BLAW 220. Business Law. Listen to the voice lectures.
I am sending an email link which contains the lectures for the second half of the course. Also contained in the link, is an outline/typed notes for the material covered since the midterm exam. Please listen to the voice lectures and refer to the notes.
You are to submit a four to six page double spaced summary of the material contained in the recordings. You may chose the topics to comment upon and if you wish use examples. However, the topics you summarize must cover some of the material in six of the recordings. The paper constitutes the final exam and will be graded on a scale up to 100. The midterm exam and final paper each count half towards the final grade.
BLAW 220
https://drive(dot)google(dot)com/drive/folders/1CDdBVeRu1R4fmXHETqyxy4_s9wFlk6-d?usp=sharing
Business Law
Student Name
Institution Affiliation
RECORDING ONE
Uniform Commercial Code (UCC): The UCC constitutes of several uniform Acts that have been as law in the US. It was first published in 1952 with primary objective of harmonizing and unifying laws pertaining not only to sales but other commercial transactions in the region. Considering the closeness of the different states in the country, it is quite common to find commercial transactions that have extended across the borders. For instance, commodities may be manufactured in Florida, warehoused in California, sold from Washington, and delivered in New York. According to Mentschikoff (1964), “The UCC achieved the goal of substantial uniformity in commercial laws and, at the same time, allowed the states the flexibility to meet local circumstances by modifying the UCC's text as enacted in each state”. It is essential to note that the UCC handles sales and commercial transactions that concern movable property and does not relate to real property. Despite the success that the UCC has achieved over the years, some states including Louisiana have not embraced all the articles that are enshrined. Similarly, the US jurisdiction of American Samoa has not adopted any of the articles stipulated and constituted in the UCC. The UCC contains 9 distinct articles including general provisions, sales, leases, negotiable instruments, bank deposits and collections, funds transfer, letters of credit, bulk transfers and sales, warehouse receipts, investment securities and secured transactions. The articles have been amended and revised over the years
Open Terms: Additionally, recording one also touched on the matter of open terms. According to common law and in relation to contracts of sales, it is highly recommended that all parties agree on all the terms before engaging in any business transaction. However, there are cases where some terms are usually omitted. In such cases, the statues advocate for the terms to be filled by gap fillers. However, if a sales issue is taken to court and it is identified that there are several terms omitted then it may likely be ruled that the parties were not keen on engaging in a contract. In the scenario that the price of a commodity is omitted then as per the statute it will be any reasonable amount at the time the goods are delivered. Similarly, if there was no specification on the time of delivery then the products should be delivered within reasonable time. For instance, if some orders and pays for commodities that they evidently require to fulfil a particular need or urge then it would be unreasonable to deliver them a year later. It is essential to note that the statute prohibits the filling in of the quantity amount if it was omitted from the contract. The logic is that one may take advantage and in the process, make the other party incur losses from the sales contract.
RECORDING TWO
Statute of Frauds (SOF): It is a legal concept that entails that some types of contracts should be executed in writing. Some of the notable contracts covered by the statute include sale of land, sale of commodities whose values exceed $500 and any contracts over 1 year. For instance, it is not wise engaging in a land sale transaction verbally ...
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