Essay about Contract and Uniform Commercial Code

1099 Words Nov 4th, 2013 5 Pages
Natalie
DeVry University
Business Law
Week 5 Assignments
June 4, 2013









What is a contract? A contract is a formal agreement with two parties that need to come
to a conclusion, dealing with any situation. What is fraud? Fraud is when you give false
information on any documents. There are all sorts of different forms when it comes to
discovering about a contract dealing with sales. There are codes that must be followed, in order
for the contract to be valid and not have any future issues or breaches of contract. Contracts must
follow all regulations, in order for both parties to be beneficial on the agreement. I will be
discussing different topics based on how to determine whether a valid contract has been
…show more content…
However, the contract is
enforceable only for the quantity of goods actually admitted. [2-201(3)(b)]”. This states exactly
what validates the contract based on different scenarios.
Nest, let’s discuss what is the purpose and function of the Uniform Commercial Code.
There are several codes that need to be followed within a contract. As the article, titled “Uniform
Commercial Code (UCC)’ states, “The Uniform Commercial Code (UCC), a comprehensive
code addressing most aspects of commercial law, is generally viewed as one of the most
important developments in American law. The Commissioners are all attorneys, qualified to
practice law, including state and federal judges, legislators and law professors from throughout
the United States and its territories. These quasi-public organizations meet and decide whether to
endorse these drafts or to send them back to the experts for revision. The revision process may
result in several different revisions of the original draft. Once a draft is endorsed, the Uniform
Law Commissioners recommend that the states adopt these rules.” This shows how exactly
Uniform Commercial Code functions. There are many tasks that are completed. The article
states, “As of this guide's last update, the types of transactions included within the Code are:
Sales (Amended Article 2), Leases (Amended…