Marketing

Week Five Reflection Summary Team B

Katrina Simmons-Green, Betina Mitchell, Christina Phillips, Christopher Wallace, Kevin Hawkins and Latasha Williams

LAW421

April 3, 2013

Kerii Landry-Thomas

Week Five Reflection Summary Team B

Learning Team B in week two discuss the differences between common law contracts and the differences between UCC Article 2. “Common Law mainly deals with real estate, service, insurance, intangible assets and employment contracts. On the other hand, UCC is mainly concerned with sale of goods and securities.(Prabhat, 2010)

We discuss common law first, being that everyone talks about this the most on a day to day life. It is understood that during a common law marriage, after a couple has been together for a certain amount of years some states like Alabama, Texas and Kansas. As stated in the previous quote, common law deals with assets acquired while the involved parties have been together. Meaning: property, houses, cars or even money. Splitting everything in half equally to appease both members of this agreement is a quick fix. Of course, members of our team did bring up the fact that this would cause a relevant problem if one person contributed more than the other in finances or assets. To keep everything “fair”, common law sets the stage for a judgement without the need for review. This may have to be settled thru a civil court but if the individuals are residence of a common law state, it may be a waste of time and money.

The UCC Article 2 covers the one for one exchange of money and goods. For example: When a person purchases an item, they expect hat item to work or be worth the purchase. If that item is not up to standard as advertised, it becomes an unstated breach of contract. My team members did bring up the fact that this was a system easy to abuse as well as benefit from. Many people use it to get items from Wal-Mart and use them. Later on, they bring them back and say that the item had a deficiency or did...