“Explain the difference between Common Law contracts and contracts governed by the UCC.”.
“Explain the difference between Common Law contracts and contracts governed by the UCC.”
In chapter 11 you learned about the nature of common law contracts. In chapter 20 you learned about contracts for the sale and lease of goods that are controlled, in 49 states, by Article 2 of the Uniform Commercial Code (“UCC”).
Article 2 of the Uniform Commercial Code provides that whenever a conflict arises between a common law contract rule and the state statutory law based on the UCC, the UCC controls. In other words, when a UCC provision addresses a certain issue, the UCC rule governs. When the UCC is silent, the common law governs.
In your own words, explain the major differences between common law contract law and contracts for the sale of goods governed by the UCC. For each difference, provide a specific example, in your own words – do not simply lift the examples listed in the text. The example should include a description of the contract, with names of the parties to the contract and the object of the contract.