Assignment: Using the scenario above, give detailed answers to the following questions:
1. Does Article 2 of the Uniform Commercial Code (UCC) apply to the contracts between Grocery and its vendors? Do common law contracts apply? Explain, in detail, why or why not. …show more content…
If the depreciation exceeds the amount he paid he would not owe any more money, but he would not have any money returned either. Another possible result depends on Jeff's current age. If he has turned 18 since he purchased the vehicle, and he has made at least one payment since turning 18, then he has affirmed the contract since reaching majority and therefore no longer had the right to disaffirm.
4. Grocery has a written contract with Cereal, Inc. to purchase 20 cases of cereal per month at $22 per case. The contract does not state the types of cereal or how the 20 cases will be divided up between Grocery's 20 stores in Any State. After a flood, Cereal suffers severe water damage in its warehouse. With the exception of Soggy Flakes, Cereal does not have enough undamaged cereal to comply with its Grocery contract. On the day delivery was due, Grocery receives 10 cases of Soggy Flakes at the three stores located in My Town and two stores in Your Town. Twelve days before delivery was due, Grocery had requested, by facsimile, that 15 cases containing a variety of cereals be delivered to the five stores listed above with the remaining five cases going to Grocery's warehouse in Corp Town. Grocery wants to reject the shipments of Soggy Flakes and cancel its contract with Cereal. Discuss Grocery's rights under