basically two types: commercial and standby. The commercial letter of credit is the primary payment mechanism for a transaction, whereas the standby letter of credit is a secondary payment mechanism. Commercial letters of credit have been used for centuries to facilitate payment in international trade. Their use will continue to increase as the global economy evolves. Letters of credit used in international transactions are governed by the International Chamber of Commerce Uniform Customs and Practice
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Forms of Business Organization Forms of Business Organization Bruce J. Williams- ID# 000425916 Legal Issues in Business Organizations (LT1) Task 1 By Bruce J. Williams- ID# 000425916 Legal Issues in Business Organizations (LT1) Task 1 By Forms of Business organization There are seven characteristics used to determine a business organization; Liability, Income taxes, Longevity or continuity of the organization, Control over decision making, Profit retension, Expansion/ Location
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Essay 1 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
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are construction liens recorded by materialmen, as Florida law defines that term. Materialmen are generally considered people who improve property and aren't fully paid. In Florida, judgments can also act as liens as well as Uniform Commercial Code Financing Statements (UCC-1s), if they are properly recorded and filed in the right places. So what if a party has a legal right to record a lien, should it do so? Like many areas of the law, it depends on the particular situation. However, liens provide
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laws/acts to do just that. “Article 2 of the Uniform Commercial Code, adopted in whole or in part by all 50 states, establishes certain warranties that apply to the sale of goods.” (Cheeseman, 2013, p. 343). Implied Warranty of Merchantability The implied warranty of merchantability is essentially a merchant’s promise that the goods sold will do what they are promised to do and that there is nothing significantly wrong with them. Merchant, defined by the UCC, is a person who has experience and knowledge
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Case 14.2 Real Property The case of Briggs v Sacketts talks about a home purchase by Robert Brigss and his wife. After six years, they fell behind on their mortgage payment and entered into an oral agreement to sell the house to Winfield and Emma Sackett if the Sacketts would pay the three months’ that they were behind and the future payments. After 15 years Robert Brigss filed an action to void the oral contract as in violation of the Statute of Frauds and evict the Sacketts from the house
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the Uniform Commercial Code, and the new sources of law evolving in response to e-commerce. Common Law The common law was the first law of contracts. It consists today of those traditional notions of law and the body of law developed by judicial decisions dealing with contract issues. Common law applies to contracts that have land or services as their subject matter. Contracts for the construction of a home and employment contracts are governed by common law. The Uniform Commercial Code (UCC)
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says, “I’d love another dependable car for $5,000.” The two have agreed to the terms of the offer and this is where the “contract formation” begins. It is important to know whether the contract is governed by the Uniform Commercial Code, (UCC), or by common law. To be governed by the UCC, the contract must involve the sale of some type of goods, with a value greater than $500. Real estate, insurance, and personal services such as hiring an employee are all “common law.” The third element is
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contract to be avoided? Chou could take BTT to court for breach of contract. When BTT paid Chou $2,500 for, and Chou gave BTT exclusive negotiation rights for 90 days, they both mutually assented to a legally binding agreement. Under the Uniform Commercial Code (UCC), if the contract of the sale of goods is $500, or more, and any lease transactions for the sale of $1000, or more, the statute the statute of frauds apply (Melvin, 2011). The $2,500 Chao received met this requirement. When BTT sent
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Elements of a Contract BUS670 Legal Environment October 27, 2014 When talking in terms of a contract there are five elements that must exist in order for a contract to be enforceable. “The phrase enforceable by a court is significant because it means that a court can assess monetary damages against a party who does not comply with the terms of the agreement.” (Seaquist, 2012) The criteria that must be present in order to be enforceable are; offer, acceptance, consideration, capacity
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