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BL Unit IV Assessment 3 of 3
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Whistle Cabs, a taxi service company, has been ordered by the traffic department to update their taximeters to digital ones. Whistle Cabs decides to contract with MetersRUS, who provide digital taximeters. But to acquire it on such short notice, Whistle Cabs approaches Goldmint Bank. Goldmint Bank purchases the taximeters, and the taximeters are delivered to Whistle Cabs. The contract between Whistle Cabs and Goldmint Bank allows the taxi service company to use the taximeters for a period of time by providing monthly rentals till that period is completed. Which section of the Uniform Commercial Code will govern the contract between the parties? Why? What is the nature of the contract made between Goldmint, Whistle Cab, and MetersRUS? Your response should be at least 200 words in length. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. Any references or citations must be in APA style
Text book is The Legal Environment of Business and online commerce 7th edition by Henry R. Cheeseman
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BL UNIT IV ASSESSMENT 3
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BL UNIT IV ASSESSMENT 3
Uniform commercial code protects the sellers as well as the consumers of goods. The selling of goods may involve merchants as well as consumers (Cheeseman, 2009). Each one of these needs to be protected in their business dealings. In the scenario, we have the taxi company involving in two contracts. The bank contracts the taxi company on the funding. Therefore, it appears that the bank is the provider of the meters. On the other hand, the taxi company contracts the manufacturers of the meters. Therefore, the contract needs to protect the three participants.
The contracts between whistle cabs and Gold mint Bank is governed by the uniform commercial code (UCC) article. In article two is where there is the formulation of contracts as well as the modification of the same. The taxi company decides to contract the meter company and on realizing that they need provision of a loan they approach the bank that purchases the meters on behalf of the taxi company (Cheeseman, 2003).
The nature of business between...
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