Contracts and The UCC - Assignment Example

Contracts and the UCC Contracts are made difficult to read and understand. There are reasons of doing so, may be wise but not necessarily good ones. So the first and foremost step one should do is to clearly understand what is written in the contact.The tips and trick of reading a contract is as follows:i. Clearly understand the definitions in the glossary section of contractii. Don’t assume anything on your own; do ask questions to clear your ambiguity. iii. Even if management interprets anything, don’t go for that; ask any judicial expert if needed. iv. Do find out if they have mentioned the negotiations or not or is there any gap which can cause dispute later.v. Importantly sees the date of expiration of the contract, if it renews automatically or it’s only on temporary basis. vi. Make sure that contract contains each and everything that has been promised.vii. If the contract seems too twisted and difficult, contract attorney can also be consulted.viii. In end, never hesitate to take second opinion before signing the contract and most probably you must signed it only after reading and fully understanding it.

UCC /knowledge of Manager:The Uniform Commercial Code abbreviated as UCC was published first time in the year 1952 after getting approved from certain law governing bodies like American Law Institute, House of Delegates, National Commissioners Conference on Uniform State Law and American Bar Association. A manager must have the complete picture of UCC in his/her state before selling any good as UCC is a set of nine articles consisting of certain laws that leads to the sale and rent of goods, flexible instruments, fund transfers, bank deposits, letters of credit, warehouse receipts, wholesale issues, bills of lading, security of investment and perfectly protected business.

So for the smooth running of all these aspects, Manager must be aware of complete picture of UCC in his/her state. References:Business Contracts - How to Read Business Contracts. (n.d.). About.com US Business Law / Taxes. Retrieved May 5, 2014, from http://biztaxlaw.about.com/od/contractsandagreements/a/readcontract.htmWhat Is the Purpose of the Uniform Commercial Code?. (n.d.). Small Business. Retrieved May 5, 2014, from http://smallbusiness.chron.com/purpose-uniform-commercial-code-4915.html