What does Article 2 of the Constitution describe?
What does Article 2 of the Constitution describe? Article 2 of the Constitution describes the power and duties of the executive branch of the government ie. president, vice president, departments etc. It is divided into 4 sections.
What is Article 2 Section 2 Clause 1?
Text of Article 2, Section 1: The executive Power shall be vested in a President of the United States of America. He shall hold his Office during the Term of four Years, and, together with the Vice President, chosen for the same Term, be elected, as follows: Each State shall appoint, in such Manner as the Legislature thereof may direct, a Number of Electors, equal to the whole Number of Senators and Representatives to which the State may be entitled in the Congress: but no Senator or ...
What are Article 2 powers?
The powers of the President are set forth in Article II, Section 2 and include: The President is the Commander-in-Chief of the armed forces and State militias. The President may create a cabinet so as to obtain opinions upon any subject relating to the duties in each of the executive Departments.
What is the meaning of Article 2 Section 17?
The Maryland Amend Article 2, Section 17 of the Constitution Amendment, also known as Amendment 1, was on the 1890 ballot in Maryland as a legislatively referred constitutional amendment, where it was approved. The measure amended the seventeenth section of article two of the Constitution, which relates to the Executive Department.
What is the difference between Article 2 and Article 2A of the UCC?
Scope of Articles 2 and 2A and Definitions Article 2 does not govern all commercial transactions, only sales. It does not cover all sales, only the sale of goods. Article 2A governs leases, but only of personal property (goods), not real estate.
What is an example of Article 2A in UCC?
For example, it should always be remembered that Article 2A supports provisions commonly found in equipment leases, under which a lessee has no right to require the lessor to repair or replace defective equipment or to withhold rents while defective equipment is being repaired.
What does Article 2 of the UCC cover?
Article two only covers the sale of goods. This is important to keep in mind. Goods include all items that can be both identifiable and moveable at the time of the sale. Article 2 does not cover transactions involving service contracts.
What is a finance lease under Article 2A of the UCC?
Under Article 2A of the Uniform Commercial Code (the “UCC”), the term “Finance Lease” is defined to be a true lease which “consists of an overall three-party transaction in which: (1) the lessor does not select, manufacture, or supply the goods, (2) the lessor did not own the goods before the lease was arranged, and (3 ...
Does Article 2 of the UCC apply to leases?
The leases covered by the Uniform Commercial Code (UCC) are for personal property, or what the Code calls "goods," such as machinery, equipment, and vehicles. The UCC does not cover real estate leases. Most of the rules for commercial lease contracts are in Article 2A, which has nearly 80 individual sections.
Which of the following is governed by Article 2 of the UCC quizlet?
A contract to purchase stocks and bonds is governed by Article 2 of the UCC.
What is excluded from Article 2 of the UCC?
Excluded from goods - Insurance polices, tort claims, sale of real property, contract for services, trademarks, patents.
What is the purpose of Article 2 of the Constitution?
Article Two vests the power of the executive branch in the office of the president of the United States, lays out the procedures for electing and removing the president, and establishes the president's powers and responsibilities.
Are finance leases capital leases?
Leases that historically would have been “capital leases” will now generally be known as “finance leases.” The accounting associated with finance leases is virtually identical to existing capital lease accounting. The big change is that operating leases will now also be reflected on the lessee's balance sheet.
Does UCC apply to lease of goods?
The Uniform Commercial Code (UCC) contains rules applying to many types of commercial contracts, including contracts related to the sale of goods, leasing of goods, use of negotiable instruments, banking transactions, letters of credit, documents of title for goods, investment securities, and secured transactions.
What does it mean to have open terms in a UCC contract?
(1) The parties if they so intend can conclude a contract for saleeven though the price is not settled. In such a case the price is a reasonable price at the time for delivery if. (a) nothing is said as to price; or. (b) the price is left to be agreed by the parties and they fail to agree; or.
Who does Article 2 apply to?
What is this? UCC Article 2 applies to the sale of goods between merchants or between a merchant and a non-merchant. As such, merchants are required to follow certain standards of conduct when engaging in a business or commercial contract. Transactions between non-merchants are not covered by Article 2 UCC.
Does UCC Article 2 apply to consumers?
Article 2 of the UCC deals only with transaction of goods. It does not apply to any transaction intended to operate only as a security transaction. However, the Article does not impair or repeal any statute regulating sales to consumers, farmers or other specified classes of buyers.
What is UCC article 2A?
UCC Article 2A: Friend or Foe? Uniform Commercial Code Article 2A is a proposed set of laws relating to personal property leasing. As of this writing, Article 2A has been adopted in 47 states and the District of Columbia (excluding only Louisiana, South Carolina and Vermont).
How many states have Article 2A?
As of this writing, Article 2A has been adopted in 47 states and the District of Columbia (excluding only Louisiana, South Carolina and Vermont). Virtually every form of equipment lease used by major leasing companies states that it is governed by the laws of one of the states which has adopted Article 2A.
Who can assign a lease to a third party?
Other provisions of Article 2A make it clear that the lessor may assign the lease to a third party, who will take the lessor 's right to receive rent, but none of its obligations, notwithstanding contrary language of the lease.
Does Article 2A contain traps?
On the other hand, Article 2A may contain traps for the unwary.
Is a UCC-2A a finance lease?
If the lease from such a lessor qualifies, it will be a UCC-2A "finance lease.". On balance, such a provision is not unreasonable as finance lease lessors are really in the position of a bank making a secured loan: They neither select the equipment nor manufacture it, but merely provide financing.
Pursuing effective remedies for conflicts over equipment lease agreements
Because the Uniform Commercial Code (UCC) governs transactions in goods, Article 2A applies only to agreements to lease equipment, not real estate. Schwartz & Kanyock, LLC manages litigation for lessors and lessees in disputes over leased vehicles and industrial equipment under UCC Article 2A.
Having your lease dispute case heard under UCC 2A
An experienced UCC litigation attorney can evaluate your case to see if you can seek redress under Article 2A. There are certain advantages to an action under the UCC rather than common law commercial litigation.
Effectively addressing issues of default and working to obtain appropriate remedies
A key question for any contract dispute is when and if a default occurred. Subsequent questions must address whether the non-breaching party acted reasonably to mitigate damages. These are often questions of fact for an arbitrator or judge to determine, and your attorney’s presentation can make all the difference.
Article 2a (Leases) of Uniform Commercial Code (UCC) Definition
The frameworks of laws relating to personal leasing property are governed under Uniform Commercial Code Article 2A. Article 2A changes the existing law to benefit both lessors and lessees. All the states of the U.S adopt Article 2A.
Overview of Article 2A (Leases) Of Uniform Commercial Code (Ucc)
Article 2a of the Uniform Commercial Code administers leasing properties and goods which are personal and not real estate properties. Article 2a was initially added to Uniform Commercial Code in 1987. Later amendments were made to main clauses in 1990.
Types of Leases
There are two types of Leases distinguished by the Uniform Commercial Code. They are consumer leases and finance leases. When the lessor leases goods to consumers who are families, individuals for some time, it falls under consumer leasing.
Finance Leases
Lessors play a limited role in Finance Leasing. Lessors do not select the manufactures or supplier of the goods required. Lessee will select the manufacturers, assets, or suppliers of the goods.
Default and Remedies in Leasing
When either party does not meet obligations as per the lease contract, the corresponding party defaults on the lease, the other party who has not defaulted in the contract has the right to seek remedy for the default. The lease contract should be in writing as per law.
What is the purpose of Article 2 of the UCC?
Article 2 of the UCC applies to the sale of goods predominantly but with services rendered subsidiarily or as an accessory to the sale of goods. For example, if a contract is made of both goods and services, generally the courts will apply the “predominant factor test” to determine if the contract was primarily a sale of goods with services as ...
What is Article 2?
Article 2 deals with essentially all possible aspects in relation to the sale of goods addressing issues such as: The contracting process. Instances where the contract is silent on a particular issue. Offer and acceptance conflicts.
What is the UCC outline?
UCC Outline. Article 2 of the Uniform Commercial Code is one of the nine substantive articles composing the UCC. Each article of the UCC governs a separate area of the law where the second article particularly governs the sale of goods. To help you situate where Article 2 UCC sits within the Code, here is an outline of UCC:
What is the meaning of article 2?
Article 2 is one of the nine substantive provisions of the Uniform Commercial Code. The sale of goods refers to the sale of any “movable” asset, or item such as equipment, tool, parts, products, or anything of that nature. Article 2 of UCC provides a comprehensive set of legislative rules governing all aspects of the sale ...
What is unique about the UCC?
What’s unique with the UCC is that since it applies uniformly across all states, businesses can transact with one another and have the assurance that all American courts and all jurisdictions will apply the same “uniform” law to their transaction.
What is the UCC?
Uniform Commercial Code. The Uniform Commercial Code (or UCC) is a statute governing essentially all commercial transactions in the United States applicable “uniformly” within all the American states. What’s unique with the UCC is that since it applies uniformly across all states, businesses can transact with one another and have the assurance ...
What is the second provision of UCC?
The second provision of UCC is quite comprehensive when dealing with the sale of goods and deals with contract issues from start to finish. With regards to its application, fundamentally, you need to have the sale of goods. Let’s see what that entails.
What is UCC article 2?
Art. 2 Sales: UCC Article 2 applies to transactions of goods; it does not apply to any transaction which although in the form of an unconditional contract to sell or present sale is intended to operate only as a security transaction nor does this Article impair or repeal any statute regulating sales to consumers, farmers or other specified classes of buyers.
What is the UCC?
The Uniform Commercial Code (UCC) is the result of an effort to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America. The UCC is the longest and most elaborate of the uniform acts.
What is the law of a bank?
The law of the place where the bank is located governs. In the case of action or non-action by or at a branch or separate office of a bank, its liability is governed by the law of the place where the branch or separate office is located. UCC Article 4.
Can a state adopt the UCC?
A state may adopt the UCC verbatim as written by ALI and NCCUSL, or a state may adopt the UCC with specific changes. Unless such changes are minor, they can affect the purpose and meaning of the Code in promoting uniformity of law among the various states.
Does Article 4A apply to money?
It does not apply to money, to payment orders governed by Article 4A, or to securities governed by Article 8. If there is conflict between this Article and Article 4 or 9, Articles 4 and 9 govern. Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent ...
Is the UCC a law?
The Code, as the product of private organizations, is not itself law, but a recommendation of a set of laws that should be adopted by the states. Once enacted by a state, the UCC is codified into the state’s code of statutes.
What is the purpose of article 1 of the UCC?
Uniform Commercial Code Article 1 contains definitions and general provisions applicable as default rules to transactions covered under other articles of the UCC. Article 1 was last revised in 2001, with a few minor amendments since then to harmonize with recent revisions of other UCC articles.
What is Article 2A?
Article 2A, Leases. Uniform Commercial Code Article 2A governs leases of personal property. It was first added to the Uniform Commercial Code in 1987 and amended in 1990. A revision was approved by the Uniform Law Commission and the American Law Institute in 2003, but was not adopted in any jurisdiction and subsequently withdrawn by both ...
What was the purpose of the Uniform Law Commission?
The Uniform Law Commission was formed in 1892 in part to create uniform commercial laws. The Uniform Negotiable Instruments Law was approved in 1896, and soon enacted in every state. More commercial laws soon followed: the Uniform Sales Act and Uniform Warehouse Receipts Act in 1906; the Uniform Bills of Lading Act and Uniform Stock Transfer Act in 1909; and the Uniform Conditional Sales Act in 1918. The ULC officially took on the task of drafting a comprehensive code to provide guidelines for all commercial transactions in 1940. In 1942, the ULC and the American Law Institute joined in a partnership that put all the component commercial laws together in a comprehensive Uniform Commercial Code that was offered to the states for their consideration in 1951. Pennsylvania became the first state to adopt the UCC in 1953, and every other state followed suit over the next twenty years.
What are the amendments to the Commercial Code of 2002?
These 2002 amendments to Uniform Commercial Code Articles 3 and 4 update provisions dealing with payment by checks and other paper instruments to provide essential rules for new technologies and practices in payment systems.
What is the meaning of Article 3 of the Commercial Code?
Article 3, Negotiable Instruments. Uniform Commercial Code Article 3 governs negotiable instruments: drafts (including checks) and notes representing a promise to pay a sum of money, and that have independent value because they are negotiable.
When was Article 2 of the Uniform Commercial Code approved?
It was part of the original Uniform Commercial Code approved in 1951. Article 2 represented a revision and modernization of the Uniform Sales Act, which was originally approved by the National Conference of Commissioners on Uniform State Laws in 1906. The Uniform Law Commission and American Law Institute approved a revised Article 2 in 2003 ...
When was Article 6 withdrawn?
The original version of Article 6 was withdrawn by the Uniform Law Commission and the American Law Institute in 1989 and replaced with two options for every state to consider: replace Article 6 with a revised version 6, or repeal Article 6 entirely.
