Acquisition Law Research Paper

Excerpt from Research Paper :

Acquisition Law on the Motorways

According to the Uniform Commercial Code (UCC), the sales transaction of a $60,000 Corvette automobile is a valid agreement to contract based on the material term of the bargained for exchange, with definite terms of recovery where not fulfilled by both parties. Definition of the contract as 'formal' is assumed here, yet other negotiable instruments and letters of credit may be involved where the Buyer stipulates inclusion of a third party lender in support of payment on the contract to the Offeror in full. The unknown factor related to the third party terms and enforceability is included as mention, rather than rule due to omission.

The UCC stresses bilateral agreement over unilateral promise, delineated by "manner of acceptance," in that it states that "the bargain of the parties in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided" in the scope of the Law's enactment (Perillo, 2003). Where the sale of the Corvette is concerned, most provisions in the UCC do not affect the application of attendant contract law provision where services or future detriments are present.

Those aspects of the Code that do pertain to the sale of the Corvette, rest in Article 2 which deals with the sale of goods, and also Article 9 which provides governance to assignment or transfer of some contract rights related to transactions articulated in Article 2 thereby governing the: 1) sale of goods; 2) commercial paper; 3) bank deposits and collections 4) funds transfer; 5) letters of credit; 6) bulk transfers; 7) warehouse receipts, bills of lading, and other documents of title; 8) investment securities; and 9) secured transactions including sale of accounts and chattel (Perillo and Bender, 2007). The sale of the Corvette falls under UCC Article 2 (1), the sale of goods.

Although the Corvette is considered a 'personal' rather than 'real' property transaction, where price may fluctuate, in this case…

Sources Used in Document:

References

Perillo, J.M. (2003). Contracts Hornbook, 5th Edition. Eagan, MN: West.

Perillo, J.M. And Bender, H.H. (2007) Calamari's Cases and Problems on Contracts CPC, 5th Edition. Eagan, MN: West.

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