1 / 0

Do Now

Do Now. What is the UCC? What type of contracts does it cover? The UCC (Uniform Commercial Code) is a collection of laws that govern contracts involving sale of goods. It is essentially a relaxation of commercial (business) laws, making it easier for companies to do business. Do Now.

jania
Download Presentation

Do Now

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Do Now

    What is the UCC? What type of contracts does it cover? The UCC (Uniform Commercial Code) is a collection of laws that govern contracts involving sale of goods. It is essentially a relaxation of commercial (business) laws, making it easier for companies to do business.
  2. Do Now On Monday, John offers to sell Mary one of the kittens that will be born next week for $20. On Tuesday, Mary gives John $20. On Friday the kittens are born. On Sunday, Mary chooses a kitten. Six weeks later, John delivers the chosen kitten to Mary. When was the contract for the sale made? When did the actual sale take place? Explain. Acceptance-Tuesday Actual Sale-Six weeks later
  3. Do Now What is the difference between a shipment contract and a destination contract? Shipment contract- the seller turns the items sold over to a carrier. Title and risk of loss pass to the buyer when items are given to carrier. Destination contract-title and risk of loss pass to the buyer when the item is left at the destination.
  4. Do Now Brian Cleary buys a camcorder from Kerri Mazza and receives his bill of sale. The next day, Brian gives the camcorder to his sister, Heidi, as a birthday present. Six months later, Brian tries to sell the camcorder to Jodie Walsh, showing the bill of sale as evidence of title to the camcorder. Can Jody rely on this evidence? Explain. No. The only true proof of ownership is the title
  5. Do Now One week after planting tomatoes, Joe Gibney enters into a contract with a canning company, promising to sell the company all the tomatoes for a particular price. Is this a sale? Explain why. No, this is not an actual sale. This would be considered a contract to make a sale.
  6. Do Now Sandy Jameson and Anna Dian, co-owners of a hair salon in San Jose, California, decide to move to Portland Oregon. They sell their business to Shawn Hinton and Ryan Delaney. The hair salon has unpaid debt for equipment installation and supplies. Do Hinton and Delaney have any responsibilities under the bulk transfer section of the UCC? Explain.
  7. Do Now- Answer Yes. Under the bulk transfer section of the UCC, the new owners must notify the creditors at least ten days before the transfer.
More Related