The Ucc Essay

1269 Words Jul 21st, 2013 6 Pages
Crystal Pierce
Rasmussen College

Author Note This assignment is being submitted on March 17th, 2013, for Rick Barrett’s B491 course at Rasmussen College by Crystal Pierce.

UCC It has been a good year and you have decided to put an addition on the side of your house. You hire Bob the Builder to do the job and have a signed contract. You review the plans, make a sizable down payment, and Bob starts demolition. But then after a week, Bob seems to disappear. Several weeks go by, construction has not continued, and Bob cannot be found. The rules governing contracts traditionally came from common law, meaning the law that is produced on an ad hoc basis by courts. When the courts came up against a novel problem, they look at
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Acceptance. Acceptance occurs when a party communicates a willingness to be bound by the proposed agreement. When dealing with a written contract, this usually means when the offeree signs the contract. 5. Consideration. Each party to the contract must provide consideration for the contract to be binding. Consideration is something of value or a promise to do, or not to do, a certain act in the future. In a contract between a producer and an LLC that processes and sells honey, the producer’s consideration could be the promise to deliver a certain amount of honey while the LLC’s consideration could be the promise to pay a certain amount per pound.
In the business world, disputes can arise over contracts, and one party (or both) may accuse the other of breaking his or her obligations under the agreement. In legal terms, a party's failure to fulfill an end of the bargain under a contract is known as "breaching" the contract. When a breach of contract happens (or at least when a breach is alleged) one or both of the parties may wish to have the contract "enforced" on its terms, or may try to recover for any financial harm caused by the alleged breach.
With Bob not finishing the work that he had promised to do in the contract that we had both agreed upon, and signed, it would have been considered that Bob had breached his contract and could get in trouble for it. In order to claim any damages which you are right to do since you had pre-paid Bob a large down payment,

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