About This Chapter
Business Contract & Sales Law - Chapter Summary
This chapter's lessons cover what employees should understand about the Uniform Commercial Code's (UCC) Article 2 and what it says about contracts, the rights of the seller and the statute of frauds. Your managers will study topics including:
- UCC contract requirements
- Terms and conditions of various types of contracts
- What happens when either party breaches a contract
- Why a seller must be allowed to try to correct a non-performing delivery of goods
- When the statute of frauds applies
You can employ these brief video lessons as part of a corporate training session, using the quizzes that accompany them to spur discussion on UCC contract regulations. A chapter exam at the end of these lessons let you assess their mastery of the content.
How It Helps
- Delivers information: By watching our lessons, your team will gain an understanding of what constitutes a contract and learn the business' rights and responsibilities.
- Avoids legal actions: Informed employees will be aware of regulations and the business' obligation to customers. They can use this knowledge to prevent legal actions against the company for non-compliance.
- Promotes conformity: After completing this chapter, the managers in your organization will all have the same information and can make decisions based on the knowledge they share. This could save time that would otherwise be spent in disagreements.
After watching this chapter's lessons, your managers will be prepared to:
- Explain what constitutes a contract according to UCC Article 2
- Name types of contracts and the conditions that apply to each
- Identify material, partial and total breaches in contracts
- Understand the seller's rights to correct faulty goods
- Work with the terms of the UCC's statute of frauds
1. UCC Contract Law: Requirements
The Uniform Commercial Code's Article 2 covers contracts for the sale of goods, including the necessary requirements to form a contract. This lesson explains offer and acceptance under the UCC.
2. Contract Law Terms: Definitions & Contract Types
A contract is an agreement between two or more parties to perform a service, provide a product or commit to an act and is enforceable by law. There are several types of contracts, and each have specific terms and conditions.
3. Practical Application: Identifying Types of Contracts
In business and in personal life, several different types of contracts are commonly seen. Get the chance to practice identifying what kind of contract is being exhibited in several different scenarios.
4. Types of Contract Breach: Partial, Material, & Total
A contract is a form of agreement that is legally binding. When one of the contracting parties fails to hold up his or her end of the deal, a breach of contract results. There are three different types of breach of contract. This lesson explains partial, material and total breaches.
5. Seller's Right to Cure Under the Uniform Commercial Code
The Uniform Commercial Code's Article 2 covers contracts for the sale of goods. This includes the seller's right to cure, or correct, a delivery. This lesson explains when and why a seller has the right to cure nonconforming goods.
6. Statute of Frauds Under the UCC: Definition, Exceptions & Examples
A statute of frauds is a state law that applies to certain oral contracts. The Uniform Commercial Code includes a model statute of frauds, requiring written contracts in only a few situations. This lesson explains the UCC's statute of frauds.
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