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Contracts : UCC Article 2 and Common Law
Transcript of Contracts : UCC Article 2 and Common Law
Common Law and
UCC Article 2 Team B
Jennifer Schneider, Michael Kerl,
Melissa Dasbach, Paul Sanders
October 11, 2012
Introduction Common Law Common Law Importance Common
Law Contracts Importance of UCC Contracts Common Law Conclusion breaking down and the criteria of Common law contracts and the UCC Article 2
the differences between common law and the UCC Article 2
how common law affects people individually and from a business standpoint There are 4 basic elements to any contract.
1.Mutual agreement (between the parties)
2.Deliberation + Negotiation (information from both parties to give input and expectations towards the job at hand)
3.Capacity = Ability (available or gained resources to complete the contact) + Reason (as well as why the contract is needed)
4.Authenticity + Legality (rights and laws put in place to accommodate, set guidelines, and protect all work involved) Consequences expected for those who have breached their contract may receive from the other party:
Being sued by other party (to recovery money lost in damages, and also to be excused from paying for damages or replacement corrections)
Fines (for breaching a contract and conducting improper work)
Enforcement to go back and complete contract by law enforcements. Clauses put in contracts to protect against breach of contract include:
General damages clause (things that can happen to during a service that become liable towards one party or the other)
Consequential damages (injury or damage that is not incurred by a wrongful act)
Reliance damages (are calculated into the agreed upon contract to restore those injured or damaged during the contract time frame)
Specific performance (an enforcement by law allowing the losing party to complete their work without incurring any additional fees)
Sets precedent for future rulings supersedes statutory law
It grants the judicial system a higher authority without the influence of a legislative body
It ensure that a civilians are treated equally Released in 1952
Covers the sale of homes, cars, goods and services
regulated differences between common law contracts and the UCC code and how they affect individuals and business
important to understand how they impact sale of goods and the rights of individuals towards a business
Contracts are valuable tools and it is important to understand the rights of businesses and others Uniform Commercial Code Agreement of the sale of goods
Tangible and moveable
Real estate and employment not covered by UCC UCC Article 2 Special provisions for transactions between merchants
Meant to expedite sale of goods between businesses
Two organizations have an understanding of UCC Legal Information Institute. (2010). Contract. Retrieved from: http://www.law.cornell.edu/wex/contract
Legal match. (2012). Material Breach of Contract. Retrieved from: http://www.legalmatch.com/law-library/article/material-breach-of-contract.html
Legal systems. (n.d.). Retrieved from http://www.law.cornell.edu/wex/legal_systems
Melvin, S. (2012). The legal environment of business: A managerial approach. (1 ed., p. 182). New York,New York: McGraw-Hill/Irwin.
Sommerville, J. P. (n.d.). Custom, common law and constitutionalism. Retrieved from http://faculty.history.wisc.edu/sommerville/367/367-044.htm References