General Rule: UCC Article 2 governs transactions that involve a sale of goods, things that are movable at the time of sale. (Sale of Goods, slide 3). Issue 1: Is this agreement governed by the Common Law of Contracts or the Uniform Commercial Code? Rule: Uniform Commercial Code (UCC): Governs business activities in regards to: Sales, Leases, Negotiable Instruments, Bank Deposits & Collections, Fund Transfers, Letters of Credits, Warehouse Documents, Investment Securities, and Secured Transactions
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Restaurant/Bar Lou and Jose are going into a sports bar and restaurant business. They need an investor, so that’s when Miriam came into the picture. She will just be a silent partner and will get a percentage of the profits. When having two or more business partners, they can form a LLLP. Limited Liability Limited Partnership (LLLP) is ”a special type of limited partnership that has both general partners and limited partners, where both the general and limited partners have limited liability and
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really liked but could not afford. He decided to steal it. He then went to Jimmy’s Poor-Man’s Bar to meet with a client, John. Jimmy’s wasn’t a client of Coleman’s, but John didn’t like his customers to see him “doing business.” Coleman was talking with Jimmy about business when he spilled his drink all over the bar. That made him think about this cool trick where you put pure grain alcohol in your mouth, blow it out and light it. Coleman took a big drink, took out his lighter, and said, “What
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Final Paper – Acme Fireworks As the manager for Acme Fireworks, I have been asked to determine if common law or the Uniform Commercial Code (UCC) will govern the contracts entered into by Acme Fireworks. In addition, I am to analyze whether the five essential elements of a contract have been met. Acme Fireworks is currently licensed as a sole proprietorship. As such, I will examine any potential personal liability they may have if a spectator was to get injured during a firework display. Further
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Soo Clumsy can sue Tesko under law of tort. Tort is a civil wrong or wrongful act, whether intentional or accidentally which unfairly causes someone to suffer loss or harm from another party and this is lead to action to civil court. There are two ways to occur in civil liability which is either a breach of contract or a tort having been committed. Liability of tort is not undertaken voluntarily and its’ applied by the courts on the basis that certain types of conduct ensure the imposition of tortious
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2. What are the features of consideration? Consideration is necessary for the validity of a simple contract. It can be a benefit or a loss to a party to the contract. Consideration may be executed or executory but it cannot be past. Consideration must be beyond the existing obligation of a party. This means, a party must do more than he is bound to do. In Stilk vs, Myric, the Captain of the ship promised extra salary to cover the work of two seamen who left the ship. Later, he refused to pay
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Business Entities, Laws, and Regulations Many factors must be taken into consideration when starting a business. Location, supplies, and financing are not the only required business planning to complete. Laws, regulations, taxation, and plausible liability situations must be well thought out in a business plan in order for the business to succeed. Entrepreneurs and business owners can spend years deciding the type of business or corporation, which suits their goals best. The following
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which give the innocent party the option of terminating the contract are: (a) Renunciation Renunciation occurs where a party refuses to perform his obligations under the contract. It may be either express or implied. Hochster v De La Tour is a case law example of express renunciation. Renunciation is implied where the reasonable inference from the defendant’s conduct is that he no longer intends to perform his side of the contract. For example: Omnium D’Enterprises v Sutherland. (b) Breach of condition
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Case study 5 A dealer sold a new car to Raymond Smith. The sales contract contained language expressly disclaiming liability for personal injuries caused as a result of defects in the car and limiting the remedy for breach of warranty to repair or replacement of the defective part. One month after purchasing the auto, Smith was seriously injured when the car veered off the road and into a ditch as a result of a defect in the steering mechanism of the car. If Smith sues the dealer for breach of
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DEFENSES AGAINST ENFORCEABILITY (CHAPTER 17) I) Unconditional vs. Conditional Duties A) Unconditional Duty – duty to perform is absolute. It doesn’t depend on anything but the passage of time. B) Conditional Duty – a duty that depends on the occurrence or nonoccurrence of some other event. 1) Condition Precedent – a future event, the occurrence of which gives rise to a duty to perform Failure of condition occurs when the condition precedent did not occur, thus failure
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