Businesses often deal in large sums of money, valuable real estate and other significant assets. The larger the firms, the higher the price tags and the greater the risk if anything goes wrong. The Uniform Commercial Code is in place to aid and protect businesses during these transactions. Business owners in New Jersey and New York should be aware of this whenever they engage in a commercial transaction.
When engaging in business transactions, you tend to expect the people you are dealing with to honor their side of the agreement. When parties involved in such transactions behave dishonestly, it can be highly detrimental to the business deal and to the companies involved. The Uniform Commercial Code is in place to provide standards for business transactions by which all companies must abide. The UCC is in effect in almost every state, including New Jersey and New York.
With the exception of one state, all states in the country follow the Uniform Commercial Code or UCC, including New Jersey. According to USLegal, the UCC governs buying and selling of goods and services across the state lines, hence making it easier to manage interstate sales and transactions. Complying with the UCC or any set of regulations may not always be easy, considering that it covers a wide variety of topics in business and commercial transactions. Even huge multinational companies are subject to lawsuits for violating the code.
Miramax LLC is currently involved in a law suit against New Line Cinema Corporation and Warner Brothers Entertainment Inc. over Peter Jackson’s newest foray into Tolkien’s Middle-earth. Miramax initially acquired the film rights to Tolkien’s work back in the ’90s. They relinquished the rights to New Line Cinema through a signed agreement. Miramax is claiming that they were owed royalties on the subsequent Hobbit movies based on the agreement signed back in 1998.
Imagine walking outside of your home in New Jersey and realizing that your vehicle was missing. You panic and think that it may have been stolen by a thief. But another option exists that probably seems less likely. Your car could have been repossessed by the bank if you missed a few payments on your vehicle loan.