business law.docx - Running head LAW 1 Business Law Institution Tutor Name Date LAW 2 Brief paper 1 Critical legal thinking is knowledgeable and

business law.docx - Running head LAW 1 Business Law...

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Running head: LAW 1 Business Law Institution Tutor Name Date
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LAW 2 Brief paper 1 Critical legal thinking is knowledgeable and skillful evaluation of doctrines, arguments, legal claims, processes and rules dictated by a criteria that requires consistency with compliance, legal authority and outcomes. This type of thinking involves critical skills and knowledge. It is through defining the term that one gains the understanding on how to go about the analysis of different cases and legal terms in business. Different skills will be applied throughout this article. In the lawsuit involving Regal Finance Company Ltd. and Regal Finance two Ltd. v Texas Motors Inc., discussion is carried out on commercial reasonableness. Uniform Commercial Act states that a creditor should act in good faith in a commercially reasonable way. This provides sufficient notification when disposing off collateral. To recover deficiency, the creditor is expected to prove that the disposition of the collateral was done reasonably. Examples of commercial dispositions, also known as safe harbors, include disposing normally in a well-known market, using the current price in the market at the time of disposal and conforming to commercial practice with the dealers of the property subject to the disposition. However, this safe harbors cannot be exclusive ways to validate commercial reasonableness ( Cheeseman. 2013). Good faith is termed as truthfulness and observance of the commercial standards that necessitate fair dealings. Each disposition must be in good faith. A sale is only commercially reasonable if it adheres to the practices of the dealers in the property where the sale takes place. The courts therefore, needed Regal to prove that its sales were at par with commercial standards. Lack of evidence pertaining the use of the standards rendered a verdict against Regal. The company claimed misinterpretation of the term commercial reasonableness. Research exposes that the court erred in accepting the definition given by the jury about the reasonableness. The
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LAW 3 instruction should have had evidence of manner, time, method, time, place and various terms used in sales. To address the term commercial reasonableness, the following steps are followed: The best price was secured, the collateral was sold as a piecemeal or in bulk, a public or private sale was made, inspection before sale, selling at the appropriate time, reasonable expenses were incurred, advertisement of the sale, bidding was done and a sale took place. Flaws in the outcome were detected in two manners. Lack of use of the law of sufficient evidence that
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