Contract and Uniform Commercial Code Essay

1091 Words Aug 10th, 2013 5 Pages
DeVry University
Business Law
Week 5 Assignments
June 4, 2013

What is a contract? A contract is a formal agreement with two parties that need to come to a conclusion, dealing with any situation. What is fraud? Fraud is when you give false information on any documents. There are all sorts of different forms when it comes to discovering about a contract dealing with sales. There are codes that must be followed, in order for the contract to be valid and not have any future issues or breaches of contract. Contracts must follow all regulations, in order for both parties to be beneficial on the agreement. I will be discussing different topics based on how to determine whether a valid contract has been
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This shows exactly the tasks that are completed in order for the contract of sales to be completed thoroughly. In addition. Let’s discuss provide a scenario by way of example that will demonstrate to your colleagues the elements necessary to form a sales contract under UCC Article 2. An element that may arise is fraud when it comes to the sales contract. One party may give false information on the price of the selling product. Now the other party who wants to buy the product isn’t aware of the false information on the price. This would be considered to be fraud.
The buyer and seller should be honest and not give false information when it comes to any sort of contract. In a sales contract, both parties need to be aware of the price of the product and come to terms.
Lastly, let’s discuss provide additional facts to your scenario that will show how the
Statute of Frauds and Parol Evidence Rule under UCC Article 2 can come into play. A scenario would be a breach of contract. If one party believes the other party is giving false information on the price of the product, there will be issues which would eventually lead to breach of

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