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Home » Commercial Transactions (formerly UCC)
C. Jeffrey Thompson
Presented by C. Jeffrey Thompson
A franchise is a complex business arrangement governed by both federal and state law. It is a concept that is familiar to most people in the retail store context. However, franchising has a broader definition than is commonly understood. Under the Amended FTC Franchise Rule (the “FTC Rule”) a franchise is not determined by the business format, or whether the parties call their relationship a “franchise” or a “license,” or by a different name, but generally whether or not the following three elements are present in the transaction: 1) the license or grant of a right to use another’s (the licensor’s) intellectual property;
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Steven A. Clayton
Presented by Steven A. Clayton
The ability of individuals and businesses to build off of each other’s strengths through the formation of legally enforceable agreements, contracts, has greatly enhanced the progress, specialization and economic prosperity of our modern age.2 Contracts, in the entrepreneurial setting, permit an entrepreneur with an improved idea to rapidly “outsource” and build off of the work, experience, specialties and strengths of others and meet the holistic needs of a business operation including suppliers, manufacturers, marketers, retailers, personnel, professional consultants and the like.
Kevin N. Anderson
Presented by Kevin N. Anderson
“Commercial contracts” is a broad term. In this chapter it refers to contracts for the sale2 of goods.3 Such contracts typically are governed by Article 2 of the Uniform Commercial Code (UCC). Utah Code Ann. § 70A-2-102. This discussion of commercial contracts is not intended to be a definitive treatise on Article 2 of the UCC, but instead highlight some practical issues that arise in contracts that are subject to the UCC.
Matthew L. Anderson
Presented by Matthew L. Anderson
In order to adequately understand how a contract is formed, defining what a contract is will be helpful. There are many definitions of a contract but a simple definition sufficient for this chapter is an enforceable agreement reflecting terms of an exchange of value. Thus, a contract is formed when there is (1) an agreement; (2) for exchange of value; and (3) sufficient terms.
Andrew B. Sellers
Presented by Andrew B. Sellers
You’ve almost landed your first major customer/supplier after a long road of struggles. It’s been tough, maybe the toughest thing you’ve done. Most don’t understand the level of commitment necessary and the true extent of your sacrifice. But wait, you are staring down a 32 page agreement with pen in hand. Half the language makes no sense and the other half doesn’t sound nice. Your smaller customers/suppliers haven’t demanded a contract. This contract seems like a hurdle, a task, a chore, something in your way that is stopping you from closing the deal. But it’s not.