Regarding Introduction to Business Law:
1.) What is the value of UCC provisions which differentiate between forms of acceptance and of performance under sales contracts?
2.) What social policies are served by imposition of liability for the design or the manufacture of goods?
3.) How has the banking industry evolved in the light of changing technologies?
Q.1 As per the UCC, "a definite and seasonable expression of acceptance or a written confirmation which is sent within a reasonable time operates as an acceptance even though it states terms additional to or different from those offered or agreed upon, unless acceptance is expressly made conditional on assent to the additional or different terms."
Acceptance can be made in any of the following forms –
- A definite and seasonable acceptance expression
- A written communication within a stipulated time frame
- Any other or additional terms used does not negate the acceptance unless of course the acceptance is clearly set on assent to specific terms and condition
Under the course of performance, there is a pattern of conduct which is established when a contract requires more than one performance. When a party completes one or more of a series of performances required as per the contract and the other party has no objections to the performance, a pattern is set to be established and used to interpret the parties’ intent. No specific number is required. However, the more the number of performances completed in the sales contract without objection, the more likely it is that the court will determine a pattern of interpretation.
Q2. The social policies served by liability imposition for the design and manufacture of goods could rise from defects coming out in any of the 3 categories – design defects, manufacturing defects and marketing defects. The liability imposes a restriction in the manner in which the product is sold. From a social perspective, this forces the manufacturer to include adequate warnings or instructions. This ensures safety and responsibility in important areas of social policy like wellbeing and welfare. With a law in place, it ensures social security and justice in case of any defective product releases into the market by any manufacturer. Living conditions are ensured to be better and not ruined by the launch of environmentally harmful products.
Q3. With the advent of technology, the banking industry has been revolutionized and we can summarize the way the industry has evolved in the following ways –
- Better Customer Service Delivery – No more queuing, with online banking and banks virtually on your phone through the app, has enabled millions of people around the world to get their banking tasks done in a far better and convenient manner. The technology is migrating at such a fast pace that some banks are now opting to have no physical presence and only bank on their virtual platform.
- Cyber-security and Data Protection – At the onset, the banking databases were under the constant threat of breach attack. However, technology has evolved and data protection is primary feature of any banking activity or base. With blockchain coming in, this feature is going to get enhanced further.
- Greater competition in the space with multiple players – With many players coming into the banking sector, the space has gone pretty competitive resulting in players providing better features and offerings to the clients. The ease of doing business has improved drastically and consumers are benefitting by the unique offerings of multiple players.
- Business Intelligence driving profitability for the banks – A data driven approach coming into the sector has enabled banks to connect and market their products in a better way, resulting in better conversions and profitability.
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