contract common law

contract common law Paper instructions:
Answer question one, then read and response to A & B.
1 -Basic contract common law requires all of the elements of any binding agreement to be set forth completely. The UCC specifically rejects this and seems to create an environment where it becomes very easy to be bound to an agreement where some terms remain unclear about the transaction. What possible reasons could exist for this approach? Answer question one, then read and response to A & B.
1 -Basic contract common law requires all of the elements of any binding agreement to be set forth completely. The UCC specifically rejects this and seems to create an environment where it becomes very easy to be bound to an agreement where some terms remain unclear about the transaction. What possible reasons could exist for this approach? A-    Under the UCC, a contract can be formed even though one or more terms are left open so long as the parties clearly intend to contract. The minimum terms required for the formation of an agreement under the UCC are the subject matter and quantity (if more than one). Other provisions under Article 2 can cover any missing terms so long as the parties are clear on their intent to contract. Article 2 has provisions that cover price, delivery, time for performance, payment, and other details of performance in the event the parties agree to a sale but have not discussed or reduced to writing their desires in these areas. In my opinion, the main reason for most of these contracts to be set up this way is for the freedom of sellers and buyers to remain flexible in the contract. Also some contracts between merchants are treated differently than contracts between non-merchants parties. B – I believe at one time these rules were cut and dry; and there wasn’t a lot of confusion about selling goods or services. But over time as different scenarios have played out there have become grey areas and people have made loopholes for themselves. I’m sure when companies first started making contracts for customers to sign they weren’t always really long. But over time things have happened to make them go back and revise their contract to save themselves from grief. The UCC seems to have more flexibility then the contract common law would like. When a contract is made under UCC there are sometimes one or more terms left open, just as long as the parties clearly intend to contract. Whereas under the basic contract common law they want all the elements of the binding agreement to be set forth completely, like was previously discussed. I believe the reasons for this are to give wiggle room when building a contract. In a lot of cases this may not be a good thing, but when a contract is ongoing it allows the parties to change it along the way. Not binding them to something that was said a year ago, and now things have changed and the contract needs to change. I think as long as both parties are in agreement of this type of contract it can work out positively.

Order Similar Assignment Now!

  • Our Support Staff are online 24/7
  • Our Writers are available 24/7
  • Most Urgent order is delivered within 4 Hrs
  • 100% Original Assignment Plagiarism report can be sent to you upon request.

GET 15 % DISCOUNT TODAY use the discount code PAPER15 at the order form.

Type of paper Academic level Subject area
Number of pages Paper urgency Cost per page:
 Total: