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Week 3 Discussion
Week 3 Discussion – Contract Law:
- Imagine you are a senior manager in a U.S. manufacturing firm who procures component parts and services from various states. What is required for a valid contract and what part of a contract might put your company at risk if not sufficiently scrutinized prior to signing a contract?
- Explain contract formation and differences pursuant to common law versus the Uniform Commercial Code. Why is it important to distinguish and identify which applies in business?
- Research one breach of contract case involving two U.S. businesses within the last year. Explain the facts of the case, the dispute, and the outcome if the case resolved. Post an article or another source to help explain the case and show your source for information.
this is the student response
Catherine Paredes Rosero
RE: Week 3 DiscussionA manufacturing firm and another type of business must always put consciousness in what they outline in their contracts to protect them and the companies as well. I consider that for this scenario, it is relevant that the firm describes the delivery risk. Since the deliveries are from one state to another, it is more risky and possible that a part gets damaged or lose. It will be necessary to have insurance for delivery inconveniences or to make a contract with the carrier to know what to do when that happens. Also, it is essential to outline in the contract with customers that if parts arrive damaged, they can have a refund, with a maximum of days stipulation. Outline conditions and requirements for returns will also be essential to protect the firm.The main difference between the Uniform Commercial Code and the common law of contract bases on the type of sales that the firm is making. If the firm offers a service instead that an item, such as real state or insurance, the proper disposition is a universal law. If the firm sells items, goods, or tangible objects, then the company must follow the Uniform Commercial Code. Another difference is when contracts are modified. The common law will require consideration, while the Uniform Commercial Code will not. Additionally, the common law requires descriptions, quantities, quantities, time, price, nature of work, and identities; the Uniform Commercial Code requires just the quantity and terms to be outlined. In the US, a law firm and two financial companies were disputing a contract. The claim bases in litigation of the financial agreements of the contract. The companies had an economic loan with highly percentage interests in a state that doesn’t allow an interest higher of 45%. Additionally, the loan co tract didn’t state any loan interests. The inconveniences remain in not outlining the loan amount s and interests correctly. In a contract, both parties must make sure that all data and information is stipulated and in an accurate way. If there was a loan with not interests, then there must be outlined in the contract. If there was an interest, later, it must be clearly described with percentages and dates. SOURCE: