|
American Contract Law
Contract law regulates the obligations established by agreement, whether express or implied, between private parties in the United States. The law of contracts varies from state to state; there is nationwide federal contract law in certain areas, such as contracts entered into pursuant to Federal Reclamation Law. The law governing transactions involving the sale of goods has become highly standardized nationwide through widespread adoption of the Uniform Commercial Code. There remains significant diversity in the interpretation of other kinds of contracts, depending upon the extent to which a given state has codified its common law of contracts or adopted portions of the Restatement (Second) of Contracts. Formation A contract is an agreement between two or more parties creating reciprocal obligations enforceable at law. The elements of a contract are mutual consent, offer and acceptance, consideration, and legal purpose. Agreement Mutual consent, also known as ratification an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uniform Commercial Code Adoption
The Uniform Commercial Code (UCC) currently consists of the following articles: *Art. 1, General Provisions *Art. 2, Sales *Art. 2A, Leases *Art. 3, Negotiable Instruments *Art. 4, Bank Deposits and Collections *Art. 4A, Funds Transfer *Art. 5, Letters of Credit *Art. 6, Bulk Sales (now deprecated) *Art. 7, Documents of Title *Art. 8, Investment Securities *Art. 9, Secured Transactions These articles have been adopted to varying degrees in the United States (U.S.) by the 50 states, District of Columbia, territories, and some Native American tribes. UCC adoption summary The following table identifies which articles in the UCC each U.S. jurisdiction has currently adopted. However, it does not make any distinctions for the various official revisions to the UCC, the selection of official alternative language offered in the UCC, or unofficial changes made to the UCC by some jurisdictions. UCC adoption legal citations The following list provides legal citations for each U.S. juris ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |