Uniform commercial code

Assignment Help Other Subject
Reference no: EM132877185

Have you ever bought something, paid for it, and arranged to have it delivered to you at a later date? That is a fairly typical transaction, and, under the Uniform Commercial Code (UCC), a delivery contract is created. However, it is a little complicated to determine when you become the complete owner of the thing purchased.

First, when the contract is made and the purchase price is paid, the title to the item purchased is transferred to you, the purchaser. The UCC says that title is ownership, so you become the owner when the contract is signed and the purchase price is paid. However, only when the item purchased is actually delivered to you does the risk of loss pass to you. Why is that two-step process (i.e., [1] title is transferred to you when the purchase price is paid, and [2] then risk of loss is transferred to you when the good is delivered to the purchaser) necessary or helpful?

Reference no: EM132877185

Questions Cloud

According to plans and specifications supplied by bill : Bill and Spenser entered into a contract on March 1, 2019, which required Spenser to build a house according to plans and specifications supplied by Bill.
What accounts should be debited and credited by the payee : The maker of a $60,000, 5%, 90-day note receivable failed to pay the note on the due date of April 30. What accounts should be debited and credited
Advantages of an informal sector in developing countries : Explain four conditions that must hold for devaluation of a currency to be effective in developing countries
Describe how the accounts receivable for doubtful accounts : Describe how the accounts receivable and the allowance for doubtful accounts are reported on the balance sheet
Uniform commercial code : That is a fairly typical transaction, and, under the Uniform Commercial Code (UCC), a delivery contract is created
How the error they described can result in harmful policies : Many of our everyday perceptions, Explain how the error they described can result in harmful policies or practices with individuals and/or communities.
Explain why strategic planning is important to all managers : 1. Explain why strategic planning is important to all managers. (LO 3.1: Explain, with examples, each of the steps in the strategic management process.)
Scott restaurant company do about breach of contract : If there was a breach of contract, what can Scott Restaurant Company do about the breach of contract?
Outline five determinants of the elasticity of supply : 1. With reference to demand and supply analysis identify six effects of fixing the maximum price of a commodity below the equilibrium price

Reviews

Write a Review

Other Subject Questions & Answers

  Cross-cultural opportunities and conflicts in canada

Short Paper on Cross-cultural Opportunities and Conflicts in Canada.

  Sociology theory questions

Sociology are very fundamental in nature. Role strain and role constraint speak about the duties and responsibilities of the roles of people in society or in a group. A short theory about Darwin and Moths is also answered.

  A book review on unfaithful angels

This review will help the reader understand the social work profession through different concepts giving the glimpse of why the social work profession might have drifted away from its original purpose of serving the poor.

  Disorder paper: schizophrenia

Schizophrenia does not really have just one single cause. It is a possibility that this disorder could be inherited but not all doctors are sure.

  Individual assignment: two models handout and rubric

Individual Assignment : Two Models Handout and Rubric,    This paper will allow you to understand and evaluate two vastly different organizational models and to effectively communicate their differences.

  Developing strategic intent for toyota

The following report includes the description about the organization, its strategies, industry analysis in which it operates and its position in the industry.

  Gasoline powered passenger vehicles

In this study, we examine how gasoline price volatility and income of the consumers impacts consumer's demand for gasoline.

  An aspect of poverty in canada

Economics thesis undergrad 4th year paper to write. it should be about 22 pages in length, literature review, economic analysis and then data or cost benefit analysis.

  Ngn customer satisfaction qos indicator for 3g services

The paper aims to highlight the global trends in countries and regions where 3G has already been introduced and propose an implementation plan to the telecom operators of developing countries.

  Prepare a power point presentation

Prepare the power point presentation for the case: Santa Fe Independent School District

  Information literacy is important in this environment

Information literacy is critically important in this contemporary environment

  Associative property of multiplication

Write a definition for associative property of multiplication.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd