What is the relationship among contract law, the UCC, and commercial law? Why is it important for purchasing managers to understand legal issues? Isn’t that what lawyers are for?
Business law is the law which controls the communication of how companies enter into agreements with one another, the way the agreements are made, and resolutions to deal with any problems that crop up in the contracting procedure. Contract law is the law which controls contracts (verbal and written) linked to the exchange of products, services, and funds. The 3 factors of an agreement are offer, approval, and consideration. In case one of these factors is absent in that case no agreement exists. The Uniform Commercial Code (UCC) is laws which manage commercial dealings for example sale of products, guaranteed dealings, and bank transactions. The UCC doesn't affect global agreements. The UCC works as a basis for agreement and business law.
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