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Hawkland UCC Series § 2-312:1 Hawkland Uniform Commercial Code Series William D. Hawkland [FNa] Current through the October 2002 At early common law, credit and clouds on title to chattels due to crime presented risks that were largely thrust upon the buyer, implemented by two Latin maxims, nemo dat quod non habet and caveat emptor.
A real defense is a justification for a maker or drawer not to honor a negotiable instrument even if it has been transferred to a holder in due course (or "HDC") because it makes the instrument “void” according to Uniform Commercial Code §3-305 comment 1, [1] thus the defense can't be "cut off" by the transfer to an HDC.
This renders the agreement voidable. An erroneous opinion as to the value of the thing which forms the subject matter of the agreement is not to be deemed a mistake as to a matter of fact. [4] For example, a woman finds a stone and sells it as a topaz. It was a raw uncut diamond worth hundreds of times the selling price. The contract is not ...
The official 2007 edition of the UCC. The Uniform Commercial Code (UCC), first published in 1952, is one of a number of uniform acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through UCC adoption by all 50 states, the District of Columbia, and the Territories of the United States.
Uniform Marketable Title Act: 1990 Uniform Marriage and Divorce Act: 1970, 1973 Uniform Mediation Act: 2003 Uniform Money Services Act: 2000 Uniform Multiple-Person Accounts Act: 1969, 1989 Uniform Nonprobate Transfers On Death: 1989 Uniform Parentage Act: 1973, 2000 Uniform Partition of Heirs Property Act: 2010 Uniform Partnership Act: 1994, 1997
The following table identifies which articles in the UCC each U.S. jurisdiction has currently adopted. However, it does not make any distinctions for the various official revisions to the UCC, the selection of official alternative language offered in the UCC, or unofficial changes made to the UCC by some jurisdictions.
In such a case, neither party can go to court to enforce the contract. A void agreement is void ab initio, i e from the beginning while a voidable contract can be voidable by one or all of the parties. A voidable contract is not void ab initio, rather, it becomes void later due to some changes in condition.
Voidable, in law, is a transaction or action that is valid but may be annulled by one of the parties to the transaction. Voidable is usually used in distinction to void ab initio (or void from the outset) and unenforceable .