Contract Law, Under The Uniform Commercial Code (UCC)

Most time, acceptance would be made in clear and loud matters, such as saying “Yes, I accept.” But silence would constitute acceptance of an offer where the common-law and statutory law allows. Supreme Court of Nebraska has confirmed in Joseph Heiting and Sons v. Jacks Bean Co that acceptance may be established by silence or inaction of an offeree and acceptance occurs when the buyer/offeree “does any act inconsistent with the seller/offeror’s ownership...” Neb. U.C.C. section 2-606(1)(c). In Joseph Heiting and Sons v. Jacks Bean Co, 463 N.W.2d 817, 236 Neb. 765 (Neb.,1990), Heiting (Plaintiff) offered to sell its beans at the posted price on September 30, 1987, but was never informed of acceptance or rejection of the offer. Heiting and Jacks

All operations within an organisation must be viable through legislation. Legislation often constrains just how much information an organisation can have and the manner in which it can be used. Legislation exists to protect both employee and employer from unfair conduct. Legislation is a law which has been produced by the government. Legislation exists to authorise access to particular files, to sanction individuals who do not abide by guidelines set, to restrict how much information can be given, etc. For example, employees must have a formally written contract of employment prior to commencing work with a company. It protects employees against unfair dismissal and states that a redundancy pay must be paid if the

A contract is defined as, “a legally enforceable exchange of promises or an exchange of a promise for an act that assures that parties to the agreement that their promises will be enforceable (Kubasek 2015).” Contracts are essential for businesses to conduct business with one another. Before delving too far into the Muscadine grape case, it is also important to note that a sale is the, “passing of title to goods from buyer to seller for a price (Kubasek 2015)” and that a good is considered, “tangible personal property (Kubasek 2015).” Muscadine grapes and their by-products are the goods in question. When considering any legal case it is important to first consider the facts and the issues that are being considered.

20) With regard to consideration in a sales contract, the UCC differs from the common law in that

A writing is not insufficient because it omits or incorrectly states a term agreed upon but the contract is not enforceable under this paragraph beyond the quantity of goods shown in such writing” UCC § 2-201. Other terms including price, delivery date and place should be included in the contract. The contract must be signed by both parties in the event in suing for damages.

Chicken & Egg Farms promises to pay Dex $500 to install a sump pump in its warehouse. Dex com­pletes the

These can be sold to customers or rented out. They also act as a wholesaler and supply equipment to other musical retailers.

Creation of Negotiable Instruments is simply the creation of commercial paper that can also be referred to as important money substitutes. Money simply does not work as well as negotiable instruments for the purposes of convenience, safety, record keeping, and extension of credit. There are critical elements in creating a negotiable instrument, one, it must be in writing form, it has to be signed by the maker or the drawer of it, there has to be an unconditional promise order to pay. Moreover, it must state a fixed amount of money, it does not require any undertaking in addition to payment of money, it must be payable at a definite time and lastly, it is payable

document is that instead of trading for an item that you may desire, you would have to pay

Bernie a resident of Richmond, Virginia decides to sale his 2006 Ford Fusion for $13,000.00 and places an ad in his local newspaper on February 1st. After several weeks without any inquiries, Vivian contacts Bernie on March 1st stating she will pay him $12,000.00 for the car. Bernie arranges to meet with Vivian on March 5th to complete the deal. Vivian comes to Bernie’s house on March 10th and says she will give Bernie $12,500.00 for the car; but she needs three additional weeks to come up with the money. Bernie agrees but only if Vivian puts down a deposit. Vivian agrees and Bernie drafts an agreement stated the sale will must take place no later than March 31st. Vivian reads and signs the agreement and

     There are certain requirements that must be met for an item to be qualified as a negotiable instrument. First the instrument must be in writing. This writing must also meet the permanence and portability requirements. The writing must be made on a permanent surface (not in the sand) and it must be portable and able to be transferred. Negotiable

Negotiable instruments make the economy go around. That is why the law on negotiable instruments is important and why the work of the Uniform Law Commissioners has been lasting and uniformly adopted on this subject. A negotiable instru¬ment is either a “draft,” of which the most common sub¬category is the “check,” or a “note.” A “draft” is merely an order from one person to another to pay money to a third person. A check is a species of a draft. A person writes checks on a bank account which the bank maintains on that person 's behalf. A check is an order from the person/depositor as “drawer” to the bank/drawee for payment of money to a third person named on the check as “payee.” A” note” is evidence of a debt between the “maker,” who promises to pay, and another person. A traditional promissory note is an example. One person borrows money from another person, and the borrower signs a piece of paper that obligates him to pay the money back at a certain time. That piece of paper, which evidences the debt, is a “note.”

Negotiable instruments are written orders or unconditional promises to pay a fixed sum of money on demand or at a certain time. Promissory notes, bills of exchange, checks, drafts, and certificates of deposit are all examples of negotiable instruments. Negotiable instruments may be transferred from one person to another, who is known as a holder in due course. Upon transfer, also called negotiation of the instrument, the holder in due course obtains full legal title to the instrument. Negotiable instruments may be

“An establishment for the custody of money, which it pays out, on a customer’s order.”

• Understand various provisions of negotiable instrument Act, 1881 regarding negotiation, assignment, endorsement, acceptance, etc. of negotiable instruments.