The Uniform Commercial Code ( Ucc )

1696 Words Sep 8th, 2015 7 Pages
Writing Assignment
MD Fantasir Rahman

A contract is a legally enforceable agreement between two or more parties that creates an obligation to do or not do particular things.
The sources of contract law are usually governed and enforced by the state laws where the agreement was made. Depending upon the subject matter of the agreement (i.e. sale of goods, property lease), one of two types of state law may govern a contract:
The Common Law: The majority of contracts (i.e. employment agreements, leases, general business agreements) are controlled by the state 's common law a tradition-based but constantly evolving set of laws that are mostly judge-made, from court decisions over the years.
The Uniform Commercial Code (UCC): The common law does not control contracts that are primarily for the sale of goods. The Uniform Commercial Code (UCC), a standardized collection of guidelines that govern the law of commercial transactions, controls contracts for the sale of goods. Most states have adopted the UCC in whole or in part, making the UCC 's provisions part of the state 's codified laws pertaining to the sale of goods.
The classification of contracts
• Express • Voidable
• Implied • Valid
• Unilateral • Executed
• Bilateral • Unenforceable
• Void • Quasi Contract
Express contract is one made by spoken or written promises between parties, which are enforceable in a court of law. For example: A has offered to sell his house and B has given acceptance. It is Express Contract.…
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