Legal Issues

Category: Education

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UNIT 2: Legal Issues:

MODULE FIVE UNIT 2: Legal Issues

US Law 101:

US Law 101

Legal 101:

Legal 101 Legislation Federal State Courts Federal State Administrative Enforcement – Regulations Federal State Municipal

Build It Right:

How the law affects who you are Build It Right

Business Entities:

Business Entities Sole Proprietor Partnership Corporation Limited Liability Company Who, Why, Where


Licensing State Regulations Federal State Municipal Enforcement


Employees/Staff Employee or Independent Contractor State and Federal Laws Employee Handbook Immigration

Finding the Business:

How the law affects the business you seek Finding the Business

Estates and Wills:

Estates and Wills Probate Trusts Partition IRS

Foreclosure and Repossession:

Foreclosure and Repossession State Laws and Process Current Challenges to the Process Short Sales


Bankruptcy Chapter 7 – Liquidation Chapter 11 – Business Reorganization Chapter 12 – Family Farmer or Family Fisherman Chapter 13 – Individual Automatic Stay and Relief Conducting a Bankruptcy Auction

Contract Types:

Contract Types Offer and Acceptance - Elements of a Contract Listing Agreement Purchase and Sale Agreement Bill of Sale

Conducting the Business:

How the law affects the way you conduct the business Conducting the Business

UCC 2-328 Sale by Auction:

UCC 2-328 Sale by Auction “Uniform” law in states (not federal) Some changes from state to state Covers personal property, not real estate Section 2-328 deal with auctions Instructors who teach this need to be up on UCC 2-328 as many don’t understand it and even more violate it!

UCC 2-328 Sale by Auction:

UCC 2-328 Sale by Auction § 2-328. Sale by Auction. (1) In a sale by auction if goods are put up in lots each lot is the subject of a separate sale.

UCC 2-328 Sale by Auction:

UCC 2-328 Sale by Auction § 2-328. Sale by Auction. (2) A sale by auction is complete when the auctioneer so announces by the fall of the hammer or in other customary manner.  Where a bid is made while the hammer is falling in acceptance of a prior bid the auctioneer may in his discretion reopen the bidding or declare the goods sold under the bid on which the hammer was falling.

UCC 2-328 Sale by Auction:

UCC 2-328 Sale by Auction § 2-328. Sale by Auction. (3) Such a sale is with reserve unless the goods are in explicit terms put up without reserve.  In an auction with reserve the auctioneer may withdraw the goods at any time until he announces completion of the sale.  In an auction without reserve, after the auctioneer calls for bids on an article or lot, that article or lot cannot be withdrawn unless no bid is made within a reasonable time.  In either case a bidder may retract his bid until the auctioneer's announcement of completion of the sale, but a bidder's retraction does not revive any previous bid.

UCC 2-328 Sale by Auction:

UCC 2-328 Sale by Auction § 2-328. Sale by Auction. (4) If the auctioneer knowingly receives a bid on the seller’s behalf or the seller makes or procures such a bid, and notice has not been given that liberty for such bidding is reserved, the buyer may at his option avoid the sale or take the goods at the price of the last good faith bid prior to the completion of the sale.  This subsection shall not apply to any bid at a forced sale.

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UNIT 2: Legal Issues:


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