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- Uniform Commercial Code (5)
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Articles 1 - 8 of 8
Full-Text Articles in Law
The Labor Court Idea, R. W. Fleming
The Labor Court Idea, R. W. Fleming
Michigan Law Review
When the War Labor Board first began to exert pressure on companies and unions to adopt grievance arbitration clauses during World War II, there was a considerable hesitance on both sides. Both groups worried that while third party decision making might momentarily improve productive efficiency, it would do so at the price of a long-run loss in institutional integrity and autonomy, and peace at any price held little fascination for either side. Nevertheless, grievance arbitration was accepted and gradually became the normal mechanism for resolving contractual disputes in the United States.
Government Contracts-Adoption Of Uniform Commercial Code As The Applicable Federal Law In An Action For Breach Of Government Contract-United States V. Wegematic Corp., Michigan Law Review
Government Contracts-Adoption Of Uniform Commercial Code As The Applicable Federal Law In An Action For Breach Of Government Contract-United States V. Wegematic Corp., Michigan Law Review
Michigan Law Review
Appellant contracted to supply the Federal Reserve Board with a "truly revolutionary" electronic digital computing system. After twice requesting postponement of the delivery date, appellant informed the Board that delivery under the terms of the contract would be impracticable because of unforeseen engineering difficulties that would require at least one year and one million dollars to overcome. Appellant asked for cancellation of the contract, but the Board refused and brought a suit for damages. Both parties conceded that federal law governed the action; appellant, however, argued that section 2-615 of the Uniform Commercial Code (Code) should be adopted as the …
Secured Transactions-Insurance-A Security Interest In The "Proceeds" Of Secured Collateral Does Not Include Insurance Proceeds-Universal C.I.T. Corp. V. Prudential Investment Corp., Michigan Law Review
Secured Transactions-Insurance-A Security Interest In The "Proceeds" Of Secured Collateral Does Not Include Insurance Proceeds-Universal C.I.T. Corp. V. Prudential Investment Corp., Michigan Law Review
Michigan Law Review
In return for a loan, a debtor executed a promissory note to codefendant, Prudential Investment Corporation, and entered into a written agreement to secure this note, designating as collateral a semi-tractor and the proceeds therefrom. Under this type of arrangement, Prudential's security interest would attach automatically to any property received from a sale, exchange, or other disposition of the tractor. Petitioner, Universal C.I.T. Corp., held the conditional sales contract which was executed in financing the purchase of the tractor and was named as loss payee in the insurance contract covering the tractor. When the tractor was totally destroyed, petitioner collected …
Reformation And The Parol Evidence Rule, George E. Palmer
Reformation And The Parol Evidence Rule, George E. Palmer
Michigan Law Review
The parol evidence rule of itself is never an obstacle to reformation, provided there is satisfactory evidence of a mistake in integration. If the parties intend to express the terms of a transaction in a writing, which is then to be looked to as the sole repository of those terms, the longstanding tradition of the law courts, described as the parol evidence rule, has been that the writing is controlling. If through mistake the writing failed to express correctly what the parties meant to express, the law courts still regarded the written word as decisive, but it has been recognized …
Actions On Commercial Paper: Holder's Procedural Advantages Under Article Three, Stanley V. Kinyon
Actions On Commercial Paper: Holder's Procedural Advantages Under Article Three, Stanley V. Kinyon
Michigan Law Review
The discussion will also be concerned primarily with the usual action "on the instrument": an action by the holder to enforce payment by a person who has signed it as maker, acceptor, certifier, drawer, indorser, or guarantor and has thus become "liable on" it. These instruments, of course, may be involved in other types of actions, such as: an action for conversion of the instrument (section 3-419); an action to recover damages for breach of the warranties of a collector or transferor (sections 3-417 and 4-207); an action to compel indorsement (section 3-201); an action to enjoin payment (section 5-114(2)(b)); …
Protection Of The Installment Buyer Of Goods Under The Uniform Commercial Code, Robert H. Skilton, Orrin L. Helstad
Protection Of The Installment Buyer Of Goods Under The Uniform Commercial Code, Robert H. Skilton, Orrin L. Helstad
Michigan Law Review
The present topic for discussion, protection of the installment buyer under the Code, is part of a larger topic-protection of the consumer under the Code. The remarks that follow sometimes apply generally to the status of the consumer under the Code. There are times when no distinction should be made between our model installment buyer and other consumer buyers.
Article Eight: A Premise And Three Problems, Ernest L. Folk Iii
Article Eight: A Premise And Three Problems, Ernest L. Folk Iii
Michigan Law Review
This essay concerns itself with a basic premise and three problems concerning investment securities under Article Eight of the Uniform Commercial Code (Code). Although some amount of relevant exposition is necessary to make the arguments intelligible, general familiarity with the essentials of the Code's treatment of investment securities is assumed.
Reformation And The Statute Of Frauds, George E. Palmer
Reformation And The Statute Of Frauds, George E. Palmer
Michigan Law Review
There is unnecessary confusion and difference of opinion over the effect of the statute of frauds as a bar to reformation that would otherwise be available in connection with bargain transactions. Both the confusion and the conflict could be eliminated if it were clearly perceived that a decree of reformation is not the enforcement of an oral contract. Instead, it is a correction of the writing in question, or more basically a recognition that the legally significant agreement is the one the parties intended to express or describe in the writing. It is a separate question whether the writing as …