3 - Territorial Applicability and General Rules|§ 4-1-309. Option to Accelerate at Will

 A term providing that one party or that party's successor in interest may accelerate payment or performance or require collateral or additional collateral “at will” or when the party “deems itself insecure”, or words of similar import, means that the party has power to do so only if that party in good faith believes that the prospect of payment or performance is impaired. The burden of establishing lack of good faith is on the party against which the power has been exercised.   History. Source: L. 2006: Entire article R&RE, p. 469, § 1, effective September 1.    Editor's note:   This section is similar to former § 4-1-208 as it existed prior to 2006.   OFFICIAL COMMENT   Source: Former Section 1-208.   Changes from former law: Except for minor stylistic changes, this section is identical to former UCC Section 1-208.   1. The common use of acceleration clauses in many transactions governed by the Uniform Commercial Code, including sales of goods on credit, notes payable at a definite time, and secured transactions, raises an issue as to the effect to be given to a clause that seemingly grants the power to accelerate at the whim and caprice of one party. This section is intended to make clear that despite language that might be so construed and which further might be held to make the agreement void as against public policy or to make the contract illusory or too indefinite for enforcement, the option is to be exercised only in the good faith belief that the prospect of payment or performance is impaired.   Obviously this section has no application to demand instruments or obligations whose very nature permits call at any time with or without reason. This section applies only to an obligation of payment or performance which in the first instance is due at a future date.   ANNOTATION   Law reviews. For article, “Setoff and Security Interests In Deposit Accounts”, see 17 Colo. Law. 2107 .   Annotator's note. Since § 4-1-309 is similar to § 4-1-208 as it existed prior to the 2006 repeal and reenactment of this article, a relevant case construing that provision has been included in the annotations to this section.   Objective test, rather than subjective test, should be applied to determine proper invocation of insecurity clause. The appropriate determination in the context of an insecurity clause is whether a reasonable person, under all the circumstances of the transaction, and motivated by good faith, would have accelerated the debt. Richards Engineers, Inc. v. Spanel, 745 P.2d 1031 (Colo. App. 1987).
CO Code § 4-2-101 (2021)
2021 Colorado Code|Title 4 - Uniform Commercial Code|Article 2 - Sales|Part 1 - Short Title, General Construction, and Subject Matter|§ 4-2-101. Short Title

 This article shall be known and may be cited as the “Uniform Commercial Code - Sales”.   History. Source: L. 65: P. 1298, § 1. C.R.S. 1963: § 155-2-101. History. Source: L. 65: P. 1298, § 1. C.R.S. 1963: § 155-2-101.    Cross references:   For offenses relating to this title, see part 5 of article 5 of title 18.   Official Comments   Copyright by the American Law Institute and the National Conference of Commissioners on Uniform State Laws. Reproduced with the permission of the Permanent Editorial Board for the Uniform Commercial Code. All rights reserved. —   Editor's note:   The Official Comments to the Uniform Commercial Code are available only in the printed book form of Colorado Revised Statutes. As noted above, the Official Comments are subject to copyright by the American Law Institute and the National Conference of Commissioners on Uniform State Laws. At this time, Colorado has a license to reprint the Official Comments in the printed book form.   Editor's note:   The numbering and sequencing of C.R.S. subsections do not necessarily correspond with the numbering and sequencing of subsections in the uniform act.   OFFICIAL COMMENT   This Article is a complete revision and modernization of the Uniform Sales Act which was promulgated by the National Conference of Commissioners on Uniform State Laws in 1906 and has been adopted in 34 states and Alaska, the District of Columbia and Hawaii.   The coverage of the present Article is much more extensive than that of the old Sales Act and extends to the various bodies of case law which have been developed both outside of and under the latter.   The arrangement of the present Article is in terms of contract for sale and the various steps of its performance. The legal consequences are stated as following directly from the contract and action taken under it without resorting to the idea of when property or title passed or was to pass as being the determining factor. The purpose is to avoid making practical issues between practical men turn upon the location of an intangible something, the passing of which no man can prove by evidence and to substitute for such abstractions proof of words and actions of a tangible character.   ANNOTATION   Law reviews. For article, “Impact of the Uniform Commercial Code on Colorado Law”, see 42 Den. L. Ctr. J. 67 . For article, “The Uniform Commercial Code and Sales Warranties in Colorado”, see 38 U. Colo. L. Rev. 7 (1965).
CO Code § 4-2-203 (2021)
2021 Colorado Code|Title 4 - Uniform Commercial Code|Article 2 - Sales|Part 2 - Form, Formation, and Readjustment of Contract|§ 4-2-203. Seals Inoperative

 The affixing of a seal to a writing evidencing a contract for sale or an offer to buy or sell goods does not constitute the writing a sealed instrument, and the law with respect to sealed instruments does not apply to such a contract or offer.   History. Source: L. 65: P. 1303, § 1. C.R.S. 1963: § 155-2-203. History. Source: L. 65: P. 1303, § 1. C.R.S. 1963: § 155-2-203.    OFFICIAL COMMENT   Prior Uniform Statutory Provision: Section 3, Uniform Sales Act.   Changes: Portion pertaining to “seals” rewritten.   Purposes of Changes:   1. This section makes it clear that every effect of the seal which relates to “sealed instruments” as such is wiped out insofar as contracts for sale are concerned. However, the substantial effects of a seal, except extension of the period of limitations, may be had by appropriate drafting as in the case of firm offers (see Section 2-205).   2. This section leaves untouched any aspects of a seal which relate merely to signatures or to authentication of execution and the like. Thus, a statute providing that a purported signature gives prima facie evidence of its own authenticity or that a signature gives prima facie evidence of consideration is still applicable to sales transactions even though a seal may be held to be a signature within the meaning of such a statute. Similarly, the authorized affixing of a corporate seal bearing the corporate name to a contractual writing purporting to be made by the corporation may have effect as a signature without any reference to the law of sealed instruments.   Cross Reference:   Point 1: Section 4-2-205 .   Definitional Cross References:   “Contract for sale”. Section 4-2-106 .   “Goods”. Section 4-2-105 .   “Writing”. Section 4-1-201 .
CO Code § 4-2-301 (2021)
2021 Colorado Code|Title 4 - Uniform Commercial Code|Article 2 - Sales|Part 3 - General Obligation and Construction of Contract|§ 4-2-301. General Obligations of Parties

 The obligation of the seller is to transfer and deliver and that of the buyer is to accept and pay in accordance with the contract.   History. Source: L. 65: P. 1306, § 1. C.R.S. 1963: § 155-2-301. History. Source: L. 65: P. 1306, § 1. C.R.S. 1963: § 155-2-301.    Cross references:   For offenses relating to this title, see part 5 of article 5 of title 18.   Official Comments   Copyright by the American Law Institute and the National Conference of Commissioners on Uniform State Laws. Reproduced with the permission of the Permanent Editorial Board for the Uniform Commercial Code. All rights reserved. —   Editor's note:   The Official Comments to the Uniform Commercial Code are available only in the printed book form of Colorado Revised Statutes. As noted above, the Official Comments are subject to copyright by the American Law Institute and the National Conference of Commissioners on Uniform State Laws. At this time, Colorado has a license to reprint the Official Comments in the printed book form.   Editor's note:   The numbering and sequencing of C.R.S. subsections do not necessarily correspond with the numbering and sequencing of subsections in the uniform act.   OFFICIAL COMMENT   Prior Uniform Statutory Provision: Sections 11 and 41, Uniform Sales Act.   Changes: Rewritten.   Purposes of Changes:   This section uses the term “obligation” in contrast to the term “duty” in order to provide for the “condition” aspects of delivery and payment insofar as they are not modified by other sections of this Article such as those on cure of tender. It thus replaces not only the general provisions of the Uniform Sales Act on the parties' duties, but also the general provisions of that Act on the effect of conditions. In order to determine what is “in accordance with the contract” under this Article usage of trade, course of dealing and performance, and the general background of circumstances must be given due consideration in conjunction with the lay meaning of the words used to define the scope of the conditions and duties.   Cross References:   Section 4-1-106 . See also Sections 4-1-205 , 4-2-208 , 4-2-209 , 4-2-508 and 4-2-612 .   Definitional Cross References:   “Buyer”. Section 4-2-103 .   “Contract”. Section 4-1-201 .   “Party”. Section 4-1-201 .   “Seller”. Section 4-2-103 .
CO Code § 4-2-303 (2021)
2021 Colorado Code|Title 4 - Uniform Commercial Code|Article 2 - Sales|Part 3 - General Obligation and Construction of Contract|§ 4-2-303. Allocation or Division of Risks

 Where this article allocates a risk or a burden as between the parties “unless otherwise agreed”, the agreement may not only shift the allocation but may also divide the risk or burden.   History. Source: L. 65: P. 1307, § 1. C.R.S. 1963: § 155-2-303. History. Source: L. 65: P. 1307, § 1. C.R.S. 1963: § 155-2-303.    OFFICIAL COMMENT   Prior Uniform Statutory Provision: None.   Purposes:   1. This section is intended to make it clear that the parties may modify or allocate “unless otherwise agreed” risks or burdens imposed by this Article as they desire, always subject, of course, to the provisions on unconscionability.   Compare Section 1-102(4).   2. The risk or burden may be divided by the express terms of the agreement or by the attending circumstances, since under the definition of “agreement” in this Act the circumstances surrounding the transaction as well as the express language used by the parties enter into the meaning and substance of the agreement.   Cross References:   Point 1: Sections 4-1-102 , 4-2-302 .   Point 2: Section 4-1-201 .   Definitional Cross References:   “Party”. Section 4-1-201 .   “Agreement”. Section 4-1-201 .
CO Code § 4-2-304 (2021)
2021 Colorado Code|Title 4 - Uniform Commercial Code|Article 2 - Sales|Part 3 - General Obligation and Construction of Contract|§ 4-2-304. Price Payable in Money, Goods, Realty, or Otherwise

  The price can be made payable in money or otherwise. If it is payable in whole or in part in goods, each party is a seller of the goods which he is to transfer.    Even though all or part of the price is payable in an interest in realty, the transfer of the goods and the seller's obligations with reference to them are subject to this article, but not the transfer of the interest in realty or the transferor's obligations in connection therewith.     History. Source: L. 65: P. 1307, § 1. C.R.S. 1963: § 155-2-304. History. Source: L. 65: P. 1307, § 1. C.R.S. 1963: § 155-2-304.    OFFICIAL COMMENT   Prior Uniform Statutory Provision: Subsections (2) and (3) of Section 9, Uniform Sales Act.   Changes: Rewritten.   Purposes of Changes:   1. This section corrects the phrasing of the Uniform Sales Act so as to avoid misconstruction and produce greater accuracy in commercial result. While it continues the essential intent and purpose of the Uniform Sales Act it rejects any purely verbalistic construction in disregard of the underlying reason of the provisions.   2. Under subsection (1) the provisions of this Article are applicable to transactions where the “price” of goods is payable in something other than money. This does not mean, however, that this whole Article applies automatically and in its entirety simply because an agreed transfer of title to goods is not a gift. The basic purposes and reasons of the Article must always be considered in determining the applicability of any of its provisions.   3. Subsection (2) lays down the general principle that when goods are to be exchanged for realty, the provisions of this Article apply only to those aspects of the transaction which concern the transfer of title to goods but do not affect the transfer of the realty since the detailed regulation of various particular contracts which fall outside the scope of this Article is left to the courts and other legislation. However, the complexities of these situations may be such that each must be analyzed in the light of the underlying reasons in order to determine the applicable principles. Local statutes dealing with realty are not to be lightly disregarded or altered by language of this Article. In contrast, this Article declares definite policies in regard to certain matters legitimately within its scope though concerned with real property situations, and in those instances the provisions of this Article control.   Cross References:   Point 1: Section 4-1-102 .   Point 3: Sections 4-1-102 , 4-1-103 , 4-1-104 and 4-2-107 .   Definitional Cross References:   “Goods”. Section 4-2-105 .   “Money”. Section 4-1-201 .   “Party”. Section 4-1-201 .   “Seller”. Section 4-2-103 .   ANNOTATION   Applied in Jelen and Son, Inc. v. Bandimere, 801 P.2d 1182 (Colo. 1990).