Contract and Uniform Commercial Code
Natalie
DeVry University
Business Law
Week 5 Assignments
June 4, 2013
What is a contract? A contract is a formal agreement with two parties that need to come to a conclusion, dealing with any situation. What is fraud? Fraud is when you give false information on any documents. There are all sorts of different forms when it comes to discovering about a contract dealing with sales. There are codes that must be followed, in order for the contract to be valid and not have any future issues or breaches of contract. Contracts must follow all regulations, in order for both parties to be beneficial on the agreement. I will be discussing different topics based on how to determine whether a valid contract has been formed in accordance with Article 2 (Sales) of the UCC., what is the purpose and function of the
Uniform Commercial Code, provide a scenario by way of example that will demonstrate to your colleagues the elements necessary to form a sales contract under UCC Article 2, and provide additional facts to your scenario that will show how the Statute of Frauds and Parol Evidence
Rule under UCC Article 2 can come into play.
Firstly, let’s discuss how to determine whether a valid contract has been formed in accordance with Article 2 (Sales) of the UCC. There are a few factors in which a contract is valid. As the article, titled “Introduction to Sales Contracts” states, “When both parties to a contract for the sale of goods are merchants, a confirmatory writing signed by one of the parties will bind both parties unless it is objected to in writing within ten days of receipt by the receiving merchant. [2-201(2)] If goods are to be specially manufactured for the buyer by the seller and are not resalable by the seller in the regular course of business, the seller can bind the buyer even without a signed writing by the buyer once the seller has made "either a substantial beginning of their manufacture or commitments
DeVry University
Business Law
Week 5 Assignments
June 4, 2013
What is a contract? A contract is a formal agreement with two parties that need to come to a conclusion, dealing with any situation. What is fraud? Fraud is when you give false information on any documents. There are all sorts of different forms when it comes to discovering about a contract dealing with sales. There are codes that must be followed, in order for the contract to be valid and not have any future issues or breaches of contract. Contracts must follow all regulations, in order for both parties to be beneficial on the agreement. I will be discussing different topics based on how to determine whether a valid contract has been formed in accordance with Article 2 (Sales) of the UCC., what is the purpose and function of the
Uniform Commercial Code, provide a scenario by way of example that will demonstrate to your colleagues the elements necessary to form a sales contract under UCC Article 2, and provide additional facts to your scenario that will show how the Statute of Frauds and Parol Evidence
Rule under UCC Article 2 can come into play.
Firstly, let’s discuss how to determine whether a valid contract has been formed in accordance with Article 2 (Sales) of the UCC. There are a few factors in which a contract is valid. As the article, titled “Introduction to Sales Contracts” states, “When both parties to a contract for the sale of goods are merchants, a confirmatory writing signed by one of the parties will bind both parties unless it is objected to in writing within ten days of receipt by the receiving merchant. [2-201(2)] If goods are to be specially manufactured for the buyer by the seller and are not resalable by the seller in the regular course of business, the seller can bind the buyer even without a signed writing by the buyer once the seller has made "either a substantial beginning of their manufacture or commitments
References: Duke Law. (2013, May 20). Uniform Commercial Code (UCC). http://law.duke.edu/lib/researchguides/ucc/ Unknown. (2013). Introduction to Sales Contracts. http://www.pstcc.edu/departments/lat/classes/2300/notes/chap18.htm