What do you think about this situation? Should parties to a sales contract be able to rescind a contract because of mutual mistake of fact? Why or why not? Did either party act unethically in this case? Why or why not? What application does the UCC have here? Finally, in the overall context of contract law, are there any winners or losers when a contract is rescinded based on mutual mistake of fact? Why or why not? A mutual mistake is when both parties incorrectly believe an important fact
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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
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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
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Import under Countertrade At times, standard goods-for-cash payment structures do not work, are cumbersome, expensive, or simply impossible. In these cases, companies can adopt countertrade. Countertrade involves the exchange of goods in barters or other ways in place of money. For example, if a nation’s currency is not exchangeable or no good overseas, they may offer a commodity or other product in place of cash. Countertrade was common in the USSR in the 1960s when its currency was nonconvertible
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“The below-signed agrees not to work as a chef for another hotel in the same metropolitan area for a period of two years after leaving our employ.” 1. Examine at least two circumstances in which this non-compete agreement would be unenforceable. Contracts of employment are generally given to prospective employees who have applied for a position or type of sub-contractor with a company. The employment contract will be the agreement between the company and employer to the prospective employees
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Sources of Contract Law (a) What is meant by the common law of contracts? (b) What is the UCC? Response: According to (Jennings, 2006, p. 497) there are three general sources of contract law for contracts entered into in the United States: common law, the Uniform Commercial Code (UCC), and the new sources of law evolving in response to e-commerce—the Uniform Electronic Transactions Act, the Uniform Computer Information Transactions Act, and the Electronic Signatures in Global and National
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essential that contracts contain the required elements to be legally binding and protect both parties involved. Additionally, it is pertinent to understand the difference between contracts governed by common law and those governed by the Uniformed Commercial Code (UCC). Finally, prior to signing a non-compete agreement or asking someone to, it is important to understand the circumstances that make it enforceable as well as the diversity of enforcement standards as they vary from state to state. Five
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Mr. Culbertson V. Mr. Brodsky 788 S.W.2d 156, 1990 Tex. App. LEXIS 1008 Texas Court of Appeals, 1990 An illusory promise is a statement which appears to form a legal contract; however, it is vague, and lacks mutuality, providing an option for the person making a promise to have no actual obligation to perform as stated. For example, if someone says "I will make you a pie tomorrow”, this is an illusory promise, because the subject of the pledge is not being asked for anything in return and
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his business through proposing a new business entity, different employment types and relationships relevant to law, the liability to Acme Fireworks if spectators are injured due to his displays, and the contract and whether it is enforceable under UCC. II. Body paragraph #1 - Topic Sentence # 1 As with all other business, Acme would be no different when coming into a problem with potential personnel liability. If a spectator is injured by a stray firework from one of their
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•JoeCo. recently made a relatively large sale of computers to a new customer, The Gamery. As part of the sale, the customer ordered 12 extremely fast and expensive ABC video adapters, which is not an item you regularly stock, so you would have to special order them. •At the time for shipment of the computers per the agreement, you still hadn’t received the adapters from your vendor. Per instructions from the customer, you went ahead and shipped the computers and were to ship the video adapters
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