Plaintiffs operated a concession foods business called Festival Foods that provided food services at carnivals and festivals. The tangible assets of the business included a truck and servicing trailer, refrigerators, freezers, roasters, chairs and tables, fountain service, signs, and lighting equipment. The defendants had several conversations with plaintiffs about purchasing the business and entered into an oral agreement to do so for \($150,000.\) The defendants paid \($10,000\) immediately, took possession of the truck and equipment and promised to pay the remaining \($140,000\) upon receiving the proceeds of a bank loan.
The defendants operated the business for the next few months but returned the equipment and refused to pay the balance because the income was not as high as they had anticipated.
Does UCC Article 2 apply to this dispute?