Reference no: EM132241580

Answer the following question completely pertaining to Business Law:

You are a Barbecue Resturant Owner

First, identify a particular type of sale (UCC Article 2) or lease (UCC Article 2A) in which your business would be involved. If your proposed business has international connections, you can discuss elements of the United Nations Convention on Contracts for the International Sale of Goods (CISG). Below are questions you should answer:

1) Is a particular identified transaction a sale of a good or a lease or does the CISG apply? If it is rather a sale or lease of a service, explain what source of law would apply? If it is a mixed sale, discuss in detail what element predominates and thus what source of law applies. Are merchants involved? If so, and this is a sale of goods, what specialized rules may apply?

Second, describe at least one possibility of a secured transaction (UCC Article 9) (sale on credit) in which your business would engage. In answering this part of the discussion topic, respond to these two questions:

2) How would you attach (create), as creditor, the security interest in a particular good or intangible item (like an instrument) or if not directly related to your business, how would you as debtor be a part of a specific secured transaction?

3) How would you protect your security interest (perfect) against third party competing creditors? What specific method of perfection would be used based on the collateral involved? Here too, if you would be the debtor in a secured transaction, discuss how perfection of a security interest to a particular creditor would be done and why it would be beneficial to you.