The Importance Of The Uniform Commercial Code

We as business owners, management and or in a role of authority must set, address and comply with a solid foundation of ethics. “A code of conduct is the single most important element of your ethics and compliance program. It sets the tone and direction for the entire function. Often, the code is a standalone document, ideally only a few pages in length. It introduces the concept of ethics and compliance and provides an overview of what you mean when you talk about ethical business conduct.”

Week five provided Learning Team A the opportunity to review and analyze seven case scenarios regarding Grocery, Inc. These case scenarios include, Grocery, Inc. Uniform Commercial Codes (UCC), renovation, minor employee, Gap Filing Rule, employee breach of contract, F.O.B., and supplier. Although, Grocery, Inc. is not involved directly with each scenario, consequentially, the learning team will also depict the store’s involvement indirectly. After reviewing and analyzing the seven scenarios for Grocery, Inc., the learning team obtained comprehensive knowledge of business uniform commercial code.

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

According to the UCC (Uniform Commercial Code) “good faith” is the belief that those involved in a contract will act honestly and fairly. That is saying that those entering a contract will act in and honest and fair manner in regards to the contracts they are entering. The obligations of good faith are part of every contract under the UCC. They act as the framework for the parties entering a contract. An example of good faith is car insurance. A person pays monthly for car insurance with the understanding that their insurance company will cover a certain amount in damages if the car is involved in an accident. If after the car is involved in an accident they insurance company does not pay the amount agreed to for the damages they have not acted

Normally, contracts are governed and enforced by the law in the state in which the agreement was made but depending on the subject matter of the agreement such as property lease and sales of goods thus a contract may be govern by either one or two types of state law, namely; The common Law and The Uniform Commercial Code (UCC).

A new law will probably be introduced into state legislatures which will govern all contracts for the development, sale, licensing, and support of computer software. This law, which has been in development for about ten years, will be an amendment to the Uniform Commercial Code. The amendment is called Article 2B (Law of Licensing) and is loosely based on UCC Article 2 (Law of Sales), which governs sales of goods in all 50 states. A joint committee of the National Conference of Commissioners on Uniform State Laws (NCCUSL) and the American Law Institute is drafting the changes to the UCC.

The Uniform Commercial Code (UCC), in contrast, falls under civil law, “which is based on a rigid code of rules” (businessdictionary.com, 2013). It was established to create a uniform set of laws for business transactions, since common law can vary from state to state (Beatty, Samuelson, Bredeson, 2013). As far as contracts are concerned, Article 2 of the UCC is of most significance. This part of the code deals with the sale of goods. Goods are defined in terms of contracts as anything that is moveable, other than money, investment securities and certain legal rights (Beatty, Samuelson, Bredeson, 2013). Common law, on the other hand, is used for contracts involving the sale of services or anything else other than goods (Beatty, Samuelson, Bredeson, 2013).

All contracts are governed by the state laws where the agreement was made. Nevertheless, a contract can either be governed by the Uniform Commercial Code (UCC) or

The rules governing contracts traditionally came from common law, meaning the law that is produced on an ad hoc basis by courts. When the courts came up against a novel problem, they look at

I would say that the contract with the business will be Uniform Commercial Code (UCC) because I see this as more of a business deal and transaction between the one company to another. There will be contracts and deals between them and money exchange of sale for manufactured goods and not a common good so this would be considered an enforceable contract. Now that the existence of an enforceable contract has been established for this transaction the determination of the proper

Notwithstanding anything to the contrary, including, without limitation, the provisions of the Clause 4.1 (f) of the T&C, the Second Party, as performing its duties under the Contract, shall comply with all laws and regulations to the fullest extent we are permitted to do so by North Carolina and the United States law.

The UCTA 1977 was a primary legislative whereas the UTCCR 1999 are an implementation of the European Court’s Directive on Unfair terms in Consumer Contracts. Both the UCTA and UTCCR covered nearly all forms of contracts and one of their most important functions was limiting the applicability of

Generally, Uniform Commercial Code was majorly designed so that it can coordinate as well as harmonize the statutes, practices and regulations within every of the 50 states and the international community in connection to commercial transactions. Indeed, Uniform Commercial Code directly or indirectly impacts international commerce that involves United States and other countries.

Contracts, business, and laws are three simple little words, but when put together they have a substantial impact on our everyday lives. Below we will discuss three case studies. The first case is between Chris, Matt, and Ian vs. Donald Margolin, who was injured when he used an aftershave lotion that he bought off the internet called Funny Face. The second case is between Sam, his landlord, and a national chain store. Sam is being accused of conducting business from his apartment and going back on a verbal promise. In the last case is two lifelong friends who decided to join in a partnership and open up a sporting goods shop. Therefore, before the appropriate court can proceed with the first case, the court should take into several considerations around the rules of jurisdiction, alternative dispute resolution (ADR), and whether or not corporation/or corporate offices can be held for the criminal or potential act. In the second case before the court can rule the court should determine the various elements of a valid contract, if a quasi-contract exists, a promissory estoppel, and the rights an obligation of a tenant would prevail on Sam 's claims. Finally, in the third case between Jeb and Josh, they should determine the type of business entity that will overall protect their business and personal needs.

Codes of conduct are policies including rules such as maintaining honesty, attitude, and respect (Traveler, 2009) for co-workers, the organization and customers. Only by separation of personal ethical choices in the work place, will an organization succeed and flourish. It is never appropriate for any employee, management or otherwise, to conduct business for personal gain. The people who become harmed lose trust, confidence, and the expectation of themselves and of the people who chose to put their personal ethical choice before the needs of the customer and business.