Common Law and UCC
Not what you're looking for?
Peter visited a car dealership and test-drove a used car. After discussing the price with the salesman, Brian, and learning that he could purchase the car for $500 less than the sticker price, Peter asked Brian to hold the car for him until 8:00 that evening so that he could bring his wife back to see the car. Brian agreed, writing out a note promising not to sell the car before 8:00P.M. The note was written on dealership stationery, but Brian did not sign his name. The dealership broke its promise and sold the car to Stewie before 8:00 P.M. Was it free to revoke its offer to Peter? Stewie, the new purchaser of the car (and a nonmerchant), later offered in a signed writing to sell the car to Lois and to hold the car for her until she returned with her husband. Could Stewie revoke this offer? Discuss the outcome using legal principles (include an analysis of both common law and UCC. For each part, specify which law applies and why. Complete the analysis using the appropriate law.)
250 words
Purchase this Solution
Solution Summary
So, in this case, applying the firm offers code of the UCC, one could see where Peter may have a case for recovering the $500 dollars he would have saved from the dealer by demonstrating the letter of intent the seller gave him. It would be up to a judge's discretion and interpretation of the UCC in this case as each state sees these situations differently (Spiegel, 2008).
Solution Preview
The first case between the potential buyer, Peter, and the seller, Brian would be categorized as a legal matter between a merchant and a consumer; therefore it is covered under the UCC. In this case, the promise by Brian verbally to sale the vehicle at $500 below sticker price to Peter was then reinforced as intent upon Brian writing the acceptance to hold the car for Peter until 8PM on dealer stationary. Under the current UCC, this would constitute a "firm offer". To paraphrase ...
Purchase this Solution
Free BrainMass Quizzes
Learning Lean
This quiz will help you understand the basic concepts of Lean.
Six Sigma for Process Improvement
A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.
Marketing Research and Forecasting
The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.
Social Media: Pinterest
This quiz introduces basic concepts of Pinterest social media
Business Processes
This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.