* A warehouse receipt is a document that provides proof of ownership of commodities that are stored in a warehouse * Shipment contract- the seller is required or authorized to ship goods by carrier, such as a trucking company. The title passes to the buyer at the time and place of shipment * The risk of loss in a shipment contract passes to the buyer or lessee when the goods are delivered to the carrier. * Destination contract- seller is required to deliver goods to a particular destination. Title passes to buyer when goods are tendered at the destination. * the risk of loss passes to the buyer or lessee when the goods are tendered to the buyer or lessee at the specified destination. * Revocation of Acceptance-
* In a contract, innocent party can do whatever to make themselves “whole” again. * The law if Maddy is an innocent party she can do anything to any remedy * Specific Performance, lies when the goods are unique. Suppose I am shipping bicycles to Lorena and I miss the delivery date. She can sue me for damages, cancel the contract, and buy bikes from someone else. She can only force me to deliver the actual goods to her. * Conforming goods- goods that conform to the contract description in every way * Perfect tender rule- under the common law, the seller was obligated to deliver goods that conformed with the terms of the contract in every detail. The UCC preserves the perfect tender doctrine by stating that if goods or tender of delivery fails in any respect to conform to the contract, the buyer or lessee has the right to accept the goods, reject the entire shipment, or accept part and reject part. * Cover- by or leasing substitute goods for those that were due under the contract. * Expropriation- occurs when a government seizes a privately owned business or privately owned goods for a proper public purpose and awards just compensation.
The Essay on Seller Promise Contract Buyer Property
Listing Agreement (now called a service provisions agreement) 1. A type of employment agreement between a principal and a agent 2. It authorizes the broker to try to find (procuring cause) a ready, willing and able buyer on terms acceptable to the seller. Parties 1. Seller is the principal 2. The broker is the agent 3. Salespeople are the sub-agents of the seller 4. Cooperating broker is the agent ...
The taking of goods is referred to as confiscation * Uniform commercial code holds markets to higher standards * Quotas- limits on the amounts of goods that can be imported * Tariffs- taxes on imports. A tariff is usually7 a percentage of the value of the import, but it can be a flat rate per unit (such as per barrel of oil).
Tariffs raise the prices of imported goods, causing some consumers to purchase more domestically manufactured goods instead of imports * Dumping- is the sale of imported goods at less than fair value. Fair value is usually determined by the price of those goods in the exporting country. Foreign firms that engage in dumping in the United States hope to undersell U.S. businesses to obtain a larger share of the U.S. market. To prevent this, an extra tariff know was an antidumping duty may be assessed on the imports. * What countries are members of NAFTA?
* America, Mexico, Canada
* Antidiscrimination laws- federal laws in the United States prohibit discrimination on the basis of race, color, national origin, religion, gender, age, or disability. Generally, U.S. employees must abide by U.S. discrimination laws unless to do so would violate the laws of the country where their workplaces are located. * since 1984 the age discrimination is employment act of 1967 has covered U.S. employees working abroad for U.S. employers. * The Americans with disabilities act of 1990, which requires employers to accommodate the needs of workers with disabilities, also applies to U.S. nationals working abroad for U.S. firms. * The VII of the Civil Rights Act of 1964, applied extraterritorially. The Civil Rights act of 1991 addressed the issue. The act provides that title VII applies extraterritorially to all U.S. employees working for U.S. employers abroad. * European union designed to promote free trade
The Essay on Critical Mission of Homeland Security
The Department of Homeland Security was created after the attacks of September 11, 2001. The Department was formed by merging many exiting resources and adding to the best practices already in place. The Strategic Objectives of the Department are stated by the Department as “We will lead the unified national effort to secure America. We will prevent and deter terrorist attacks and protect against ...
* Liens- claim upon a property to satisfy a debt or protect a claim for the payment of a debt * Mechanics lein- security for labor, materials or service on real estate * Artisans Lein- labors and material on personal property * Judicial Lein- arises out of the court’s decision
* Writ of attachment- court orders sheriff to seize non-exempt property * Writ of execution- court order to seize and sell debtor’s real and personal property to satisfy debit * Security interest- an interest in goods that secures payment or performance of an obligation * Creation of security interest
* To become a secured party, a creditor must “attach” a security interest in collateral of debtor
* Three requirements to “attach”:
* Oral agreement and possession or a written agreement
* Secured creditor give debtor value
* Debtor has rights in collateral
* collateral is not in possession of secured party, security agreement must be written or authenticated, reasonably describe collateral, and be signed by debtor.
* Debtor- a person or institution that owes a sum of money * Secured party- lender, oblige, or seller who holds a security interest or lien against a pledged asset. * Chapter 7 Bankruptcy- referred to as ordinary or straight bankruptcy * Debtor turns all assets over to the bankruptcy trustee * Trustee sells nonexempt property and distributes the proceeds to the creditors. Remaining debts are discharged. * Available for any person, corporation, individual, partnership. * Railroads, banks, insurance companies, savings and loan and investment companies licensed by the SBA, and credit unions cannot be debtors. * Straight bankruptcy is commenced by the filing of a voluntary or involuntary petition in bankruptcy with the bankruptcy court. * If the debtor files the petition, it is voluntary * If creditor files the petition, it is involuntary * Automatic Stay- the moment a petition is properly filed, an automatic stay is granted protecting the debtor from all creditors. * Creditors cannot commence or continue most legal actions * Damages for knowing violation of stay
* Adequate protection doctrine: protects secured creditors from losing their security interest due to the automatic stay. * Exceptions to the Automatic Stay-
The Term Paper on Security policies and alternatives
In light of the September 11, 2001, terrorist attacks, the United States has made several efforts to increase the country’s security. Within the last year, one of the largest debates has been with regard to border security. While the terrorist attacks are some of the fuel behind the debate, other issues include providing for the needs of illegal immigrants and their families and the economic ...
* Domestic support obligations
* Proceedings against debtor related to divorce, support, custody, and maintenance. * Investigations by securities regulatory agencies
* Limitations on Automatic Stay-
* Secured party can petition bankruptcy court for relief from automatic stay. * Continuation Statement- it is an amendment that is attached to a borrower’s financing statement which extends the lender’s lien on the borrower’s collateral past the original expiration date. * Sharia law- moral code and religious law of Islam. Sharia deals with many topics addressed by secular law, concluding crime, politics, and economics. * Privy- one of the parties having an interest in the same matter * A person participating directly in or having a derivative interest in a legal transaction * Example: if I bought a ford explorer from Natalie’s dealership and it was driven home with other people and the steering is defective. So if they get in an accident then everyone in the car can sue everyone. No limitation based on privety anymore. * Adequate assurance- the adequate assurance provision provides the debtor with some level of security knowing that , going forward, and his electric, phone or gas, will not be turned off * the assurance can be a cash deposit, letter of credit, certificate of deposit or some other security agreed upon by debtor, utility company and trustee. * Existing goods- goods that are in existence
* Revocation of acceptance-
* The buyer may revoke his acceptance of a lot or commercial unit whose non-conformity substantially impairs its value to him if he has accepted it. * Revocation of acceptance must occur within a reasonable time after the buyer discovers or should have discovered the ground for it and before substantial change in condition of the goods which is not caused by their own defects. It is not effective until the buyer notifies the seller of it * A buyer who so revokes has the same rights and duties with regard to the goods involved as if he had rejected them.
