Class 6 Assignment

Class 6 Assignment

CLASS 6 – ASSIGNMENT

UCC ARTICLES 2, 3, and 9

1. List 3 main differences between a UCC Article 2 contract and a contract formed under common law. HINT: These differences enable parties to make a contract quickly and informally.

2. What is the difference between an express warranty and an implied warranty?

3. How can a seller avoid application of a warranty?

4. What 6 things make an instrument a negotiable instrument?

5. What is the benefit of being a holder in due course?

6. What three steps are necessary to create an enforceable security interest?

7. Why is it important to “perfect” an interest in collateral?

8. What are the 3 rules to establish which creditors have a better claim to collateral?

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Class 6 Assignment
Question#1
One of the significant differences is in regard to the art of acceptance. In common law, the contract is guided by Mirror Image Rule, which speculates that the acceptance should be a precise Mirror Image of agreement terms depicted by the dealfor it to be termed as an acceptance. On the other side, the contract made under UCC is only impacted by variationsthat influencethe contractsubstantially.

(675 words)