Premium Essay

The Legal Environment of Business Uniform Commercial Code Articles 1 and 2 Outline

In: Business and Management

Submitted By blanquita
Words 4404
Pages 18
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 merchants met to exchange goods and settle differences through courts established and operated by merchants. By the end of the seventeenth century, the principles of the Law Merchant had become widely accepted. Eventually, they became part of the common law, and judges refined them into the modern law of sales. In the United States, sales law varied from state to state, and this made multistate sales contracts difficult. In the late nineteenth century, when multistate contracts became the norm, the difficulties became especially troublesome, and attempts were made to produce a uniform body of law relating to commercial transactions. In the 1940s the need to integrate the laws covering commercial transactions into a single, comprehensive body of statutory law was recognized. The UCC was developed to serve that purpose.
B. Structure (Articles) and Road Map
C. Minnesota Application, MSA Chapter 336 D. Scope and Applicability of Article 2
Article 2 applies to transactions in goods, including all contracts involving the sale (and under 2A, leases) of goods Goods = all things movable at the time they are identified to the contracts (UCC 2-105(1))
Article 2 applies to transactions in goods, including all contracts involving the sale (and under 2A, leases) of goods The UCC applies to leases of goods under Article 2A, covering any transaction that creates a lease...

Similar Documents

Premium Essay

Final Exam

...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......

Words: 3535 - Pages: 15

Premium Essay

Riordan Corporate Compliance Plan

...Resources: "Using the New COSO Risk-Management Guidance" article and the Riordan Virtual Organization located on the student website, and the Committee of Sponsoring Organizations of the Treadway Commission (COSO) website at www.coso.org. Read the article "Using the New COSO Risk-Management Guidance". Read The Executive Summary of the article Enterprise Risk Management — Integrated Framework at the COSO website: • On the home page, click the Guidance tab. • Select the Enterprise Risk Management link. • Click MORE. • Select the Download (English) the free executive summary link. Research additional information in the Guidance and Resources sections at the COSO website. View the Riordan virtual organization. Create a corporate compliance plan consisting of no more than 2,450 words for Riordan. Focus your plan on managing the legal liability of officers and directors of Riordan. The plan must also address how to handle situations when laws are violated or in question (such as when to call in legal counsel, what rights the employees have, or who to turn to when actions are taken against Riordan). Your plan must also include the following: • Enterprise liability • Real and intellectual property • Governance principles of regulatory compliance requirements • The specific international laws or aspects of the law that must be adhered to by Riordan and an outline of these steps for employees to adhere to these laws Format your Corporate Compliance Plan...

Words: 2615 - Pages: 11

Free Essay

Paper

...LAW 3000: Business Law I 3 credit hours Spring 2012 Montreux, Switzerland Instructor: Instructor: Dr. Leonila Guglya Office location: Hotel Miramonte 202 Email: leonila.guglya@him.ch Office hours: By appointment Texts/Course materials: MARIANNE M. JENNINGS, BUSINESS: ITS LEGAL, ETHICAL, AND GLOBAL ENVIRONMENT, 9th, International Edition, South-Western, 2012. Other necessary materials (including, where applicable, law review articles, case law, international instruments and excerpts from the relevant national and regional legislation) will be prepared by the instructor and distributed via Moodle, via email or in hard copies. Please check Moodle and your email regularly for the relevant updates. Course description: The Course is aimed at introducing the students to the basic principles of law applicable to the business world emphasizing ethics, the judicial system, contracts, sales, property, agency and business organizations. Goals and Objectives: The goal of the course is to provide the basic knowledge and understanding of legal theories and practical applications of rules/laws as they pertain to the decision-making aspects of administration and professional conduct in business. As a result, upon completion of this course, the student will be able to: 1.   Understand the value of legal counsel; 2.   Understand the origins of various legal systems; 3.   Differentiate among criminal and tort liabilities for......

Words: 1140 - Pages: 5

Free Essay

Clearing and Fowarding

...• Documents and documentation of import and export • Key legal rights, duties and responsibilities of a forwarder • Internal and external organisational environment • Forwarder relations to other parties • Warehousing, packaging and packing • Handling of dangerous goods • Cargo clearance procedures at the front office • Documentation and carriage of goods under the various transport modes • Computation of freight rates Course Objectives At the end of the course the trainees must be able to: • Identify the scope of clearing and forwarding, the field environment including rights, duties and responsibilities of a freight forwarder • Outline usage of import, export documents and associated terms in relation to C&F operations aspects of international trade • Appreciate the legal context /implication of various documents used in import-export and their sources • Demonstrate ability to perform consolidations and plan intermodal journeys for containerised and conventional cargo • Demonstrate general knowledge on the handling and classification of dangerous cargo under various transport modes • Appreciate outcomes of international conventions and their application • Identify procedures relating to clearance an forwarding cargo in international trade • Appreciate the essence of warehousing ,packaging and packing of goods • Apply relevant conversion units and formulas in the computation of freight rates • Outline and illustrate the constituents of freight rates under......

Words: 11668 - Pages: 47

Premium Essay

Guj Sylabus

...GUJARAT UNIVERSITY SYLLABI OF THREE YEARS LL.B. PROGRAMME WITH CREDIT BASED SYSTEM (As prescribed by the BAR COUNCIL OF INDIA and as per the Rules of Legal Education, 2008) Effective from the academic year 2011-12 THREE YEARS’ LL.B. POGRAMME First LL. B. Semester – I FIRST LL.B. - SEMESTER 1 (MONSOON) PER WEEK CORE COURSE 101 SUBJECTS Law of Tort including MV Accident And Consumer Protection Laws Criminal Law Paper – I (General Principles of Penal Law) Criminal Law Paper – II (Specific Offences) Law of Contract Special Contract Constitutional History of India Use of Law Journals and Legal Software LECTURES 4 OTHERS 1 TOTAL 5 CREDITS (SEM)29 5 CORE COURSE 102 CORE COURSE 103 CORE COURSE 104 CORE COURSE 105 FOUNDATION 106 F SOFT SKILL 107 K 4 4 4 4 1 1 1 1 1 1 1 1 5 5 5 5 2 2 5 5 5 5 2 2 1 Semester – I Monsoon Semester CORE COURSE 101 : LAW OF TORT INCLUDING MV ACCIDENT AND CONSUMER PROTECTION LAWS Objectives of the course : With rapid industrialization, tort action came to used against manufacturers and industrial unit for products injurious to human beings. Presently the emphasis is on extending the principles not only to acts, which are harmful, but also to failure to comply with standards that are continuously changing due to advancement in science and technology. Product liability is now assuming a new dimension in developed economics. In modern era of consumer concern of goods and services, the law of torts......

Words: 6024 - Pages: 25

Premium Essay

Corporate Law

...Law (2) * Types of companies – General characteristics (7) * Formation of a company (13) * Capital (19) * Financing of company * Corporate Bodies * General meeting * Control * Annual Corporate Compliance * Director’s liabilities * Restructuring of companies * Liquidation of companies * Continuity * Draft questions exam Introduction to and sources of company law Sources When I start up a business in Belgium, whether I’m Belgian or my foreign company locates a subsidiary here, which legislative rules should I take into account? Which legislation can accurately tell me what to do and what not to do? There are four sources of legislation for Belgian companies: the Belgian Company Code, the Jurisprudence, the Doctrine and the European Directives. The Company Code The Company Code is a legislation code that was adopted by the Belgian Parliament on the 7th of May in 1999, which regroups and restructures the main provisions of Belgian Company Law. For decades, authors and practitioners had been complaining about the complexity of the Belgian Company Law. There were far too many sources to it. What they wanted was one and only one book with all the provisions concerning the Belgian Company Law. So by adopting the Company Code, the legislator didn’t have as main objective to introduce considerable changes to the legal......

Words: 15600 - Pages: 63

Premium Essay

International Financial Reporting Standards (Ifrs): Pros and Cons for Investors

...This article was downloaded by: [Library Services City University London] On: 26 July 2013, At: 08:32 Publisher: Routledge Informa Ltd Registered in England and Wales Registered Number: 1072954 Registered office: Mortimer House, 37-41 Mortimer Street, London W1T 3JH, UK Accounting and Business Research Publication details, including instructions for authors and subscription information: http://www.tandfonline.com/loi/rabr20 International Financial Reporting Standards (IFRS): pros and cons for investors Ray Ball a a University of Chicago Published online: 28 Feb 2012. To cite this article: Ray Ball (2006) International Financial Reporting Standards (IFRS): pros and cons for investors, Accounting and Business Research, 36:sup1, 5-27, DOI: 10.1080/00014788.2006.9730040 To link to this article: http://dx.doi.org/10.1080/00014788.2006.9730040 PLEASE SCROLL DOWN FOR ARTICLE Taylor & Francis makes every effort to ensure the accuracy of all the information (the “Content”) contained in the publications on our platform. However, Taylor & Francis, our agents, and our licensors make no representations or warranties whatsoever as to the accuracy, completeness, or suitability for any purpose of the Content. Any opinions and views expressed in this publication are the opinions and views of the authors, and are not the views of or endorsed by Taylor & Francis. The accuracy of the Content should not be relied upon and should be independently verified with primary sources of......

Words: 16830 - Pages: 68

Premium Essay

Procurement

...Contracts and Procurement Management Notes: E-PROCUREMENT E-Procurement is the business to business (B2B) purchasing of goods and services through the Internet. These days, E-procurement is an invaluable tool for streamlining the procurement process. There are several varieties of e-Procurement, each of which can offers benefits to manufacturing enterprises in ensuring both that materials are delivered in time to meet production schedules and that they are at the best price to maximize profit margins. The state of Kentucky uses two methods to manage their contracts. These processes are: the competitive sealed bidding where by the bid is opened publicly at the time and place of solicitation and the competitive negotiation by RFP of which they are not opened publicly. E-Procurement.gov. helps the government and the citizens realize the vision of growth via profitable B2B e-commerce. The proven platform used by the largest companies in India and the world, it enables trade between companies of different sizes, platforms and locations.To this end,eProcurement.gov.in will provide services like eProcurement, eTendering, eSelling and eAuctions. E-procurement Auction Services offers government departments easy-to-use, web-based solutions for conducting dynamic exchanges in an on-line environment. It provides real-time bidding solutions for buyers and sellers as control, and simplicity to corporate procurement and liquidation processes. The state of Kentucky uses two methods......

Words: 8347 - Pages: 34

Premium Essay

Aceptable Use Policy

...ACCEPTABLE USE POLICY (AUP), v 1.4, 6 January 2012 Reference: AR 25-2 (Information Assurance). A well-protected DoD/Army network enables organizations to easily handle the increasing dependence on the Internet. For a DoD/Army organization to be successful, it needs to integrate information that is secure from all aspects of the organization. The purpose of this policy is to outline the acceptable use of computer equipment within a DoD/Army organization. These rules are in place to protect the employee and the organization. Inappropriate use exposes DoD/Army units to risks including attacks, compromise of network systems and services, and legal issues. This policy applies to all employees, contractors, consultants, temporary employees, and other workers assigned to the DoD/Army organizations. 1. Understanding. I understand that I have the primary responsibility to safeguard the information contained in the Secret Internet Protocol Router Network (SIPRNET) and/or Non-secure Internet Protocol Router Network (NIPRNET) from unauthorized or inadvertent use, modification, disclosure, destruction, and denial of service. 2. Access. Access to this network is for official use and authorized purposes and as set forth in DOD Directives 5500.7-R, Joint Ethics Regulation (JER), AR 25-2 (Information Assurance) and Army network policy and accreditation. 3. Revocability. Access to Army Information Systems resources is a revocable privilege and is subject to content monitoring and security......

Words: 3671 - Pages: 15

Premium Essay

Statics

...Actual Trends in Theory and in Practice of the International Business Ethics Gabriela Dubcová* ABSTRACT The ethics triangle: national law, culture and political economic system. Key factors of current ethics issues in an international environment. The most visible changes in environment dimensions. Principles of international business ethics. Current ethics challenges in international environment. Common issues of the international business ethics. Comparison of ethical standards in different cultures. Accelerating development of globalization and assimilation between Europe and the USA. Differences between Europe, the United States and Asia in the business ethics perspective. Development processes of global business ethics. Levels of global business ethic level. Principle of normative guidelines for business conduct of multinational corporations. Current functioning of institution engaged in the international business ethics. Key words: The ethics triangle; Current ethics issues; International business ethics; Ethical standards; Global business ethics; Institution engaged in the International Business Ethics. JEL classification: K2, M1 Introduction The present economic situation in the globalized world generates very efficient processes in international companies with large profits for managers but with a relevant risk in economic and noneconomic ambit to eliminate any negative impacts of the crisis from one country to another. In this case, it is necessary to enact......

Words: 5135 - Pages: 21

Premium Essay

Cambodia Accounting

...REPORT ON THE OBSERVANCE OF STANDARDS AND CODES (ROSC) Cambodia ACCOUNTING AND AUDITING May 15, 2007 Contents Executive Summary Preface Abbreviations and Acronyms I. Introduction II. Institutional Framework III. Accounting Standards as Designed and as Practiced IV. Auditing Standards as Designed and as Practiced V. Perception of the Quality of Financial Reporting VI. Policy Recommendations EXECUTIVE SUMMARY This report provides an assessment of accounting and auditing practices within the corporate sector in Cambodia with reference to the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and the International Standards on Auditing (ISA) issued by the International Federation of Accountants (IFAC). This assessment is positioned within the broader context of the Cambodia’s institutional framework and capacity needed to ensure the quality of corporate financial reporting Cambodia is putting in place an institutional framework with regard to accounting, auditing, and financial reporting practices. However, institutional weaknesses in regulation, compliance, and enforcement of standards and rules still exist. The accounting and auditing statutory framework suffers from inconsistencies among different laws. Although the national accounting standards and auditing standards are based on IFRS, and ISA, respectively, they appear outmoded and have gaps in comparison with the international equivalents. There are varying...

Words: 17152 - Pages: 69

Premium Essay

Legal

...A SPECIAL ISSUE ON INDIA The Uniform Civil Code Debate in Indian Law: New Developments and Changing Agenda By Werner Menski ∗ A. Introduction: What Happens if One Asks for the Moon? Postcolonial India’s modernist ambition to have a Uniform Civil Code, impressively written into Article 44 of the Indian Constitution of 1950 as a nonjusticiable Directive Principle of State Policy, concerns not just an Indian problem but a universal predicament for lawyers and legal systems. What is the relationship between personal status laws and general state-made laws? To what extent should the formal law allow for, or seek to restrain, the legal implications of religious and socio-cultural diversity? To what extent does a state, whether secular or not, actually have power and legitimacy to decree and enforce legal uniformity? There are many more agendas at play here than simply the central issue of legal authority, focused on the power of the law, or simply “religion” v. “law”, or “culture” v. “law”, as we are often still led to believe. I present here the recent developments in India’s law relating to the much-debated Uniform Civil Code agenda to illustrate that Indian law today increasingly turns its back on supposedly European or “Western” models, and has been developing its own country-specific and situation-sensitive methods of handling complex sociolegal issues. This may contain some important lessons for European lawyers, specifically in terms of managing cultural diversity......

Words: 18592 - Pages: 75

Premium Essay

Legl200

...* LEGL 200 * Course Outline Chapter 1: Introduction to the Legal System 1. The law consists of enforceable rules governing relationships among individuals and society. 2. The law serves several purposes. a. Protect individuals b. Protect society c. Protect property, and d. Protect objectives 3. How does the law achieve the aforementioned purposes? a. By establishing confidence in the enforcement of laws b. Providing a certain degree of predictability as to what will happen if the laws are violated 4. If any society is to survive, its citizens must be able to determine What is legally right and wrong and be able to determine what sanctions may be imposed on them if they commit wrongful acts 5. Why should you care about the law? a. The law affects virtually ALL business transactions and activities, including: i. Hiring and firing ii. Workplace safety iii. Manufacturing, distributing & marketing of products iv. Financing v. Accounting & ethics and vi. Many other areas as well 6. You are the owner of a company called Compudata – a computer software & systems company. You receive an inquiry from BMI, Inc. regarding your company’s various services. a. What are some of the legal issues you need to consider? i. How do we enter into a contract......

Words: 22614 - Pages: 91

Premium Essay

Uniform Civil Code of India Eassy

...A SPECIAL ISSUE ON INDIA The Uniform Civil Code Debate in Indian Law: New Developments and Changing Agenda By Werner Menski ∗ A. Introduction: What Happens if One Asks for the Moon? Postcolonial India’s modernist ambition to have a Uniform Civil Code, impressively written into Article 44 of the Indian Constitution of 1950 as a nonjusticiable Directive Principle of State Policy, concerns not just an Indian problem but a universal predicament for lawyers and legal systems. What is the relationship between personal status laws and general state-made laws? To what extent should the formal law allow for, or seek to restrain, the legal implications of religious and socio-cultural diversity? To what extent does a state, whether secular or not, actually have power and legitimacy to decree and enforce legal uniformity? There are many more agendas at play here than simply the central issue of legal authority, focused on the power of the law, or simply “religion” v. “law”, or “culture” v. “law”, as we are often still led to believe. I present here the recent developments in India’s law relating to the much-debated Uniform Civil Code agenda to illustrate that Indian law today increasingly turns its back on supposedly European or “Western” models, and has been developing its own country-specific and situation-sensitive methods of handling complex sociolegal issues. This may contain some important lessons for European lawyers, specifically in terms of managing cultural diversity......

Words: 18592 - Pages: 75

Premium Essay

Accounting Principles

...International Financial Reporting Standards (IFRS): Pros and Cons for Investors by Ray Ball* Sidney Davidson Professor of Accounting Graduate School of Business University of Chicago 5807 S. Woodlawn Ave Chicago, IL 60637 Tel. (773) 834 5941 ray.ball@gsb.uchicago.edu Acknowledgments This paper is based on the PD Leake Lecture delivered on 8 September 2005 at the Institute of Chartered Accountants in England and Wales, which can be accessed at http://www.icaew.co.uk/cbp/index.cfm. It draws extensively on the framework in Ball (1995) and benefited from comments by Steve Zeff. Financial support from the PD Leake Trust and the Graduate School of Business at the University of Chicago is gratefully acknowledged. 1 Abstract Accounting in shaped by economic and political forces. It follows that increased worldwide integration of both markets and politics (driven by reductions in communications and information processing costs) makes increased integration of financial reporting standards and practice almost inevitable. But most market and political forces will remain local for the foreseeable future, so it is unclear how much convergence in actual financial reporting practice will (or should) occur. Furthermore, there is little settled theory or evidence on which to build an assessment of the advantages and disadvantages of uniform accounting rules within a country, let alone internationally. The pros and cons of IFRS therefore are somewhat conjectural, the unbridled......

Words: 16223 - Pages: 65