Question

Below is a list of vocabularies, concepts, theories, and terms please answer all of them briefly.

UCC 2

Magnuson – Moss Warranty Act

Mortgage

Deed

Warranty of merchantability

Bailment

Statute of Frauds

Mitigation

Title

Novation

Assignment

Delegation

Personal Service Contract

Condition Precedent

Condition Subsequent

Substantial Performance

Waiver

Restitution

Unconscionability

Eviction

Policy

Lease

Deductible

Deficiency judgment

Liquidated damages

Unilateral contract

Bi-lateral contract

Offer

Acceptance

Consideration

Objective theory of contracts

Revocation

Counteroffer

Capacity

Legality

Ratification

Usury

Appraisal

Pledge

Undue influence

Holdover proceeding

Nonpayment proceeding

Petitioner

Respondent

Anticipatory repudiation

Statute of limitations

Statute of repose

Bankruptcy

Chapter 7

Chapter 11

Automatic stay

Garnishment

Exempt property

License

Policy

Premium

Testator

Administrator

Executor

Answer 1

Solution UCC 2: Uniform Commercial Code (UCC) was first published in 1952 with the goal of harmonizing the (52) state laws of sales and other commercial transactions across United States. UCC article 2 applies to sale of goods in the form of conditional contact. The Sale is intended to operate only on security transaction. This article does not modify any Ats related to Sales to consumer, or Magnuson-Mos rranty Act: This federal law was enacted in 1975 to govern warranties on consumer products. The law states that the products need not sold with warranties. However, if products are sold on warranties then it must comply with the laws pertaining to warranties. The Act is framed to avoid unfair trade practices involved by the manufacturers using diclaimers on warranties. It requires the disclosure of warranty terms and condtions to the extent of the rules required by the Federal Trade Commission. Any consumer products that costs more than $5 and has a warrant requires to disclosure of the warranty condition. Mortgage: Secured loan taken by the property owner by putting a lien on the property being mortgaged. It gives the right to the lender to sell the secured or (mortgaged) property to clear the debt incase the borrower defaults on paying the loan amount. Deed :A deed is a legal instrument that is usually used in transferring the title of property. The legal instrument attached to the property documents confirms or affirms the right on the property that is transferred Warranty of Merchantability : This warranty quarantees that the product sold to customer will work for the intended purpose. It is also know as Implied Warranty. It is called implied warranty because the warranty exists without the need to be expressed in writing or spoken. Bailment: In Bailment, there is no transfer of ownership when the property is transferred from one person to another. It is an act wher only the property is transferred but not the ownership Statute of Frauds: It requires any contract which has a value more than $ 500, must be executed in writing. Contracts such as sale of land or any contract which is more than 1 year Mitigation : Mitigation is concept used in Insurance industry. It helps in avoiding unnecessary losses or reduce the risk of loss from the occurrence of any unseen event

Title: The term title means the name on a Particular property. Novation: The term novation is used in a contract, when the contract is substituted for an old contract. When a new contract comes in place of an old contract. Assigment:It is a work delgated or allocated to someone. Delegation : It is body or a person who undertakes an action to be completed. Personal Service Contract: It is a contract agreement between an employer and an employee. Usually Personal service contact is referred to Government employees. This contract offers terms and condition between the employer and employee Condition Precedent: It is a event that should take place before the other party in the contract can perform his part as mentioned in the contract or agreement between them. Condition Subsequent: It is an action that should occur or failed to continue to occur, that will bring an end to ones legal rights and duties in an agreement or contract. Substantial Performance: It is referred to as an degree of completion in a contract which is not full and complete performance. However, the competion is considered to be so close enough that would be unfair to deny the payment terms. Wavier: Wavier is way of exempting from certain regulation by Regulatory Authorities. It can be also considered as voluntary relinqushment of rights and privilege. da ofretuming or estoratnfoet one whenthe property s stolen or

Unconscionability: An Unconsicionabe contract is considered as a void contract. It is considered to be void because the terms are unfair to one party, therefore this contract cannot be enforceable by law. Eviction: It is considered as an legal action that takes place when an landlord removes the tenant from his rental property. Policy: t is considered as a set of rules and guidelines formulated by an organization. A policy is framed with the intention of meeting the long term goals Lease: A Lease is considered as an agreement between two paries. Where one party agrees to transfer the right to use the property to the other party for a certain period of time in exchage of a consideration or payment. The lease agreement may also provide the right to transfer the ownership of the property by the end of lease agreement. Deductible : A deductible is a payment in a Insurance policy agreement where the policy owner agrees to pay an amount before the insurance company pays for the insurance coverage. Deficiency Judgement: It is a judgement passed by the court against the debtor to sell the property to pay back the loan. Liquidated Damage: In case of breach of contract, there will be a liquidated clause in the contract to cover the damage that need to be paid to the injured party. Unilateral Contract: It is a contract between two parties, where there is an exchange of promise for a promise between the parities. The parties are not binding agreement. B-al Contract: In bilateral contact two parties need to perform an act in exchange for a consideration. Offer: An offer can be considered as an conderation where one agrees or offers to do something for an consideration. Acceptance : An acceptance is considered as an act of consent to an offer Consideration: An consideration is considered as an remuneration or compensation paid in exchage of the offer.