Case Study Kim V. Son

In: Business and Management

Submitted By JCExum987
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Case Study Kim V. Son
AC 502: Regulation
Kaplan University

March 31, 2015
In the case of Kim v. Son, Kim invested money into Stephen Son’s companies. I have to say there was not a valid consideration because in order for a consideration to be valid there are three rules that apply: 1) both individuals must receive something that is of value; 2) if a person promises to give something of significance or even value, then this would be a consideration; and 3) both individuals would have to have some kind of agreement as to what is being traded in the deal (Beatty, Samuelson, & Bredeson, 2013).
The UCC was created in 1952 in an effort to synchronize sales and other transactions in the United States. There are 9 articles of the UCC and they are: general provisions, leases, negotiable instrutments, bank deposits, fund transfers, letters of credit, bulk transfers, warehouse receipts and etc, investment securites, and lastly, secured transactions (US Legal, 2010-2014). Based on reviewing the 9 articles of the UCC, I feel that the Kim v Son case does not fall under the Uniform Commerical Code.
UCC is like a civil law which is based on a code of regulations. However, the reason the UCC was formed was because they were to establish a unity in the laws set up for the UCC. Since common law can vary based on states, it is good that the UCC has formed a code of regulations. I feel that based on the reading the Article 2 has the most significance because of the goods. Common law is basically used for all other services that do not fall under the Articles of the UCC.
According to (Beatty, Samuelson & Bredeson, 2013) the UCC oversees contracts for the sale of goods, while common law deals with the principles for contracts and the sale of services and everything else that is not is UCC related. I have to that in the case of Kim v. Son, there agreements only deals…...

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