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Summarize the ways in which the Uniform Commercial Code (UCC) has changed the common law rules of contracts, especially as they relate to offer and acceptance, consideration, and the writing requirements for contracts under the statute of frauds.

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Irving Heathcote
Irving HeathcoteLv2
28 Sep 2019

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Michael Scott orally agreed to purchase a surveillance system priced at $35,000 from Sadiq. Scott wanted to use the system to monitor employee activity on the company’s computer system. The sale of the system also included a one-time setup service visit priced at $500. The total contract price amounted to $35,500. The surveillance system was delivered and set up, and Scott paid $35,500. Afterwards, Scott discovered that he could obtain the same goods and services from another seller for a total contract price of $30,000. Scott now seeks rescission of the contract, based on the fact that more than $500 in goods were involved in the sales transaction, that the contract between Sadiq and himself was subject to the statute of frauds as a result, and that the oral agreement between them was therefore unenforceable. Scott wants to return the surveillance system to Sadiq, and receive reimbursement of $35,000 (He is willing to waive his claim to reimbursement for the $500 setup service visit.) Evaluate Scott’s legal position in this matter. using the Common Law of Contracts or the UCC

Chapter 5: Title Transfer Question

A: Why is it important to transfer title to real estate using awritten document--the deed? Answer A:

Question B: What purpose does the general warranty deed serve inthe transfer of title process? Answer B:

Question C: What purpose does a special warranty deed serve inthe transfer of title process? Answer C:

Question D: Under what circumstances would someone who is in themarket for a home consider using the special warranty deed? AnswerD:

Question E(i): Which deed is better (preferred)? Answer E(i):Question E(ii): Which deed provides a greater level of protection?Answer E(ii):

Question F(i): When should a home owner consider the use of aquitclaim deed? Answer F(i): Question F(ii): Under whatcircumstances should an individual seek legal advise to use aquitclaim deed? Answer F(ii):

Chapter 7: Contracts and the Statute of Frauds (Mandatory)Contracts are the essential part of all real estate transactionsand no real estate can be transferred without the use of a writtencontract to prevent fraudulent practices and to be enforceable in acourt of law. All real estate transactions are subject to thestatue of frauds law. The law stems from British common law and wasfirst established in 1677. (This chapter’s primary purpose is thediscussion of a basic generic contract and later on in the coursewe will add the necessary elements for real estatetransactions.)

Question A(i): Please, state the five elements of a genericlegally binding contract. Answer A(i): 1) 2) 3) 4) 5) QuestionA(ii): Please, outline the five elements of a generic legallybinding contract. Answer A(ii):

1)

2)

3)

4)

5)

Question A(iii): Please, briefly discuss the five elements of ageneric legally binding contract. Answer A(iii):

1)

2)

3)

4)

5)

Question B:Which element of the contract do you consider themost important as related to real estate? Answer B:

Question C: Justify your statement in Question B. Answer C:

Question D(i): What is your opinion of the Statue of Frauds?Answer D(i):

Question D(ii): Does the Statue of Frauds slow down the contractprocess? Answer D(ii):

Sally has lived in a rental condominium for ten years when she decides to buy another condominium. Her one-year lease will end on May 1. On April 15, she orally contracts to buy Halibert’s condominium for $100,000, with the closing (transfer of the deed) to take place on June1. Halibert’s lawyer, who is out of town on vacation, is to draft a written contract of sale on his return to his office on May 15. Because Sally’s lease is terminating, Halibert agrees to let her take possession of the condominium on May 1 if Sally gives him a “down payment” on the condominium of $5,000. Sally agrees and gives Halibert the $5,000. She moves into the condominium on May 2, and the following weekend she removes an interior wall and adds permanent shelving. On May 10, Halibert receives a written offer from Green to buy Halibert’s condominium for $120,000. Halibert accepts Green’s offer, asks Sally to move out of the condominium, and tries to return the $5,000 to Sally. Sally claims that she has an enforceable contract to buy the condominium. Halibert claims that any such contract must be in writing to be enforceable under the Statute of Frauds. Who is correct and why?

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