This badge course provides an introduction to the law of the Uniform Commercial Code (UCC) in two foundational components related to credit management, the law of sales and leases (Articles 2 and 2A of the UCC) and the law of negotiable instruments and bank deposit & collection (Articles 3 and 4). The UCC is adopted in full in virtually all of the states of the United States and forms the most comprehensive framework for commercial transactions involving movable assets. All parts of those assets’ movement – from the sale of such assets to how commercial paper and negotiable documents support their acquisition and transfer of ownership – is governed by the law of the UCC. The states’ cohesion around the UCC as a source of law creates a conducive channel for the free flow of goods and credit decisions surrounding their movement.
In this course, students will:
- Understand the general coverage and applicability of the Uniform Commercial Code, particularly in the realm of credit management and credit decisions.
- Analyze the types of contracts governed by the UCC and any contract law rules particular to UCC transactions including offer, acceptance, object and consideration.
- Evaluate credit risk in the context of seller or buyer risk of loss, ability to perform and remedies for sales contract breach.
- Analyze the law of commercial paper, negotiable instruments and banking transactions as it relates to making credit decisions.
Successful completion of this badge awards 0.5 online hours of credit. Workload for completion is based on the expectation that students will spend a minimum of 7.5 hours in instruction over the length of the badge and an additional 15 hours on preparation, readings, studying, writing, research and other assignments as determined by the badge instructor.
Activities will involve working online, participating in asynchronous activities, and other offline work.
Grading Scale: Badge/No Badge
Evaluation: For this badge course, a student must obtain at least an 85% score overall on performance on the three checkpoint quizzes. Schedule of module lessons and quizzes are at the end of this syllabus.