Business Law week 5 Essay

Submitted By mokilev
Words: 769
Pages: 4

Uniform Commercial Code is a set or a set of legal rules, which serves to determine the structure of many different commercial operations. The main objective of the Uniform Commercial Code is to bring a degree of uniformity to the various types of secured transactions. This feature essentially allows business to be conducted with a solid foundation of standards, for which both the buyer and the seller are expected to follow.
Generally, the Uniform Commercial Code is considered important for three reasons. First, there is a need to regulate trade with the explanation of existing laws that clearly and concisely. Secondly, the code helps to ensure uniformity of application throughout all jurisdictions associated with the country. Finally, the code helps to engender responsible expansion of trade, providing custom and use of the fund, which all suppliers and buyers can recognize and agree.
The purpose of the UCC is to create favorable conditions to effectively meet the needs of individuals and legal entities in goods and services through trade .
The main objectives of the legislation on trade is :
-legal regulation of the seller (manufacturer);
-legal regulation of relations in the implementation of trade issues between buyers and sellers (producers) for the sale of goods (services);
-establishment of rights of buyers in the acquisition of goods (services) proper quality and safety of life, health , property and environment buyer environment;
-obtain reliable information and advertising about goods (service) and their producer (executor, seller);
-determining the mechanism of realization of the rights of the buyer.
Range of facilities, sale of which is regulated by Article 2 of the UCC, is wide enough but still limited. Article 2 regulates only the sale of so-called "goods". To them, in accordance with 20-105 (1) UCC are movables that exist or will exist physically (last called future goods), as well as in respect of which there was not a dispute about right. By "goods " within the meaning of Article 2 of the UCC also includes the unborn young of animals, growing crops and other identified things separated from the estate. It follows that for the codified regulation purchase American legislator elected things most prominent objects of sale, which are not as specific objects, such as real estate, electricity or securities.
According to 2-201 if the sales contract contains a condition of the purchase price of more than $ 500, the parties must make a written contract. Here we have in mind is not a contract in the form of a conventionally known entrepreneurs, and "any writing, sufficient to prove the existence of a contract between the parties". American jurisprudence considers that in this paper do not necessarily indicate who is the seller and who is the buyer of the goods, what object of the contract price, time and place of the contract. Minimum volume requirements for the contents of a written document of the contract of sale specified in UCC 2-201: the names and signatures of the parties, intending to be bound by such a treaty, instructions for the contract and the amount thereof. All of this information need not be