Term Paper on "Law of Sales and the UCC"
Term Paper 4 pages (1087 words) Sources: 3 Style: MLA
[EXCERPT] . . . .
lemon law and the applicable UCC code to its effectiveness. The writer uses a court case from New Jersey to outline what the UCC is and how it governs the sale of goods in general. There were three sources used to complete this paper.Most people have heard tales of someone buying a vehicle and the vehicle stopped running almost instantly. The horror stories that follow with regard to that purchase make for dinner table fodder for months; however there is often confusion on what the buyer's rights are in such situations. Every state in the country now has enacted "Lemon Laws" that are specifically designed to handle situations where a substantial purchase is made and the goods are not as they were represented. The Lemon Laws are meant to protect consumers from being taken advantage of by savvy sellers, as well as provide clear guidelines for sellers in what they can and cannot do in the sale of a product. In addition to the Lemon Laws on the books in each state there are also UCC mandates in place to protect both the buyer and seller in a transaction.
UCC
Before one can begin to apply the UCC codes to the sale of a vehicle or other substantial purchase one should have an understanding of what the UCC is and how it governs the sale of goods on a general scale.
The Uniform Commercial Code provides government supervised mandate with regards to commercial transactions. "Article 9 of the Uniform Commercial Code (UCC), titled Secured Transactions, designates the office of the Secretary of State as the place for the filing and searching of secured transaction documents (UCC Overview (http://www.michigan.gov/sos/0,1607,7-127-1631_8851-294
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An example of this would be when someone wants to borrow money to make a purchase. Often the loans being requested are for substantial items including vehicles or homes. The borrower pledges what is referred to as collateral to secure the loan. Securing means that if the borrower defaults on the loan payments then that borrower loses the collateral that was pledged and the creditor can take ownership of such collateral (UCC Overview (http://www.michigan.gov/sos/0,1607,7-127-1631_8851-29412 -- ,00.html).
Financing statements are filed as a public notice of a security interest in collateral. Record searches are requested to reveal financing statements filed against an organization or individual (UCC Overview (http://www.michigan.gov/sos/0,1607,7-127-1631_8851-29412 -- ,00.html)."
The UCC statement provides a protection by providing public notice to others about the collateral and the financing request.
It also helps the creditor by providing strength in collection even in the event the borrower declares bankruptcy against the debt.
Another function of the UCC is to oversee and supervise the purchase of all products by providing the legal ability of all buyers to return products that do not live up to their product contract, which in the case of vehicles moves toward the Lemon Law provisions.
The Case
In the specific case of Zabriskie Chevrolet, Inc.v. Smith, 240 a. 2d 195(1968) there were specific UCC mandates that were applicable in the decision that was reached.
The UCC had an impact on this court case because of the general protection that the UCC provides with regard to new vehicle purchase.
The law believes that the common consumer does not have the… READ MORE
Quoted Instructions for "Law of Sales and the UCC" Assignment:
“Law of Sales and the UCC
The questions you are to answer are based on the Uniform Commercial Code (UCC) and its relation to "lemon laws."
Examine the decision in Zabriskie Chevrolet, Inc.v. Smith, 240 A. 2d 195(1968), an excerpt of which may be found on the following link:
Flinn, T. Michael (2004). Uniform Commercial Code Summary. AUTOPEDIA: The automotive encyclopedia (http://autopedia.com/html/HotLinks_LemonUCC.html) Accessed on August 21, 2006.
Since you know the result of the case, it makes little sense to ask you to make a case on behalf of Zabriskie or on behalf of Smith. Instead, you are being asked to examine the details of the UCC and "lemon laws."
Now, read, examine, and evaluate the background information. And using the Internet and your cyber-library; read, examine, and evaluate any other information you might find that is relevant to the case you will build.
You are now ready to answer the following question in a four-page paper:
1. What is the UCC and how does it govern the sale of goods, in general?
2. Identify and explain the applicable UCC sections relative to Zabriskie Chevrolet, Inc.v. Smith, 240 A. 2d 195(1968).
3. Explain the public policy considerations that support the decision in the Zabriskie case and other cases like it.
"Public policy considerations" are the broad societal considerations that would lead a legislature or a court to make a particular decision in the way it did.
How to Reference "Law of Sales and the UCC" Term Paper in a Bibliography
“Law of Sales and the UCC.” A1-TermPaper.com, 2007, https://www.a1-termpaper.com/topics/essay/lemon-law-applicable/537545. Accessed 5 Oct 2024.
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