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Some of the categories of contracts covered by common law include: This can be revoked if a defect is later discovered that substantially impairs value. ![]() If the goods are not rejected within a reasonable amount of time they are considered to be accepted. If a delivery does not meet established standards and the value is decreased as a result, it can be rejected. The inspection may happen after delivery and before the goods are paid for and can include a thorough examination as well as samples and lab tests. Under the UCC, the buyer has the right to inspect the goods in question, accept or reject the offer, and revoke his or her acceptance. Movable goods sales and purchases are covered by the UCC, including but not limited to crops, timber, minerals, and shipments of goods between companies and consumers. This code was published as an attempt to standardize the laws across all 50 U.S. Regardless of what laws contracts fall under, they share the requirements to have an offer that is accepted by another person or entity in exchange for something of value, called consideration. ![]() Purchase of goods and other tangible objects is governed by the UCC. ![]() Some of the transactions governed by common law include employment, intangible assets, insurance, service provision, and real estate. UCC is the difference between legal agreements governed by case law and those dictated by the Uniform Commercial Code.
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