The Ucc
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 what they have done with somewhat similar issues in the past and craft a new rule for the new problem. From then on, when the same set of circumstance arises the court will follow its precedent. Because different courts and jurisdictions evolved in various directions, different states handle the exact same issue in various ways. This can lead to confusion for people who do business with firms in other states. To avoid this confusion, policy makers in the U.S. decided to create a set of common rules for commercial law. The result was the Uniform Commercial Code (UCC). (13na) Contracts are usually governed and enforced by the laws of the state where the agreement was made. Depending upon the subject matter of the agreement (i.e. sale of goods, property lease), a contract may be governed by one of two types of state 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 is mostly judge-made, from court decisions over the years. The common law does not control contracts that are primarily for the sale of goods, however. Such contracts are instead governed by the Uniform Commercial Code
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 what they have done with somewhat similar issues in the past and craft a new rule for the new problem. From then on, when the same set of circumstance arises the court will follow its precedent. Because different courts and jurisdictions evolved in various directions, different states handle the exact same issue in various ways. This can lead to confusion for people who do business with firms in other states. To avoid this confusion, policy makers in the U.S. decided to create a set of common rules for commercial law. The result was the Uniform Commercial Code (UCC). (13na) Contracts are usually governed and enforced by the laws of the state where the agreement was made. Depending upon the subject matter of the agreement (i.e. sale of goods, property lease), a contract may be governed by one of two types of state 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 is mostly judge-made, from court decisions over the years. The common law does not control contracts that are primarily for the sale of goods, however. Such contracts are instead governed by the Uniform Commercial Code
References: (n.d.). Retrieved 2013, from nationalaglawcenter.org/assets/.../obrien_producermarketing_ch7.pdf Brandt, A. (2009). What Is My Duty To "Mitigate" My Damages? - R.R. Donnelley & Sons v. Vanguard Transportation Systems, Part 1 . Retrieved 2013, from Illinois Construction Law Blog: http://www.illinoisconstructionlawblog.com/2009/08/articles/what-is-my-duty-to-mitigate-my-damages-rr-donnelley-sons-v-vanguard-transportation-systems-part-1/ FindLaw. (2013). Contracts Basics. Retrieved 2013, from FindLaw: http://smallbusiness.findlaw.com/business-contracts-forms/contracts-basics.html