Reference no: EM133288227 , Length: word count:900
Assignment - Contracts and the UCC
Learning outcome 1: Apply the Uniform Commercial Code (UCC) to business transactions
Overview
The UCC is a comprehensive set of laws governing all commercial transactions in the United States, including contracts between businesses, and between businesses and consumers. While it is not federal law, it is a model regulation that has been uniformly adopted by most states. Uniformity of law is essential in this area for the smooth flow of interstate transaction of business. Because the UCC has been universally adopted, businesses can enter into contracts with confidence that the terms will be enforced in the same way by the courts in every state. In this assignment, you will examine a legal case and apply UCC Article 3 to address questions of contract law.
Preparation
• Read Auto-Owners Ins. Co. v. Bank One.
• This assignment is based up on this case.
• Note: A summary of the case can be found in this week's assigned textbook reading, but you should read the entire case.
• Review relevant elements of U.C.C. § 3-401 - Article 3. Negotiable Instruments: Part 4. Liability of Parties.
• Understanding its application is key to successfully completing this assignment.
Instructions
Consider the Auto-Owners Insurance Co. v. Bank One case and apply areas of the UCC to complete each of the following in three pages:
3. Make a supported determination if Wulf or the bank has the burden of proving a lack of ordinary care on the part of his bank.
4. Analyze how the outcome or opinion might have changed if Wulf had managed his account electronically rather than manually. Include specific examples and direct citations from the UCC.
5. Based on your understanding of the UCC Article 3, Part 4, recommend three effective steps that Auto-Owners should have taken to prevent such internal fraud.
Be sure your assignment meets the following requirements:
• Three pages in length.
• A minimum of four citations from the UCC or other appropriate sources.
• There is no special formatting required for the report, but it should be professionally composed and presented and adhere to Strayer Writing Standards.
Attachment:- Contracts and the UCC.rar