Law/531 Final Examination Study Guide

| Did not submit or incompletely designated two (2) UCC clauses that align with each branch.

Specific performance. UCC allows buyers to acquire a court order to require the breaching party to complete contract as per negotiated and agreed (Melvin, 2011, p. 198).

�1. Under the UCC, a sale occurs when title passes from a seller to a buyer for a price. TRUE

both a and b (Yes.  The corporate structure provides for limited liability and ease of transferring ownership.)

Cir. 504 (Cir. Ct. 2009) the plaintiff filed suit against defendants claiming that the contract for the construction and sale of a home that was at issue was invalid, worthless, and unenforceable. Furthermore, the plaintiff also alleged that he was entitled to withdrawal and termination of the same contract. Defendants filed a counterclaim for specific performance of the contract of the sale.

The principle of law is that for a valid contract to be formed there must be an agreement reached by both parties.

2.  Which article of the UCC sets out the law with regard to the sales of goods?

• Liability: The owner has unlimited liability. When the business fails it is up to the owner to pay all the creditors off.

Good or Service: Mr. Gulash lived in Shelton, Connecticut. He wanted an above-ground swimming pool installed in his backyard. Gulash contacted Stylarama, Inc. (Stylarama), a company specializing in the sale and construction of pools. The two parties entered into a contract that called for Stylarama to “furnish all labor and materials to construct a Wavecrest brand pool, and furnish and install a pool with vinyl liners.” The total cost for materials and labor was $3,690. There was no breakdown in the contract of costs between labor and materials. After the pool was installed, its sides began bowing out, the 2” × 4” wooden supports for the pool rotted and misaligned, and the entire pool became tilted. Gulash brought suit, alleging that Stylarama had violated several provisions of Article 2 of the UCC. Is this transaction one involving goods, making it subject to Article 2? Gulash v. Stylarama, 33 Conn.Supp. 108, 364 A.2d 1221, Web 1975 Conn.Super. Lexis 209 (Superior Court of Connecticut) (Cheesman, 2010, p. 292).

Article 2 does not apply to contracts for the sale of real estate or stocks and bonds

457). Getting a loan from the bank is not a sales since an intangible claim is passed from seller to buyer. Something is a good if the item is tangible and movable. Thus, selling the rights to a trademark is not a sale of goods because the trademark is not tangible. Likewise, the sale of a residence is also not a sale of goods because the home is not movable. The UCC will govern the dispute only if the "goods" criteria are satisfied.

The Uniform Commercial Code (UCC or sometimes referred to simply as the Code) is a statute published by the National Conference of Commissioners of Uniform State Laws (NCCUSL), (Melvin, 2011). This statute is adopted by every state in the U.S., except for the state of Louisiana. The function of the UCC is to promote commercial efficiency through providing standardized policies and procedures that consumers and merchants can depend on. Common Law contracts governs transactions with real estate, services, insurance, intangible assets and employment (The Asset Protection Attorneys, 2015). Common Law is primarily concerned with the sale of merchandise and securities.

In this case, there are two issues that emerge; the first entails as to whether Johnson, who is a farmer should be treated as a merchant according to the definition of the Universal Commercial Code. The other issue that emerges in the case concerns as to whether the oral contract made between the two parties of selling 600 bushels at the price of $ 4.02 should constitute a binding contract.

The Uniform Commercial Code (UCC) in the private sector and the Federal Acquisition Regulations (FAR) are the documents that govern contract formation in the private verses public sector industry.

To determine these agreements should be accounted for separately or as a single arrangement, we would consider in ASC 605-25 Revenue Recognition to Multiple-elements agreements