Chapter 6 - CHAPTER 6 INTRODUCTION TO PROPERTY AND THE...

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CHAPTER 6 - INTRODUCTION TO PROPERTY AND THE UNIFORM COMMERCIAL CODE I. INTRODUCTION TO CHAPTER 6 A. Note on Primacy of Contract Law in Commercial Law Contracts Sales Negotiable Instrument application of b-law under contracts Debtor-Creditor Relations B. Prerequisites to Studying Contract Law Business law is a primarily contract law. In order to understand K, you need know two concepts: 1) Concept of property 2) Uniform commercial code (UCC) C. Property Important Because: 1) Ks are a kind of property ( the most important type of property today) 2) Ks survive death against person’s “estate” property you can’t get out of a K by dying Including rights and obligation $100,000 Estates Raw materials (D) S B $100,000 3) Concept of property tells you what laws to apply law applied to contract disputes. D. UCC Important Because: UCC is the base of all or part of Ch.7-32. *Law source Federal level State level U.S Courts/Constitution State Constitution Federal Statues State Statutes: UCC-K-transaction in goods Goods: physical/tangible + movable object State Common law: Other Ks for sale of land, personal service Ks and construction Ks
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II. PROPERTY A. Property Defined Two types of definition: 1) Property referred to a thing (tangible, physical things) in which legal relations among person exist or the legal relations themselves. Problem of this definition: fails to account for intangible things! (e.g. the ownership of a share of stock underlying asset, contracts, rights, intellectual property) 2) Property denotes the totality of various legal relationships existing between identifiable persons with respect to a thing, tangible or intangible. Specially, property concerns the relationships between the person possessing a legally protected interest in the thing, the property owner and other members of society. *Thing may or may not have a physical existence Π The owner anyone of things else destroys the thing (Plaintiff) (Defendant) Thing is property if the law protects the owner against interference taking or destruction of the thing by others. Π V.S ∆ Π recovers $ damages and the ∆ may order an injunction (C ) then this thing is called a property. B. The Concept of Ownership; Contents of the "Bundle of Rights" Ownership: title--entire rights and obligation 3 types of legal-protected rights: 1) Right to possess + exclude others from possession * Possession is the most important bundle and exclusivity is the hallmark of property. 2) Right to dispose of through: a. Sale b. Gift c. Will d. Abandon or destroy * OR right to change the nature of it, e.g. change my own number into a cabinet 3) Right to use + enjoy Civil rights was protected by: Contract Tort law (civil crime) remedies (Government regulation) Bundle of rights is backed by legal sanction through civil lawsuit.
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Civil lawsuit: Owner VS person injuring State common law-contracts, torts *90% of civil lawsuit is based on state common law, which is mostly contracts and torts (civil crime).
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