The Ucc Essay example

1263 Words Jun 25th, 2013 6 Pages
UCC
Crystal Pierce
Rasmussen College

Author Note This assignment is being submitted on March 17th, 2013, for Rick Barrett’s B491 course at Rasmussen College by Crystal Pierce.

UCC It has been a good year and you have decided to put an addition on the side of your house. You hire Bob the Builder to do the job and have a signed contract. You review the plans, make a sizable down payment, and Bob starts demolition. But then after a week, Bob seems to disappear. Several weeks go by, construction has not continued, and Bob cannot be found. 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
…show more content…
(FindLaw, 2013) Contract is defined as an agreement between two or more parties creating obligations that are enforceable or otherwise recognizable at law. For purposes of this chapter, we are concerned with agreements to buy and sell some type of agricultural product. Contracts 101 You should be concerned about contract law because it determines how parties to the contract will need to keep the promises they make. Although very few contracts ever end up in court, if the parties to a contract disagree on something and are unable to resolve the disagreement, they may have to resort to the judicial process. This means that as the parties negotiate a contract, they need to consider how a judge might ultimately interpret it. For a contract to be enforceable, it must involve:
1. Competent parties. A court will not uphold a contract entered into by parties the law does not believe have the capacity to take on such a legal responsibility, such as minors or people who are mentally incapacitated.
2. A legal subject matter. A court will not uphold a contract requiring anyone to do something illegal.
3. An offer. An offer occurs when a party communicates the intention of doing something if the other party does another specific thing. Either the buyer or seller can initiate an offer so it could occur when you approach a cranberry cooperative with an
Open Document