Legal

1. What are some of the major changes that the Uniform Commercial Code makes to the common law of contracts? Why must a merchant in particular be keenly aware of the UCC? (based on Legal Challenges text Chapter 13)

The first noteworthy UCC alterations deal with the offer, specifically the irrevocability of the offer. The common law states that an offer to make a contract can be revoked by the offeror at any time of acceptance. The second area is the formation of sales contract to address deals with the definiteness of the agreement. As opposed to the common law contract, a sales contract will be enforceable even if one or more terms is left open, presuming a court believes that the parties intended to make a binding contract. The first contract term to examine is the price provision. Under the common law, the courts ordinarily will refuse to enforce a contract without a fixed price term, as the agreement would then be brand as being too indefinite. The UCC rule is quite the opposite, meaning that a fixed price is not essential to a valid UCC sales contract. The second UCC acceptance alteration to relate one of the great consequences. This change deals with purported acceptances that contains more terms than in the original offer. Even under the UCC, if the offered clearly states that there can be no contract formed unless the offeree’s exact set of terms is accepted by the original offeror,, then the offeree’s response is states as a counteroffer. A merchant is a person or business that regularly deals in goods in goods of a particular kind as a retailer, wholesaler, distributor, or manufacture. A merchant also can be a person who holds himself or herself out as having knowledge and or skills peculiar to the goods and commercial practices involved in the transaction.

2. What are the key differences among an agent, employee, and an independent contractor, and why are these classifications critical to modern-day business? (based on Legal...