Just wondering if anyone can give me some differences between contracts of sale and common law contracts. I understand contracts of sale are regulated by article 2 of the UCC, but why? Why are they different than plain common law contracts? Thanks!
2006-11-28 15:50:23 · 2 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
The Uniform Commercial Code seems to regulate commercial loans with collateral (i.e. business loans). Personal and real property loans (plain common law contracts) are governed by the state, as they are individual loans.
Good Luck
2006-11-28 16:11:10 · answer #1 · answered by Anonymous · 0⤊ 0⤋
They aren't. What you are looking at are actually Contracts for Goods and Contracts for Services. Contracts for Services tend to be regulated by the Restatement of Contracts (Second). Look up the definitions of each in their respective documents. UCC S 1-105 defines "goods". I can't remember exactly what section of the Restatement defines "services", however each has a Definitions Section.
Also, please note that Common Law and the UCC/Restatement can be the same thing, at times. Both reflect the common law, but have made changes that are meant to be in furtherance of good economic policy. The Statute of Frauds is greatly lessed however by both the UCC and the Restatement from previous Common Law, and this trend is continuing.
I strongly suggest you look up the definition of "Common Law" in Blacks' Law Dictionary. That will help you as well.
2006-11-28 23:57:53 · answer #2 · answered by cyanne2ak 7 · 0⤊ 0⤋