...Team A Reflection Jimmy LaNonh, Diana Ogden, Alicia Ventura, Charlie Yi, James Williams LAW/421-Contemporary Business Law August 13, 2014 R. Garth Ferrell During week, 4 and 5 of Contemporary Business Law the class went more into depth of contracts including formation, breach or discharge, and the UCC. The team gained a better understanding of the elements of a binding contract and how the UCC is involved with contracts. The class discussion was mainly regarding contracts, the UCC code, and the differences. The concept for Diana that sometimes is difficult is deciding if both parties in a contract gave consideration. If that element is missing this constitutes the lack of a contractual agreement. However, under the UCC code for merchants this is not a required element. The other piece that can be difficult to discern is deciding when the date of the contract begins, which must also meet certain elements to be a legal accord. The oral or written information must include the parties, price, object, and time that both parties mutually agree, and if not clear, one party may believe something different from the other party. Additionally, businesses need to pay close attention to the acceptance portion in contacts because of the “mailbox rule” because if specific date requirements are not in the arrangement this could be a reason for a dispute. The Statue of Frauds portion was another area of discussion to decide when written agreements are a requirement such as in UCC for...
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...that Any Kind should have approached the $10,000 check with additional caution, if it wanted to preserve its holder-in-due-course status (Twomey & Jennings, 2009). According to the Uniform Commercial Code (UCC) Section 3-106(d), a party is a holder in due course when: (1) the instrument when issued or negotiated to the holder does not bear such apparent evidence of forgery or alteration or is not otherwise so irregular or incomplete as to call into question its authenticity; and (2) the holder took the instrument (i) for value, (ii) in good faith, (iii) without notice that the instrument is overdue or has been dishonored or that there is an uncured default with respect to payment of another instrument issued as part of the same series, (iv) without notice that the instrument contains an unauthorized signature or has been altered, (v) without notice of any claim to the instrument described in Section 3-306, and (vi) without notice that any party has a defense or claim in recoupment described in Section 3-305(a). (Legal Information Institute, n.d.) Based on this definition, it would seem that Any Kind Check Cashing is holder-in-due-course in this case. However, the UCC Article 2 defines "good faith" as, "honesty in fact and the observance of reasonable commercial standards of fair dealing" (Legal Information Institute, n.d.). According to the information presented in the case, Michael did not contact Talcott to verify the validity of the document...
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...branches of government and the Uniform Commercial Code (UCC). As I went through the research, I was able to understand that the three branches of government, legislative, executive and judicial are associated with the UCC in many different ways. The three branches of government are related to each other because they work together towards a better future for our country everyday. They are constantly protecting the citizens of our country, and making decisions to improve the life-style of the population. Each branch of government has different power; those powers combined make the law, enforce it and verify that it is fair for the individuals. The power is limited, on both federal and state governmental actions. A part of their responsibility is associated with the taxing and spending power. In other words, we can say that the president, the congress and the Supreme Court require following the UCC to guarantee the equal protection of the citizen and the commitments made in the performance of their duties. To begin with, the three branches of government are: Legislative, Executive and Judicial. The Legislative branch is formed by the Congress, which is divided into The House of Representatives and the Senate. The President, vice president and the cabinet form the Executive branch. The Supreme Court and the other Federal Courts form the judicial branch. The branches of government could be associated with the UCC, or The Uniform Commercial Code (UCC). This code is a group of act, first...
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...other special branches of law. Statutes serve as brief explanations of law and therefore are not very explanatory. Codification is the process by which a statue is passed, expressed within a single document, so that it is understood within existing law rather than creating the need for new laws. C. The common-law system prevails in England, the United States, and other countries colonized by England. The common-law system is used in all the states of the United States except Louisiana, where French Civil Law combined with English Criminal Law to form a hybrid system. Anglo-American common law traces its roots to the medieval idea that the law as handed down from the king's courts represented the common custom of the people. II. WHAT IS COMMON LAW? A. Common Law is the body of law developed from custom or judicial decisions in English and U.S. courts, not attributable to a...
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...INTERNATIONAL COMMERCIAL ARBITRATION 5.9 Electronic Arbitration ii Dispute Settlement NOTE The Course on Dispute Settlement in International Trade, Investment and Intellectual Property consists of forty modules. This module has been prepared by Mr. O. Cachard at the request of the United Nations Conference on Trade and Development (UNCTAD). The views and opinions expressed in this module are those of the author and not necessarily those of the United Nations, WTO, WIPO, ICSID, UNCITRAL or the Advisory Centre on WTO Law. The designations employed and the presentation of the material do not imply an expression of any opinion whatsoever on the part of the United Nations concerning the legal status of any country, territory, city or areas or of its authorities, or concerning the delimitation of its frontiers or boundaries. In quotations from the official documents and the jurisprudence of international organizations and tribunals countries are designated as reported. The United Nations holds copyright to this document. The course is also available in electronic format on the UNCTAD website (www.unctad.org). Copies may be downloaded free of charge on the understanding that they will be used for teaching or study and not for a commercial purpose. Appropriate acknowledgement of the source is requested. UNCTAD/EDM/Misc.232/Add.20 Copyright © United Nations, 2003 All rights reserved 5.9 Electronic Arbitration iii TABLE OF CONTENTS Note What you will learn 1...
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..._______________________ CHAPTER 3 _______________________ HOLDERS IN DUE COURSE I. ACQUIRING HOLDER IN DUE COURSE STATUS If you remember the rule that a holder in due course takes free of most of the defenses the parties to the original transaction have against one another, it is easy to see why it is important to determine if the person currently possessing the instrument qualifies as a holder in due course. The basic definition is found in §3-302(a), which you should read carefully. Official Comment 4 to §3-302 makes it clear that the payee can qualify as a holder in due course in some rare situations. Normally, the payee is so involved in the underlying transaction that he or she has notice of problems affecting payment obligations, and thus cannot be a holder in due course. But the examples given in Official Comment 4 describe fact patterns where the payee is innocent of such knowledge and can therefore qualify for the protection given to holders in due course. See also Eldon’s Super Fresh Stores, Inc. v. Merrill Lynch, Pierce, Fenner & Smith, Inc., 296 Minn. 130, 207 N.W.2d 282, 12 U.C.C. Rep. Serv. 490 (1973), for an example of the payee as a holder in due course. 35 36 3. Holders in Due Course Subsection (c) gives a list of extraordinary transactions — creditors seizing instruments by judicial process, the sale of an inventoried business (a ‘‘bulk transaction’’), or the appointment of the administrator of an estate containing negotiable instruments — in which...
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...(Cite as: 212 Ill.App.3d 380, 570 N.E.2d 1227, 156 Ill.Dec. 505) 15 UCC Rep.Serv.2d 503, Prod.Liab.Rep. (CCH) P 12,851 Appellate Court of Illinois, Fifth District. David B. GARAVALIA, as executor of the Estate of Arvo Lake, a deceased person, Plaintiff-Appellant, v. HEAT CONTROLLER, INC.; Addison Products Company, Inc.; O.G.F. Corporation, doing business as Giles Appliance Center; and Odell Giles, individually, Defendants-Appellees. No. 5-89-0749. April 19, 1991. Decedent's estate appealed from order of the Circuit Court, Franklin County, Donald L. Underwood, J., granting air conditioning manufacturers' motion to dismiss breach of warranty, negligence, and products liability claim arising when decedent died as alleged result of failure of air conditioning unit. The Appellate Court, Harrison, J., held that: (1) death of elderly purchaser from hyperthermia as result of failed air conditioning unit was reasonably foreseeable, permitting claim of consequential damages in action for breach of warranty; (2) manufacturers owed duty of care to purchaser to design and manufacture product that would be reasonably safe for its intended and reasonably foreseeable uses; and (3) whether leaky air conditioning unit that failed to cool on a hot day was dangerous was question for jury. Reversed and remanded. Howerton, J., filed dissenting opinion. West Headnotes [1] KeyCite Notes 307A Pretrial Procedure 307AIII Dismissal 307AIII(B) Involuntary Dismissal 307AIII(B)6...
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...– CLC35 1/1/2013 Role of Comparative Law to legal interpretation and application Role of Comparative Law to legal interpretation and application Table of Contents I. Definition: legal interpretation and application 2 I.1 Legal Interpretation 2 I.2 Legal Application 3 II. Role of Comparative Law to legal interpretation and application 4 II.1 Role of Comparative Law to legal interpretation and application of law as the result of the harmonization and unification of law 5 II.1.1 The harmonization and unification of law 5 II.1.2 Role of Comparative Law to legal interpretation and application of law as the result of the harmonization and unification of law 6 II.2 Role of Comparative Law to legal interpretation and application of law as the result of the transplants of foreign law 8 II.2.1 An overview of Legal transplant 8 II.2.2 Role of Comparative Law to legal interpretation and application of Law as the result of the transplants of foreign law 13 II.3 Role of Comparative Law to legal interpretation and application of Legal rules which are entirely domestic and lack any direct international background or connection 15 II.3.1 Introduction 15 II.3.2 Role of Comparative Law to legal interpretation and application of Legal rules which are entirely domestic and lack any direct international background or connection 16 III. Questions 17 HCMC UNIVERSITY OF LAW ADVANCED-PROGRAM CLASS COURSE 35 GROUP 6 I. Definition: legal interpretation...
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...A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, with the payer named on the document. More specifically, it is a document contemplated by or consisting of a contract, which promises the payment of money without condition, which may be paid either on demand or at a future date. The term can have different meanings, depending on what law is being applied and what country it is used in and what context it is used in. Examples of negotiable instruments include promissory notes, bills of exchange, banknotes, and cheques. Because money is promised to be paid, the instrument itself can be used by the holder in due course as a store of value. The instrument may be transferred to a third party; it is the holder of the instrument who will ultimately get paid by the payer on the instrument. Transfers can happen at less than the face value of the instrument and this is known as discounting; this may happen for example if there is doubt about the payer's ability to pay. Common prototypes of bills of exchanges and promissory notes originated in China. There, in the 8th century during the reign of the Tang Dynasty they used special instruments called feitsyan for the safe transfer of money over long distances.[1] Later such document for money transfer used by Arab merchants, who had used the prototypes of bills of exchange – suftadja and hawala in 10–13th centuries, then such prototypes had been used by Italian...
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...State A to adopt a law identical to one adopted by State B. A) True B) False 4. Many areas of law important to businesses are governed by the Uniform Commercial Code. A) True B) False 5. A basic principle of statutory interpretation is that specific provisions in the statute are of greater weight than general provisions. A) True B) False 6. Only decisions by the United States Supreme Court can have the status of res judicata. A) True B) False 7. In deciding a case, a court will not use common law if there is a statute that applies to the dispute. A) True B) False 8. Criminal law is a subset of private law. A) True B) False 9. Tort law is a subset of private law that seeks to compensate the injured party for the loss caused by the actions of another. A) True B) False 10. The town of Somerset passed a law forbidding parking on Main Street between the hours of 9:00 a.m. and 4:00 p.m. This is an example of an ordinance. A) True B) False 11. The body of law that will be used to determine which state’s law will apply in a multi-state transaction is conflict of laws. A) True B) False 12. Dicta is another term for “controlling precedent.” A) True B) False 13. Codes of Ethical Conduct adopted by businesses and professions often provide for sanctions against individuals who violate the code. A) True B) False 14. If one obeys the law, one is necessarily also acting ethically because ethical standards of conduct and legal standards...
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...Ten things that you need to know about Chapters 10 and 11 for BLAW 3310 1. What does 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 would use the predominant-factor test to decide. If the contract is predominantly for the sale of goods, then it would apply, if it was primarily for the sale of services then it would not. (ie You enter into a contract for a new air conditioner (a good). As part of the contract, the seller will install the air conditioning unit (a service). The court would probably rule that since the predominant factor of why the contract was entered into was to get a new air conditioner, the installation was ancillary to that and therefore the UCC would apply). 4.-6. What happens under the UCC if a term is left open in a contract? (Since this is a long question I will divide into parts and count as two things) It depends on what term is left open (not included in the contract). According to common law, an offer must be definite enough for the parties to ascertain its essential terms. But under the U...
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...Ten things that you need to know about Chapters 10 and 11 for BLAW 3310 1. What does 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 would use the predominant-factor test to decide. If the contract is predominantly for the sale of goods, then it would apply, if it was primarily for the sale of services then it would not. (ie You enter into a contract for a new air conditioner (a good). As part of the contract, the seller will install the air conditioning unit (a service). The court would probably rule that since the predominant factor of why the contract was entered into was to get a new air conditioner, the installation was ancillary to that and therefore the UCC would apply). 4.-6. What happens under the UCC if a term is left open in a contract? (Since this is a long question I will divide into parts and count as two things) It depends on what term is left open (not included in the contract). According to common law, an offer must be definite enough for the parties to ascertain its essential terms. But under the U...
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...Office Order No. _____ Series of 2014 RULES AND REGULATIONS ON GEOGRAPHICAL INDICATIONS Whereas, Section 4 of Republic Act No. 8293 or the Intellectual Property Code of the Philippines (“IP Code”) provides that geographical indication is an intellectual property right; Whereas, Section 9.1 of the IP Code states that among the functions of the Bureau of Trademarks is the search and examination of the applications for the registration of geographic indications and the issuance of the certificates of registration; Whereas, in order to pursue and facilitate the conferment of protection to geographical indications, it is fundamental that a system of registration and framework of rules be established and implemented by the Intellectual Property Office; and Whereas, Section 7.1 (a) of the IP Code states that the Director General shall manage and direct all functions and activities of the Office, including the promulgation of rules and regulations to implement the objectives, policies, plans, programs, and projects of the Office. Now, therefore, in consonance with the foregoing and the policy of the State to enhance the enforcement of the intellectual property rights in the Philippines, the following rules and regulations on geographical indications are hereby promulgated: Article I Preliminaries Rule 1. Title. -- This regulations shall be known and cited as the Rules and Regulations on Geographical Indications. Rule 2. Definition of Terms. --The following...
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..............xv COUNTRY CITATION GUIDES ARGENTINA...............................................................................................................................................................1 I. COUNTRY PROFILE ..................................................................................................................................1 II. CITATION GUIDE.......................................................................................................................................2 1.0 CONSTITUTION...................................................................................................................................2 2.0 LEGISLATION......................................................................................................................................2 3.0 JURISPRUDENCE ................................................................................................................................3 4.0 BOOKS ..................................................................................................................................................4 5.0 ARTICLES IN PERIODICALS.............................................................................................................4 6.0 NEWSPAPERS AND WEEKLY JOURNALS .....................................................................................5 7.0 OFFICIAL PUBLICATIONS...
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...5. The Key Study Areas are as follows….. * TCO A -Business ethics: Three layers of Business ethics: * 1) Basic values (honest, keeping promises) * 2) Notion of fairness (how do we treat others?) * 3) Issues related to community, environment, neighbors Business ethics considers fairness and morals standards amidst the pressure of earning a profit and providing returns to shareholders. Sometimes we may have business ethical tensions where Employee has personal economic interests in continuing employment that may compromise certain personal moral standards. -Ethical Models/Tests The Blanchard and Peale Model * Is it legal? (IF NO, analysis is done) * Is it balanced? (Is our deal with the other side balanced or was it cutthroat?) * How does it make me feel? (The action may be legal and appear balanced; but, do you feel good about it?) * Front Page of the newspaper test: Simple question that requires a decision maker to envision how a reporter would describe a decision on the front page of a local or national newspaper. * Laura Nash Perspective Model: How would I view the issue if I stood on the other side of the fence? What am I trying to accomplish? Can I discuss my decision with friends, family, and those closest to me? * The Golden Rule: “Do unto others as you would have them to unto you. This requires one to apply the same standards of fairness and equity to their own actions that they would demand...
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