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lecture notes ch. 20

lecture notes ch. 20 - CHAPTER19: Chapter 20...

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CHAPTER 19: E-CONTRACTS AND E-SIGNATURES           1 Chapter 20 Title: BusLawSeal.ep picture was not saved with a preview (TIFF  Comment: This EPS  The Formation of Sales and Lease Contracts C HAPTER O UTLINE I. Uniform Commercial Code A. C OMPREHENSIVE C OVERAGE OF THE UCC The UCC covers all of the phases of an ordinary sale or lease of goods, including the  formation   of   the   contract   (Article   2   or   2A),   payment   (Articles   3,   4,   and   4A),   title 
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CHAPTER 19: E-CONTRACTS AND E-SIGNATURES           2 documents during storage (Article 7), and security for unpaid amounts (Article 9). In  addition, Article 6 concerns transfers by merchants selling off the bulk of their inventory  at one time, and Article 8 deals with transactions involving negotiable securities. Article  6 has been repealed in most states. B. P ERIODIC R EVISIONS OF THE UCC AND A MENDMENTS TO A RTICLES 2 AND 2A Periodic revisions to the UCC are intended to clarify sections or to make them more  closely comport with changes in business practices.  Significant proposed amendments  are noted in the text. A DDITIONAL B ACKGROUND The Uniform Commercial Code Of all the attempts in the United States to produce a uniform body of laws relating to commercial  transactions, none has been as comprehensive or successful as  the Uniform Commercial Code  (UCC).  The   UCC   was   the   brainchild   of   William   Schnader,   president   of   the   National   Conference   of  Commissioners on Uniform State Laws (NCC). The UCC was not the first effort to create more uniformity in the law.  Since its founding in 1892, the  NCC drafted a number of uniform acts, many of which were accepted in whole or in part by various  states.  The first was the Uniform Negotiable Instruments Law in 1896, followed by the Uniform Sales  Act in 1906 and a number of others—the Uniform Bills of Lading Act (1909), the Uniform Warehouse  Receipts Act (1906), the Uniform Stock Transfer Act (1909), the Uniform Conditional Sales Act (1918),  and the Uniform Trust Receipts Act (1933).  In the early 1920s, the NCC was joined in its efforts by the  American Law Institute, which was formed to compile the Restatements. When the drafting of the UCC began in 1945, its chief reporter was Karl Llewellyn of the Columbia  University Law School.  Llewellyn was instrumental in shaping the final format of the UCC and was  responsible for reviewing and revising all of its provisions, as well as establishing its scope, objectives,  and style.   According to Schnader, in a 1967 article discussing the preparation and enactment of the 
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lecture notes ch. 20 - CHAPTER19: Chapter 20...

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