The Ucc Essay example - 1263 Words

UCC Crystal Pierce Rasmussen College Author Note This assignment is being submitted on March 17th, 2013, for Rick Barrett’s B491 course at Rasmussen College by Crystal Pierce. UCC It has been a good year and you have decided to put an addition on the side of your house. You hire Bob the Builder to do the job and have a signed contract. You review the plans, make a sizable down payment, and Bob starts demolition. But then after a week, Bob seems to disappear. Several weeks go by, construction has not continued, and Bob cannot be found. The rules governing contracts traditionally came from common law, meaning the law that is produced on an ad hoc basis by courts. When the courts came up against a novel problem, they look at†¦show more content†¦(FindLaw, 2013) Contract is defined as an agreement between two or more parties creating obligations that are enforceable or otherwise recognizable at law. For purposes of this chapter, we are concerned with agreements to buy and sell some type of agricultural product. Contracts 101 You should be concerned about contract law because it determines how parties to the contract will need to keep the promises th ey make. Although very few contracts ever end up in court, if the parties to a contract disagree on something and are unable to resolve the disagreement, they may have to resort to the judicial process. This means that as the parties negotiate a contract, they need to consider how a judge might ultimately interpret it. For a contract to be enforceable, it must involve: 1. Competent parties. A court will not uphold a contract entered into by parties the law does not believe have the capacity to take on such a legal responsibility, such as minors or people who are mentally incapacitated. 2. A legal subject matter. A court will not uphold a contract requiring anyone to do something illegal. 3. An offer. An offer occurs when a party communicates the intention of doing something if the other party does another speciï ¬ c thing. Either the buyer or seller can initiate an offer so it could occur when you approach a cranberry cooperative with anShow MoreRelatedUniform Commerical Code (UCC)1005 Words   |  5 PagesIntroduction The UCC refers to the Uniform Commercial Code which originally created in year 1952 by the National Conference of Commissioners on Uniform State Laws and the American Law Institute, which are two national nongovernmental legal organizations (Steingold, 2013). These two private entities recommend that the 50 state governments adopt the UCC; however, it does not become law unless it’s enacted by the state. The UCC is a â€Å"comprehensive statutory scheme which includes laws that cover aspectsRead MoreBranches of Government and UCC1558 Words   |  6 PagesBRANCHES OF GOVERNMENT AND UCC 1.FLOWCHART OF BRANCHES OF GOVERNMENT The government is a single term yet comprised of several different components that collaborate to run the business of the country by making, stating, implementing and ensuring law. The US government has three branches namely legislation, executive and judiciary (Three Branches of Government, 2008). 2. DESIGNATE TWO UCC CLAUSES THAT ALIGN WITH EACH BRANCH The term UCC stands for Uniform Commercial Code that was publishedRead MoreThe Uniform Commercial Code ( Ucc )1329 Words   |  6 PagesThe Uniform Commercial Code (UCC) is just like a whole big book of all the collection of the lawful regulations and acts. They eventually control the trading’s/behavior and negotiations of businesses. It manages the conveys and/or the selling of private property, in other terms personal property. UCC doesn’t state the trading in real property. Well overall, the Uniform Commercial Code institutionalizes business laws within the United States of America. Along with that, it also looks for stabilityRead MoreThe Uniform Commercial Code ( Ucc )1696 Words   |  7 Pagesare mostly judge-made, from court decisions over the years. The Uniform Commercial Code (UCC): The common law does not control contracts that are primarily for the sale of goods. The Uniform Commercial Code (UCC), a standardized collection of guidelines that govern the law of commercial transactions, controls contracts for the sale of goods. Most states have adopted the UCC in whole or in part, making the UCC s provisions part of the state s codified laws pertaining to the sale of goods. The classificationRead MoreThe Uniform Commercial Code ( Ucc )1261 Words   |  6 PagesCommercial Code (UCC) in the private sector and the Federal Acquisition Regulations (FAR) are the documents that govern contract formation in the private verses public sector industry. UCC regulates commercial transactions between merchants, individuals, and across state lines (except Louisiana, where common law prevails). The intent of UCC was to simplify the law, clarify it, modernize, as well as codify uniformity for commercial transactions. The formation of a contract by the UCC is intended toRead MoreThe Uniform Commercial Code ( Ucc )897 Words   |  4 Pagesadults must be of sound mind to consent to a contract. Lastly, writing some types of contracts must be in writing to be enforceable. There are two contract rules for governing the sales of goods and the sale of services. The Uniform Commercial Code (UCC) is the code used for the sales of goods. The sales of services is use common law to govern these contracts. The Uniform Commercial Code was published in 1952 by legal scholars in order to facilitate the easy information and enforcement of contractsRead MoreThe Universal Commercial Code ( Ucc )1345 Words   |  6 PagesIssue #1 The issue is whether the UCC is applies to the alleged offer and acceptance made between Kevin and the department store. Rule The Universal Commercial Code (UCC) governs transactions in goods, which are all things that are tangible and movable at the time of identification to the contract for sale, and the common law governs transactions involving services provided by professionals. When a mixed contract exists involving both goods and services, most courts use the predominate factorRead MoreHow Does The Ucc Apply For Finance Leases?1867 Words   |  8 Pages10. How does the UCC apply to finance leases? Lease financing is a contractual relationship formed between a lessor, lessee and a supplier. The lessor buys goods from the supplier and rents the goods to a lessee who is given the right to possession of the good for a specified amount of time. This turns into a financing situation, since the lessee owes a debt to the lessor for purchasing the goods on behalf of the lessee . The lessor will usually benefit from an interest rate percentage that is collectedRead MoreDelaware s Adopted Version Of The Ucc Defines A Good Essay1979 Words   |  8 PagesDelaware’s adopted version of the UCC defines a good as â€Å"all things which are moveable at the time of identification of the contract for sale† and necessitates said goods to be â€Å"both existing and identified before any interest in them can pass.† 6 Del. C.  §2-105. If these requirements are found to be met â€Å"an action for breach of any contract for sale must be commenced within in 4 years after the cau se of action has accrued.† Further, â€Å"a breach of warranty accrues when tender of delivery is made,Read MoreInteraction of American Laws with International Law962 Words   |  4 PagesUCC and International Law Because the Uniform Commercial Code (UCC) generally regulates commerce or trade on a national basis, one may not realize that it also has an impact on international commerce. However, this assumption would ignore the critical role that American laws and policies play in the arena of international trade. These roles are both formal and informal. In other words, American law has direct and indirect effects on international commerce. In order to understand the impact of