Weekly Reflection
Weekly Reflection
Common law and UCC laws can vary. Both of these are laws that U.S. The UCC was created to harmonize a particular or group of laws in all states of the U.S. Common laws can vary amongst each state. Common laws usually deal with real estate, service, insurance, intangible assets and employment contracts. If any changes are made to these laws, it could lead to the rejection or even counter offer of that offer. UCC Laws usually deal with the sales of goods and securities. Minor changes in UCC would not have any major effect on offer nor will it get cancelled. Common Law also may be express or implied. It provides a person who has suffered losses due to the negligence of another the right to obtain restitution from the wrongdoer. UCC Article 2 applies to the sale of goods, which involves the transfer of possession of tangible personal property in trade for money, goods or the performance of services. It acts to fill only missing or open items in a contract for the sale of goods.
An important difference between UCC and Common law contracts is that Article 2 provides its own rules for accepting an offer in a sales contract that are not as rigid as the common law rules. If the offer or does not clearly provide for a method of acceptance, the UCC allows the offeree to accept the offer in any “reasonable manner.” This difference provides for the opportunity to create certainty for the parties involved in the transaction. Contracts that are governed by common law must be supported by consideration, and common law cases involving a non-goods agreement cannot be modified without some additional consideration. The UCC follows a similar rule that consideration must support sales contracts, however, the UCC allows contracts to be modified even without any additional consideration. The UCC recognizes that market conditions are not static and that the parties may have good faith reasons for modifying a contract without having some additional burden to
Common law and UCC laws can vary. Both of these are laws that U.S. The UCC was created to harmonize a particular or group of laws in all states of the U.S. Common laws can vary amongst each state. Common laws usually deal with real estate, service, insurance, intangible assets and employment contracts. If any changes are made to these laws, it could lead to the rejection or even counter offer of that offer. UCC Laws usually deal with the sales of goods and securities. Minor changes in UCC would not have any major effect on offer nor will it get cancelled. Common Law also may be express or implied. It provides a person who has suffered losses due to the negligence of another the right to obtain restitution from the wrongdoer. UCC Article 2 applies to the sale of goods, which involves the transfer of possession of tangible personal property in trade for money, goods or the performance of services. It acts to fill only missing or open items in a contract for the sale of goods.
An important difference between UCC and Common law contracts is that Article 2 provides its own rules for accepting an offer in a sales contract that are not as rigid as the common law rules. If the offer or does not clearly provide for a method of acceptance, the UCC allows the offeree to accept the offer in any “reasonable manner.” This difference provides for the opportunity to create certainty for the parties involved in the transaction. Contracts that are governed by common law must be supported by consideration, and common law cases involving a non-goods agreement cannot be modified without some additional consideration. The UCC follows a similar rule that consideration must support sales contracts, however, the UCC allows contracts to be modified even without any additional consideration. The UCC recognizes that market conditions are not static and that the parties may have good faith reasons for modifying a contract without having some additional burden to