UCC Schedule (216)

Module 1 (June 5th to 6th)

Activities:

You will complete this assignment by visiting the Before Our Course Begins page of ShannonWeb.

  • If you are unfamiliar with any of the platforms we will use for this course, visit Slack, Blackboard and Google+ to review their tutorials.

Module 2 (June 7th to 18th)

Article 2: Sales

The sale of goods is the transfer of ownership to tangible personal property in exchange for money, other goods, or the performance of services. The law of sales of goods is codified in Article 2 of the Uniform Commercial Code. While the law of sales is based on the fundamental principles of contract and personal property, it has been modified to accommodate current practices of merchants. In large measure, the Code discarded many technical requirements of earlier law that did not serve any useful purpose in the marketplace and replaced them with rules that are consistent with commercial expectations.

Learning Objectives:

  • Appreciate the fundamental changes made in contract law by Article 2 of the Code, understand the purposes of such changes;
  • Recognize when a transaction is covered by the Code;
  • Understand the concept of title and know when a person may pass greater title than he possesses;
  • Know who has the risk of loss, especially as determined by the delivery terms of the contract;
  • Recognize when a party to a contract has an insurable interest;
  • Know who has title, risk of loss, and other rights and duties when goods are sold on approval, sale or return, or consignment;
  • Understand the general rules for construing sales contracts, especially the obligation of good faith;
  • Know the rules concerning changing, eliminating, and delegating contractual responsibilities;
  • Recognize the rights and obligations of buyers and sellers concerning the delivery of goods, including payment, inspection, acceptance, revocation of acceptance, and rejection;
  • Know the parties’ options when performance is doubtful, difficult, or impracticable;
  • Understand that the purpose of the Article 2 remedies is to put the injured party in the same position as if the contract had been performed;
  • Know the seller’s remedies for breach and when those remedies are available;
  • Know the buyer’s remedies for breach and when those remedies are available;
  • Understand the extent to which buyers and sellers may agree as to the remedies to be applied in the event one of them defaults;
  • Understand how the 4 year statute of limitations is applied.

Reading Materials:

Quiz:

  • The Module 2 quiz covers the information found in Chapters 1, 2 and 3. The Module 2 quiz will be available on June 7th at 8a EDT and will close on June 18th at 8p EDT. You will have 1 hour to complete the quiz after you begin. There are 25 questions. The link to the quiz will only be available during the above period.
  • Please visit the Module 2 folder in Blackboard for additional information and to complete this quiz.
  • Please review the Plagiarism page for information about what activities constitute cheating.

Module 3  (June 19th to 27th)

Negligence, Strict Liability, Products Liability & Warranties

The law of product liability is the body of legal rules governing civil lawsuits for losses and harms resulting from a defendant’s furnishing of defective goods. Module 3 examines the historical evolution of product liability law, will review the most important theories of product liability and will consider certain legal problems that may be resolved differently under different theories of recovery.

Learning Objectives:

  • Explain what is meant by express warranty and how it is created;
  • Describe the implied warranty of merchantability;
  • Discuss liability for negligence in the manufacture or sale of goods;
  • Recall the basic theories of product liability recovery;
  • Explain what is meant by the term strict liability.

Reading Materials:

Quiz:

  • The Module 3 quiz covers the information found in Chapter 10. The Module 3 quiz will be available on June 19th at 8a EDT and will close on June 27th at 8p EDT. You will have 1 hour to complete the quiz after you begin. There are 25 questions. The link to the quiz will only be available during the above period.
  • Please visit the Module 3 folder in Blackboard for additional information and to complete this quiz.
  • Please review the Plagiarism page for information about what activities constitute cheating.

Exam #1 (June 28th to July 1st)

This exam covers the materials included in Modules 2 and 3. Exam #1 will be available on Tuesday, June 28th at 8a EDT and will close on Friday, July 1st at 8p EDT. You will complete this exam in a digital platform in Blackboard.

Please review the Plagiarism page for information about what activities constitute cheating.

Please visit the Exam #1 folder in Blackboard for additional information and to complete this exam.

Module 4 (July 2nd to 13th)

UCC Article 3: Negotiable Instruments

Module 5 reviews the body of law that governs commercial paper including those kinds of commercial paper having the attribute of negotiability. That is, they can generally be transferred from party to party and accepted as a substitute for money. Module 4 covers the nature and benefits of negotiable instruments and then outlines the requirements an instrument must meet to qualify as a negotiable instrument. Module 4 also examines transfer and negotiation of instruments, the rights and liabilities of parties to negotiable instruments and the special rules applicable to checks.

Learning Objectives: 

  • Understand the purpose of negotiable instrument law – to create a substitute for money – and the basic components of negotiable instrument law that make negotiable instruments like money;
  • Be able to recognize and distinguish the various types of negotiable instruments;
  • Know the elements of negotiability and distinguish negotiable instruments from ordinary contracts to pay money;
  • Understand negotiation and the formalities required for negotiation.  Students should not confuse negotiation and negotiable;
  • Recognize the various types of indorsements and their consequences;
  • Know the elements of a holder in due course and the rights possessed by a holder in due course, especially as contrasted with a person who is not a holder in due course
  • Know and understand the reasons for abrogation of the holder in due course rule in consumer transactions;
  • Understand contractual liability on an instrument, especially how it arises, and know the difference between primary and secondary liability;
  • Understand the role of presentment in contractual liability;
  • Know what warranties are made by transferors and presenters, and understand how these warranties operate;
  • Know what events or actions discharge a signer or indorser from contractual liability.

Reading Materials: 

Quiz:

  • The Module 4 quiz covers the information found in Chapters 4, 5 and 6. The Module 4 quiz will be available on July 2nd at 8a EDT and will close on July 13th at 8p EDT. You will have 1 hour to complete the quiz after you begin. There are 25 questions. The link to the quiz will only be available during the above period.
  • Please visit the Module 4 folder in Blackboard for additional information and to complete this quiz.
  • Please review the Plagiarism page for information about what activities constitute cheating.

Module 5 (July 14th to July 22nd)

UCC Article 9: Secured Transactions

Module 5 examines the differences between secured and unsecured credit and will detail various mechanisms that are available to the creditor who wants to obtain security. These mechanisms include obtaining liens or security interests in personal or real property, sureties, and guarantors. Security interests in real property, sureties and guarantors, and common law liens on personal property will be covered in this Module, and the Uniform Commercial Code (UCC or Code) rules concerning security interests in personal property. The law covering security interests in personal property is set forth in Article 9 of the Uniform Commercial Code. Article 9, entitled Secured Transactions, applies to situations that consumers and businesspeople commonly face; for example, the financing of an automobile, the purchase of a refrigerator on a time-payment plan, or the financing of business inventory.

Learning Objectives: 

  • Understand the nature of credit and the function of security in credit transactions and also know the various types of security;
  • Recognize when and how a possessory lien is created and know the rights of the creditor and the debtor in such a security transaction;
  • Be able to distinguish a guarantor from a surety and to explain their rights and duties;
  • Understand the three real property security devices, and the rights and duties of the debtor and the creditor under each device;
  • Know the formalities required for foreclosure and sale;
  • Recognize the trend toward affording the buyer under a land contract the same rights as the buyer under a mortgage;
  • Understand mechanic’s and material man’s liens, including how they are created and the rights they create;
  • Know how a security interest is created under Article 9 of the Code, and what collateral can be covered by a security interest;
  • Understand the role of perfection in a creditor’s obtaining priority, and realize that perfection does not always give a creditor priority;
  • Know the priority rules that determine who among creditors and others with claims to the collateral has priority to the collateral and understand the basic priority rules;
  • Know the rights and responsibilities of the debtor and the creditor upon default;
  • Understand the special rights and responsibilities of creditors and debtors when a bulk transfer occurs.

Reading Materials: 

Quiz:

  • The Module 5 quiz covers the information found in Chapters 8 and 9. The Module 5 quiz will be available on July 14th at 8a EDT and will close on July 22nd at 8p EDT. You will have 1 hour to complete the quiz after you begin. There are 25 questions. The link to the quiz will only be available during the above period.
  • Please visit the Module 5 folder in Blackboard for additional information and to complete this quiz.
  • Please review the Plagiarism page for information about what activities constitute cheating.

Module 6 (July 23rd to July 30th)

Bankruptcy; Ethics in Accounting

Module 6 will focus on the body of law and procedure that has developed to deal with the competing interests when a debtor is unable to pay his debts in a timely manner. The Bankruptcy Code is a federal law that provides an organized procedure under the supervision of a federal court for dealing with insolvent debtors. Debtors are considered insolvent if they are unable or fail to pay their debts as they become due.

This Module will also cover the general standard of performance required of professionals; professionals’ liability to their clients, especially under state law; liability to non client third parties and criminal liability of professionals. This Module also includes a review of the law protecting the integrity of communications between professionals and their clients.

Learning Objectives: 

  • Appreciate the several purposes of the bankruptcy act and how the act accomplishes these purposes;
  • Understand the alternatives available to a debtor who has difficulty meeting his financial obligations;
  • Be able to recognize voidable preferences and know how to avoid creating avoidable preferences;
  • Be aware of the protections accorded bankrupt debtors, including asset exemptions and restrictions on debt reaffirmations;
  • Know the protections accorded creditors, including nondischargeable debts and acts that bar discharge;
  • Appreciate the liquidation priorities between creditors of the bankrupt debtor;
  • Understand generally the nature of corporate reorganizations;
  • Understand the nature and rationale behind the family farm provisions in Chapter 12 of the bankruptcy act;
  • Understand the nature of consumer debt adjustments under Chapter 13 and the advantages and disadvantages of this proceeding to debtors and creditors;
  • Know the general standard of performance that the law imposes upon professionals;
  • Understand why the law usually defers to a profession in determining the general standard of performance;
  • Know the basis of a professional’s liability to her client;
  • Know the basis of a professional’s liability to non-clients;
  • Understand how current law regulates securities professionals’ conflicts of interest;
  • Know when qualified opinions and disclaimers of opinions are effective in reducing the liability of auditors of financial statements;
  • Understand the duties imposed on independent auditors by Section 404 of the Sarbanes-Oxley Act;
  • Understand the limits of the professional client privilege, especially the accountant-client privilege.

Reading Materials: 

Quiz:

  • The Module 6 quiz covers the information found in Chapters 11 and 12. The Module 6 quiz will be available on July 23rd at 8a EDT and will close on July 30th at 8p EDT. You will have 1 hour to complete the quiz after you begin. There are 25 questions. The link to the quiz will only be available during the above period.
  • Please visit the Module 6 folder in Blackboard for additional information and to complete this quiz.
  • Please review the Plagiarism page for information about what activities constitute cheating.

Exam #2 (July 31st to August 3rd)

This exam covers the materials included in Modules 4, 5 and 6. Exam #2 will be available on Sunday, July 31st at 8a EDT and will close on Wednesday, August 3rd at 8p EDT. You will complete this exam in a digital platform in Blackboard.

Please review the Plagiarism page for information about what activities constitute cheating.

Please visit the Exam #2 folder in Blackboard for additional information and to complete this exam.