Business Ucc or Ucita
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- Date Submitted: 07/10/2011 03:05 PM
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UCC OR UCITA WHO IS RIGHT
Billy Mingo
American InterContinial University
Abstract
This Executive Summary is offered as a review of the UCC and UCITA. This will help you to see the difference between the two articles of commerce transactions. Will also inform you how the commerce act was started and by who and when. You will also see what is the difference between selling a product and licensing out a product as well.
UCC OR UCITA WHO IS RIGHT
1. Before the UCC and the UCITA, What was one of the first, and most significant, of the U.S. government’s attempts to promote uniformity in commercial laws from state to state?
The U.S. Constitution written and sign in 1787, included Article 1 Section 8. In this section of the constitution, the government first tried to promote uniformity in commercial laws from state to state. This section states, among other things, that “congress shall have power to regulate commerce with foreign nations, and among the several states, and with the Indian tribes.
http://www.house.gov/house/constitution/constitution.html
2. Base on the information presented above, what do you see as the major differences between Article 2 of the Uniform Commercial Code and UCITA?
The overriding philosophy of the UCC is to allow people to make the contracts they want, but to fill in any missing provisions where where the agreements they make are silent. The law also seeks to impose uniformity and streamlining of routine transaction like the processing of checks, notes and other routine commercial paper. The law frequently distinguishes between merchants, who customarily deal in a commodity and are presumed to know well the business they are in, and consumers, who are not. The UCC also seeks to dis courage the use of legal formalities in making business contracts, in order to allow business to move forward without the intervention of lawyers or the preparation elaborate document.
(...
Billy Mingo
American InterContinial University
Abstract
This Executive Summary is offered as a review of the UCC and UCITA. This will help you to see the difference between the two articles of commerce transactions. Will also inform you how the commerce act was started and by who and when. You will also see what is the difference between selling a product and licensing out a product as well.
UCC OR UCITA WHO IS RIGHT
1. Before the UCC and the UCITA, What was one of the first, and most significant, of the U.S. government’s attempts to promote uniformity in commercial laws from state to state?
The U.S. Constitution written and sign in 1787, included Article 1 Section 8. In this section of the constitution, the government first tried to promote uniformity in commercial laws from state to state. This section states, among other things, that “congress shall have power to regulate commerce with foreign nations, and among the several states, and with the Indian tribes.
http://www.house.gov/house/constitution/constitution.html
2. Base on the information presented above, what do you see as the major differences between Article 2 of the Uniform Commercial Code and UCITA?
The overriding philosophy of the UCC is to allow people to make the contracts they want, but to fill in any missing provisions where where the agreements they make are silent. The law also seeks to impose uniformity and streamlining of routine transaction like the processing of checks, notes and other routine commercial paper. The law frequently distinguishes between merchants, who customarily deal in a commodity and are presumed to know well the business they are in, and consumers, who are not. The UCC also seeks to dis courage the use of legal formalities in making business contracts, in order to allow business to move forward without the intervention of lawyers or the preparation elaborate document.
(...