Why is it important to have the option of a substitute for cash as payment in a
Question:
Why is it important to have the option of a substitute for cash as payment in a contract? . In what ways is a negotiable instrument a substitute for cash? After a sales contract is formed, it is up to the buyer to pay for their purchase. Payments usually occur in one of three ways: cash, credit, or a substitute for cash. It is the substitute for cash that requires negotiable instrumentsIn what ways is cash a superior form of payment? In what ways is a negotiable instrument a superior form of payment?1. Farmer Freddie owns an Alpaca Farm in western part of New Jersey. The Freddie Family Farm raises Alpaca primarily to make fiber from their coats, but also opens the farm for tours and Alpaca cuddles. The farm is so successful that Freddie is seeking to add to the herd. To achieve this, Freddie attended an Alpaca auction and acquired two young male alpacas around 9 months of age for breeding purposes from Alpaca's-R-Us. When selecting the two animals he would ultimately acquire, Farmer Freddie told Alpacas-R-Us of his need for Alpacas suitable for breeding. Freddie named one of the animals "Herdsire" and the other "Macho." Does this transaction fall under the UCC? Why or why not? What warranties, if any, apply to this transaction?
Business Law Principles for Today's Commercial Environment
ISBN: 978-1305575158
5th edition
Authors: David P. Twomey, Marianne M. Jennings, Stephanie M Greene