profit. Contracts governance by common law or the Uniform Commercial Code (UCC). A contract can be defined as an enforceable legal agreement undertaken by two or more parties, corporate or individuals that necessarily creates an obligation between the parties to do or not to undertake certain things (Brullote, n.d). In many countries, business and individual contracts are majorly guaranteed by two laws: the Uniform Commercial Code abbreviated as UCC and the common laws each having its distinct jurisdiction
Words: 2646 - Pages: 11
The Legal Environment of Business Uniform Commercial Code Articles 1 and 2 Outline I. Introduction A. Historical Background and Philosophy The law of sales originated in the customs and traditions of merchants and traders. The Lex Mercatoria (Law Merchant) was a system of rules, customs, and usages self-imposed by merchants to settle disputes and enforce obligations among themselves. (See also Maritime Law and the Courts of Pied Poudre). The rules were established at fairs, at which
Words: 4404 - Pages: 18
What do you think about this situation? Should parties to a sales contract be able to rescind a contract because of mutual mistake of fact? Why or why not? Did either party act unethically in this case? Why or why not? What application does the UCC have here? Finally, in the overall context of contract law, are there any winners or losers when a contract is rescinded based on mutual mistake of fact? Why or why not? A mutual mistake is when both parties incorrectly believe an important fact
Words: 882 - Pages: 4
Article 2 of the Uniform Commercial Code cover? Article 2 of the UCC covers contracts for the sale of goods. 2. What are goods covered under Article 2? Goods are, tangible, movable property that have a physical existence and that can be moved from place to place. Services, real property, intangible property, intellectual property, and stocks and bonds are examples of things that are not covered. 3. What if a contract is for both goods and services, then does the UCC cover? A court
Words: 640 - Pages: 3
Legal Environment of Business LLAW-110 Dr. Tareq Tawil Assignment #1: Comparison: CISG vs. UCC Horeya El Bakry SSN: 1499 Introduction Article 2 of the Uniform Commercial Code (UCC) and the Contracts for the International Sale of Goods (CISG) both talk about the offers of products, and a few progressions they affected in that division. These two understandings not being laws, here and there they can have disagreements with national laws of a particular nation in regards to exchanging,
Words: 966 - Pages: 4
Article 2 of the Uniform Commercial Code cover? Article 2 of the UCC covers contracts for the sale of goods. 2. What are goods covered under Article 2? Goods are, tangible, movable property that have a physical existence and that can be moved from place to place. Services, real property, intangible property, intellectual property, and stocks and bonds are examples of things that are not covered. 3. What if a contract is for both goods and services, then does the UCC cover? A court
Words: 640 - Pages: 3
Import under Countertrade At times, standard goods-for-cash payment structures do not work, are cumbersome, expensive, or simply impossible. In these cases, companies can adopt countertrade. Countertrade involves the exchange of goods in barters or other ways in place of money. For example, if a nation’s currency is not exchangeable or no good overseas, they may offer a commodity or other product in place of cash. Countertrade was common in the USSR in the 1960s when its currency was nonconvertible
Words: 997 - Pages: 4
“The below-signed agrees not to work as a chef for another hotel in the same metropolitan area for a period of two years after leaving our employ.” 1. Examine at least two circumstances in which this non-compete agreement would be unenforceable. Contracts of employment are generally given to prospective employees who have applied for a position or type of sub-contractor with a company. The employment contract will be the agreement between the company and employer to the prospective employees
Words: 2740 - Pages: 11
Sources of Contract Law (a) What is meant by the common law of contracts? (b) What is the UCC? Response: According to (Jennings, 2006, p. 497) there are three general sources of contract law for contracts entered into in the United States: common law, the Uniform Commercial Code (UCC), and the new sources of law evolving in response to e-commerce—the Uniform Electronic Transactions Act, the Uniform Computer Information Transactions Act, and the Electronic Signatures in Global and National
Words: 5793 - Pages: 24
Mr. Culbertson V. Mr. Brodsky 788 S.W.2d 156, 1990 Tex. App. LEXIS 1008 Texas Court of Appeals, 1990 An illusory promise is a statement which appears to form a legal contract; however, it is vague, and lacks mutuality, providing an option for the person making a promise to have no actual obligation to perform as stated. For example, if someone says "I will make you a pie tomorrow”, this is an illusory promise, because the subject of the pledge is not being asked for anything in return and
Words: 847 - Pages: 4
