In 1892 the National Conference of Commissioners on Uniform State Laws was created on recommendation from the American Bar Association. There were seven states represented in the first conference in 1892 in Sarasota Springs New York, and by 1912 every state had appointed a Uniform Law Commissioner. They have drafted over 200 Uniform laws but the most important is the Uniform Commercial Code.
UCITA covers contracts in computer information. It applies only if the agreement is to create, modify, transfer, or license computer information. If a contract involves both computer information and something else, UCITA applies only to the part of the deal that involves computer information, except where the other subject matter is not goods and obtaining the computer information is the primary purpose of the deal. The Uniform Commercial Code covers commercial transactions. "The code includes eleven articles covering a variety of areas such as sales, negotiable instruments, bank deposits and collections, and investment securities."
Licensing means that you are granting the rights to your product concept to another manufacturer / distributor for a percentage of the wholesale selling price. Inventors do not have much if any control over the product, look, name, outcome, etc., but also do not have any financial risk. Selling your product either means selling your company to another company or that you are producing and directly selling your finished goods into retailers. Basically, you are the company and take on all the risk, but stand to profit many fold more than you would on a royalty basis. "UCITA addresses all the standard contract issues that the UCC addresses for the sale of goods, including provisions relating to offer and acceptance of contract terms, warranties, transfer of contract interests, the rights and obligations of the parties in the case of a breach of the contract and applicable remedies." It also includes rules on new issues relating to electronic...
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