Explain how the requirements of the statute of frauds under the UCC are different from those...

Explain how the requirements of the statute of frauds under the UCC are different from those under the common law.

Expert Solution

The Uniform Commercial Code (UCC), is a body of laws that applies to commercial and business transactions only . Every jurisdiction is free ti adopt those portions applicable to their legal issues.

The UCC (Uniform Commercial Code) has been adopted by most states in the U.S . The UCC ,first publisgpu in 1952.

The UCC was mainly published to harmonize the law in all the 50 states in the US. Common law and UCC are laws that pertain to the united states of America.

The precise form of the statute of frauds varies between jurisdictions.The statute of frauds is a legal concept that requires certain types of contracts to be executed in writing.

The reason for the statute of frauds is that some contracts are considered so important and so vulnerable to fraud that the law considers it safest to ensure that there are writings to memorialize and prove their existence.

A contract may fall under the common law of the state or the uniform commercial code,a set of rules adopted by all so states that govern certain Commercial transactions.The UCC also allows parties to modify a previously signed contract without any additional consideration, while the common law does not.

The difference between the UCC and the common law, whether a contract falls under the UCC or the common law can make huge difference in the outcome of a contract dispute.

The primary differences between common law contracts and the UCC are in the UCC's relaxation of various common-law contract information requirements.

keosha answered 1 year ago

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