The Essentials Of The Requirements For Secured Transactions

ii) When dealing with customers, Eden Sounds prefer to use a “Standard form contract”. Explain what a ‘standard form contract’ is, and list the advantages to both parties in using them.

Determine the elements of a valid contract, and discuss how consumers and banks each have a duty of good faith and fair dealing in the banking relationship.

Speidel, R. E., Summers, R. S., & White, J. J. (1993). Sales and secured transactions: Teaching materials. St. Paul, Minn: West Pub.

Since consumer transactions that take place on social media web sites often cross state lines, the Federal Government has developed and passed laws that can best control these transactions. There are many Federal regulations in place to provide consumers with protection when they participate in transactions via social media sites. These regulations range from taxation on goods, restrictions on state laws restricting interstate commerce, and protection of electronic fund transfers. These laws are growing in importance as more and more consumers choose to transact business via social media sites. A consumer should be aware of their rights and responsibilities before engaging in e-commerce. The E-Sign Act provides consumer and business protection by allowing contracts to be signed without paperwork by using the click-wrap agreement, and the Federal Trade Commission has several protections in place for purchases made online for more than $25. There are many different regulations put forth by the Federal government, but there are many ways a consumer can develop safe practices when engaging in internet transactions. This includes using reliable, reputable companies to purchase from, using secured browsers, understanding terms and conditions prior to purchase and finally keeping records of all transactions. Next I will examine

• If the alleged debt was purchased, provide a copy of an agreement between Allied Collection Services and myself, signed by me, stating that I have a contractual responsibility to Allied Collection Services for the alleged debt

DEFAULT. In the event that the purchaser fails to make the payment required hereunder, the seller shall notify the purchaser in writing, and the Purchaser shall be allowed 2.5 months (75) days to cure said default. If such default is not cured within said 75 day period, then the purchaser shall forfeit this agreement and his/her right to transfer of those shares of stock as provided herein. Notwithstanding any default in payment by the purchaser and subsequent declaration of

8. An entity shall not classify a debt security as held-to-maturity if the entity has the intent to hold the security for only an indefinite period. Consequently, a debt security shall not, for example, be classified as held-to-maturity if the entity anticipates that the security would be available to be sold in response to what circumstances?

Contracts are an integral part of our everyday life and play as important role in our personal and business lives. In order to deal effectively with promises provided in the business world, a legal framework is needed. Basically, a contract is a promise or set of promises, for which the law provides a remedy if a party breaches or failing to perform. In order to form a contract, four basic elements are needed: an agreement, bargained-for consideration, legal capacity to enter into the contract and a legal purpose consistent with law and public policy. The case Michelle M. Nichols v Century West, LLC et al. below described how the contract is important in business and the promises enforceable in court.

Generally, under Chapter 4, on the default of a grantor under a security agreement, the secured party can commence enforcement action, and the first step in enforcement is for the secured party to seize the collateral. Having seized and obtained possession of the collateral, the secured party may either dispose of or retain the collateral. There are strict rules that regulate how each of these steps are to be taken.

• Read over the contracts with customers along with taking a deposit on their credit card for security

If the collateral is a consumer good, the creditor does not need to file a UCC-1 nor take possession of any goods to become a perfect security interest. In a purchase-money security interest (PMSI) of consumer goods, the interest is perfected as soon as it is attached; this is also known as automatic perfection. A PMSI is the most important type of security interest that is perfected and is immediately effective upon attachment. A PMSI would generally involve buying an item on credit from a seller and the seller would be the secured party. Another PMSI circumstance is a debtor using the loan he had taken from a bank to buy an item from a seller, in this situation; the bank will be the secured party. Anyone of the two circumstances in buying

Do not forget to receive or give the transaction documents from or to the clients or the authorities.

Faults are a precise interaction of hardware and software that can be fixed given enough time.

The bottom-up approach lacks support from upper management. The top-down approach offers more upper management support with more funding plus clear planning.

Contracts are used in many different forms and for just as many different situations within our everyday lives. Some contracts are more involved than others and for some; contracts are an essential of their success. As we continue, we will take a look at different types of contracts with the main focus on enforceable contracts. With so many elements that are incorporated into any contract, the six essential elements of enforceable contracts will be the main focus of this writing. Having a clearer understanding of the essentials of life will help prepare us for life’s curves that may come our way.