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Uniform Commercial Code

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There are guidelines for every type of business transaction to make sure that businesses have consistent regulations to ensure that they are fair and equal. The Uniform Commercial Code (UCC) was designed is a set of laws that governs the nine different types of transactions, including lease agreements. There are two types of leases—consumer and finance leases. There are certain steps to follow in order to develop a lease as well, which includes an offer, acceptance, and consideration. Article 2A of the UCC defines a lease agreement as a “bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of …show more content…

An example can be shown in the case, WPS, Inc. v. Expro Americas, LLC. In April 2006, WPS, Inc. offered to manufacture equipment for Expro Americas, LLC and Surface Production Systems (SPS). Expro and SPS both accepted the offer and handed in their requests. WPS accepted both orders, as well as required that by April 28, 2006, Expro and SPS must give their release for WPS to proceed to creating the goods and agree to pay any and all cancellation costs. They continued to try to settle and finally on May 9, 2006, Expro and SPS submitted a third purchase order. The third purchase order did not fulfill all of WPS’s requirements, but gave them permission to proceed with the manufacturing of the goods and confirmed that Expro and SPS would pay any cancellation costs. WPS began to work on the third order. Expro and SPS soon after cancelled the order; therefore WPS sent them an invoice for the cancellation costs. Expro and SPS however refused to pay the costs arguing that the contract was not enforceable because the additional terms in WPS’s acceptance had materially altered the contract. The parties operated as if they had additional time to resolve the problems with the terms of the contract, so as a result at trial, the jury and court found WPS to be entitled to the payment, however Expro and SPS both appealed. Finally, the Texas appellate court ruled that WPS had a contract with Expro and SPS and confirmed the judgment of the lower

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Uniform Commercial Code The contracts with the businesses for ongoing Acme performances would be governed by common law. This is the system of law that ‘emphasizes on making of rules through court decisions and traces the roots to England laws’ (Rogers, 2012). On the other hand, The Uniform Commercial Code (UCC) only governs commercial transactions in which goods are moveable. The UCC was “an endeavor to bring together state laws influencing business into a solitary code that all states could embrace to make interstate trade simpler and more proficient” (Rogers,

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