Article 2 of the Ucc

Article 2 of the UCC

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QUESTION 1

An example of how UCC comes into play in situations such as when two parties decide to have an agreement to do a transaction. Party A agrees to sell his car to party B on Monday. Party B goes to view and inspect the car and agrees to pay in two installments beginning on Wednesday and the next in a weeks’ time. By Tuesday, party A finds another buyer who is ready to offer the full amount of the car in cash at once and sells the car to him. On Wednesday, Party B comes for the car and finds the car already sold but can offer him another car instead. In such a case, it becomes hard for the parties to know the option under the law whether party B should accept the new car offer or demand for the one already sold. The parties can turn to UCC to help them.

Question 2

In a case whereby some states have not adopted the UCC article like Louisiana has, the State gets to benefit from exemptions from some sections of the articles that could be binding the other State. There are certain binding rules and regulations that can restrict the business transactions of a State when they get adopt the UCC. It is such regulations that Louisiana tried to evade. However, while not bound by the UCC, Louisiana also is susceptible to business misunderstandings that might be very hard to solve. In such cases, there’ll be no arbitrator like a court that can be able to help out.

Question 3

Quantity is an open term only under two conditions: 1) in a case where the buyer decides to buy all the goods that a seller produces, and, 2) when