Law 421 Team Reflection Summary

Learning Team “C” Reflection Summary Week five

University of Phoenix

LAW/421 Contemporary Business Law

Team Reflection Summary

Week five, our final week, we made it seems like we only just begun. Week after week, we discussed several different factors of the law and how they apply in business. For the final week, the readings and individual and team assignments revolved around common law contracts and the Uniform Commercial Code (UCC) Article 2 contracts. Although similar, they had distinctive features where for common law contracts that pertained to contracts revolving certain jurisdictions for example contracts that only pertained to the state they were created in. When considering UCC Article 2 we learned that it covered any contract that extended over one state meaning contracts revolving around commerce in many or multiple states. Topics like this are common in the world of banking many banks are set up in individual states but larger ones can practice business in many states all across the United States. It is important to observe the practices and regulations when it comes to business.

Redsteer (2013), “Common law contracts and Uniform Commercial Code (UCC) contracts share much of the same requirements regarding formation. Under the common law and the UCC, valid formation for a contract requires an offeror, and acceptance by an offeree and a benefit received by a promisor or a detriment incurred by a promisee, also known as consideration. However, the UCC treats other contract issues differently.

After completing this week learning team assignment, we have learned some interesting things about contract law from UCC article 2. For example, under article 2 a buyer has the right to reject delivery when goods fail to conform to the contract. However, if failure to meet contractual obligations was of no fault of either party, such as in the case of a...