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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.
The case regarded a mistake made by Mr. Hughes, a horse trainer, who bought a quantity of oats that were the same as a sample he had been shown. However, Hughes had misidentified the kind of oats: his horse could not eat them, and he refused to pay for them. Smith, the oat supplier, sued for Hughes to complete the sale as agreed.
In contract law, a contract of sale, sales contract, sales order, or contract for sale [1] is a legal contract for the purchase of assets (goods or property) by a buyer (or purchaser) from a seller (or vendor) for an agreed upon value in money (or money equivalent).
The law of contracts varies from state to state; there is nationwide federal contract law in certain areas, such as contracts entered into pursuant to Federal Reclamation Law. The law governing transactions involving the sale of goods has become highly standardized nationwide through widespread adoption of the Uniform Commercial Code .
The case reports the judgment as follows. payment of a lesser sum on the day in satisfaction of a greater, cannot be any satisfaction for the whole, because it appears to the Judges that by no possibility, a lesser sum can be a satisfaction to the plaintiff for a greater sum: but the gift of a horse, hawk, or robe, etc. in satisfaction is good. For it shall be intended that a horse, hawk, or ...
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Securities and Exchange Commission v. W. J. Howey Co., 328 U.S. 293 (1946), was a case in which the Supreme Court of the United States held that the offer of a land sales and service contract was an "investment contract" within the meaning of the Securities Act of 1933 (15 U.S.C. § 77b) and that the use of the mails and interstate commerce in the offer and sale of these securities was a ...
Horse trading, in its literal sense, is the buying and selling of horses, also called "horse dealing". Due to the difficulties in evaluating the merits of a horse offered for sale, the sale of horses offered great opportunities for dishonesty, leading to use of the term horse trading (or horsetrading ) as a widespread metaphor for complex ...