Quiz Assignment Example | Topics and Well Written Essays - 1000 words - 2

Quiz - Assignment Example In order to identify with the UCC contract, the product that the parties exchange must exist, in the current case the product is the jet-ski. Article 2 of UCC governs every phase of transactions and describes remedies for problems that might arise. The contract involving Andy and the local Kawaskai dealership is effective when the parties exchange goods under the Uniform Commercial Code provisions. Unfortunately, the product broke down the second day. Andy decides to return the product back to the seller. The dealer refuses to refund the money that Andy demands (LII 1). The UCC has a clear description and remedies for problems that might arise in transactions. The law has a provision for warranty stating that a buyer can return goods to the seller in case the goods prove to be faulty within a specific period. Provisions for a warranty allow for replacement in case of a faulty product acquired from the buyer. The law only entitles Andy to get a replacement for goods and not receive a refund of the money. Andy’s action is unjustified and should only get a replacement for the jet-ski since he had entered into a contract. Section 2-725, is the Statute of limitation in the contract for sale. The law clarifies that parties must clarify any action of breach of contract within four years after initiating the course of action. Otherwise, the parties can as well shorten the time limitation to a period not less a year. The statement connotes that the buyer must notify the seller of any breach of contract within a specific period. The buyer and the seller can adjust the period from four years to not less than one year. Within the period, the buyer can notify the seller for any breach of contract. In section 2-601, there are provisions on breach in installment contracts that provide the buyer some rights on improper delivery. The provisions are, however, subject to sections of contractual limitations of remedy. If the seller declines to conform to all

BME0006 Emerging and Alternative Financial Markets Essay

BME0006 Emerging and Alternative Financial Markets - Essay Example Firstly, it should give a first priority to the needs of the consumer. It has to ensure that the consumers are provided with the best services in a given market as they necessarily dictate the success of every business organization (McVea, 2002, p.6). The mechanism should also ensure high degree of integrity and accountability. Some of the events that are witnessed in the economic study are those that follow certain cycles and need to be studied chronologically so that their adverse effects are not felt repeatedly. Others may not follow any definite patterns and corrective procedures need to be adopted whenever such events are recorded. The regulatory measures that are to be adopted in the financial services should be those that respond differently to each of the emerging situations as per the specific requirements of the situation (Consumer Focus, 2010, p.4). The regulatory approach that is to be adopted after a given financial crisis should be different from the previous approaches and it depends on the current situations that are experienced. A good regulatory procedure on financial services thus responds to the prevailing financial crisis and mitigates the occurrence of future crises (Consumer Focus, 2010, p.2).It should be aimed at developing a competitive market that attracts more investors and focuses solely on the needs of the customers. The anticipated market should be that which allows for the invention innovation by the investing organizations. There are various financial regulatory bodies in the United Kingdom. The main regulatory body is the Financial Services Authority and which provides various regulatory provisions (Great Britain, 2005, p.37; Jaffer, 2005, p.134). The problem that arises is then how to collect the divergent views of the regulatory agencies ad channel them towards the same statutory objective (Consumer Focus, 2010, p.5). The UK Financial Services has had various developments that are geared towards the regulating the provision of financial services in the region. The UK Financial Services Authority has put more emphasis on regulatory measures based on policies and principles. The authority issued a policy statement in July 2007 that was in line with the policy that it had developed the previous year in regard to the principles and rules that govern business conduct by various investment companies (London Update, 2007, p.1). The revised policy would ensure the implementation of the ‘the relevant provisions of the EU Markets in Financial Instruments Directive (MiFID) as well as non MiFID Conduct of Business Rules’ (London Update, 2007, p.1). The issue of corporate governance is another approach towards the regulation of the provision of financial services that have been applied in the UK. The investment companies in the UK need to learn and adopt a code of corporate governance in an attempt to comply with the rules and provisions given. The Association of Investment Companies (AIC) gave out a gui de on Corporate Governance to its members in June 2007 that included both the AIC code and the UK combined code on Corporate Governance (London Update, 2007, p.1). Deceptive misstatements in the regular disclosure to the market have also been another issue in the UK financial sector. There have been various legal provisions that govern who are to be held responsible for such misstatement in the market. Section