The Uniform Commercial Code (UCC) of the United States was first enacted in 1952 to conform and regulate sales and commercial transactions across all 50 states, the District of Columbia, and U.S. territories. Probably the most referenced sections of the UCC are Articles 2 and 2a which deal with sales and leases and what constitutes a binding legal contract.
After reviewing your resources for this week, prepare a 1- to 2-page response to the following:
- What are the general goals and purposes of Article 2 of the UCC?
- What is the greatest impact of the UCC on business in the United States?
- Why is it important that contract law for the sale of goods be the same in every state?
- How are contracts easier to form under the UCC than under the common law of contracts?
- What is needed to create an irrevocable offer?
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