Uniform_Commercial_Code

Uniform_Commercial_Code - Uniform Commercial Code—1953...

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Uniform Commercial Code —1953 adopted in U.S. (Regulates commercial activity in all 50 states Merchants pushed for uniform sales (operating under same rules, liberal, simple to understand Contract = “Obligation” Rules: 1 Contract is formed when offer is accepted 2 Offoror makes offer; offeree accepts offer 3 It has to be a valid offer; statement made as a joke is not enforceable or if it is made under a distressed emotional state Requirements: 1. Contractional Intention : Must be practical; offer vs. invitation to deal (not an offer) Invitation to deal is an Ad in the paper marketing device, you are not accepting an offer, you are making an offer a. An Inquiry to price: How much/ a given price, answers are not contracts—they are invitations to deal b. Exceptions: If Ad states, “First come, first serve,” it changes ad from an invitation to deal to an offer; this applies to statements such as, “while supplies last” offer Prices subject to change without notice (indicates an Ad) 2. Offer must be definite includes description, price, quantity 3. Communication to offeree a. Offer valid when received (95% of time, rule is effective when received). ACCEPTANCE:
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Uniform_Commercial_Code - Uniform Commercial Code—1953...

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