USA Laws

President Trump’s Cabinet

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Established under Article II, Section 2 of the Constitution. The Cabinet’s role is to advise the President on any subject he may require relating to the duties of each member’s respective office.

President Donald J. Trump’s Cabinet includes Vice President Mike Pence and the heads of the 15 executive departments –

the Secretaries of Agriculture, Commerce, Defense, Education, Energy, Health and Human Services, Homeland Security, Housing and Urban Development, Interior, Labor, State, Transportation, Treasury, and Veterans Affairs, and the Attorney General.

Additionally, the Cabinet includes the White House Chief of Staff and heads of the Environmental Protection Agency, Office of Management and Budget, United States Trade Representative, United States Mission to the United Nations, and Small Business Administration.

The Cabinet

  1. Administrator of the Small Business Administration Linda E. McMahon
  2. Director of National Intelligence Daniel Coats
  3. Director of the Central Intelligence Agency Gina Haspel
  4. Director of the Office of Management and Budget Mick Mulvaney
  5. Representative of the United States to the United Nations Nikki R. Haley
  6. Secretary of Agriculture Sonny Perdue
  7. Secretary of Commerce Wilbur L. Ross, Jr.
  8. Secretary of Defense James Mattis
  9. Secretary of Education Elisabeth Prince DeVos
  10. Secretary of Energy James Richard Perry
  11. Secretary of Health and Human Services Alex Azar
  12. Secretary of Homeland Security Kirstjen Nielsen
  13. Secretary of Housing and Urban Development Benjamin S. Carson, Sr.
  14. Secretary of the Interior Ryan Zinke
  15. Secretary of Labor Alexander Acosta
  16. Secretary of State Mike Pompeo
  17. Secretary of Transportation Elaine L. Chao
  18. Secretary of the Treasury Steven T. Mnuchin
  19. Secretary of Veterans Affairs Robert Wilkie
  20. U.S. Trade Representative Robert Lighthizer
  21. Vice President Michael R. Pence
  22. White House Chief of Staff John F. Kelly

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The Laws and Rules of Securities Industry United States[SEC]

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What is security:-

The term ‘‘security’’ means any note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of interest or participation
in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a ‘‘security’’, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing. [SECURITIES ACT OF 1933 ] Continue reading →

Code of Laws of the United States- United States Code- U.S. Code- U.S.C.- USC

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Codified and collected  54 Titles of Law. Titles 1–54, excepting Title 53, only “general and permanent” laws are codified in the United States Code. The U.S. Code was first published in 1926, subsequent main editions have been published every six years since 1934. Of the 53 titles, the following titles have been enacted into positive (statutory) law: 1, 3, 4, 5, 9, 10, 11, 13, 14, 17, 18, 23, 28, 31, 32, 35, 36, 37, 38, 39, 40, 41, 44, 46, 49, 51, and 54. When a title of the Code was enacted into positive law, the text of the title became legal evidence of the law. Titles that have not been enacted into positive law are only prima facie evidence of the law.  Continue reading →

U.C.C. – ARTICLE 2 – SALES (2002)

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Uniform Commercial Code—sales

DMR

PART 1. SHORT TITLE, GENERAL CONSTRUCTION AND SUBJECT MATTER

2-101. Short Title.
2-102. Scope; Certain Security and Other Transactions Excluded From This Article.
2-103. Definitions and Index of Definitions.
2-104. Definitions: “Merchant”; “Between Merchants”; “Financing Agency”.
2-105. Definitions: Transferability; “Goods”; “Future” Goods; “Lot”; “Commercial Unit”.
2-106. Definitions: “Contract”; “Agreement”; “Contract for sale”; “Sale”; “Present sale”; “Conforming” to Contract; “Termination”; “Cancellation”.
2-107. Goods to Be Severed From Realty: Recording.

PART 2. FORM, FORMATION AND READJUSTMENT OF CONTRACT

2-201. Formal Requirements; Statute of Frauds.
2-202. Final Written Expression: Parol or Extrinsic Evidence.
2-203. Seals Inoperative.
2-204. Formation in General.
2-205. Firm Offers.
2-206. Offer and Acceptance in Formation of Contract.
2-207. Additional Terms in Acceptance or Confirmation.
2-208. Course of Performance or Practical Construction.
2-209. Modification, Rescission and Waiver.
2-210. Delegation of Performance; Assignment of Rights.

PART 3. GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT

2-301. General Obligations of Parties.
2-302. Unconscionable contract or Clause.
2-303. Allocation or Division of Risks.
2-304. Price Payable in Money, Goods, Realty, or Otherwise.
2-305. Open Price Term.
2-306. Output, Requirements and Exclusive Dealings.
2-307. Delivery in Single Lot or Several Lots.
2-308. Absence of Specified Place for Delivery.
2-309. Absence of Specific Time Provisions; Notice of Termination.
2-310. Open Time for Payment or Running of Credit; Authority to Ship Under Reservation.
2-311. Options and Cooperation Respecting Performance.
2-312. Warranty of Title and Against Infringement; Buyer’s Obligation Against Infringement.
2-313. Express Warranties by Affirmation, Promise, Description, Sample.
2-314. Implied Warranty: Merchantability; Usage of Trade.
2-315. Implied Warranty: Fitness for Particular Purpose.
2-316. Exclusion or Modification of Warranties.
2-317. Cumulation and Conflict of Warranties Express or Implied.
2-318. Third Party Beneficiaries of Warranties Express or Implied.
2-319. F.O.B. and F.A.S. Terms.
2-320. C.I.F. and C. & F. Terms.
2-321. C.I.F. or C. & F.: “Net Landed Weights”; “Payment on Arrival”; Warranty of Condition on Arrival.
2-322. Delivery “Ex-Ship”.
2-323. Form of Bill of Lading Required in Overseas Shipment; “Overseas”.
2-324. “No Arrival, No sale” Term.
2-325. “Letter of Credit” Term; “Confirmed Credit”.
2-326. Sale on Approval and Sale or Return; Consignment Sales and Rights of Creditors.
2-327. Special Incidents of Sale on Approval and Sale or Return.
2-328. Sale by Auction.

PART 4. TITLE, CREDITORS AND GOOD FAITH PURCHASERS

2-401. Passing of Title; Reservation for Security; Limited Application of This Section.
2-402. Rights of Seller’s Creditors Against Sold Goods.
2-403. Power to Transfer; Good Faith Purchase of Goods; “Entrusting”.

PART 5. PERFORMANCE

2-501. Insurable Interest in Goods; Manner of Identification of Goods.
2-502. Buyer’s Right to Goods on Seller’s Insolvency.
2-503. Manner of Seller’s Tender of Delivery.
2-504. Shipment by Seller.
2-505. Seller’s Shipment Under Reservation.
2-506. Rights of Financing agency.
2-507. Effect of Seller’s Tender; Delivery on Condition.
2-508. Cure by Seller of Improper Tender or Delivery; Replacement.
2-509. Risk of Loss in the Absence of Breach.
2-510. Effect of Breach on Risk of Loss.
2-511. Tender of Payment by Buyer; Payment by Check.
2-512. Payment by Buyer Before Inspection.
2-513. Buyer’s Right to Inspection of Goods.
2-514. When Documents Deliverable on Acceptance; When on Payment.
2-515. Preserving Evidence of Goods in Dispute.

PART 6. BREACH, REPUDIATION AND EXCUSE

2-601. Buyer’s Rights on Improper Delivery.
2-602. Manner and Effect of Rightful Rejection.
2-603. Merchant Buyer’s Duties as to Rightfully Rejected Goods.
2-604. Buyer’s Options as to Salvage of Rightfully Rejected Goods.
2-605. Waiver of Buyer’s Objections by Failure to Particularize.
2-606. What Constitutes Acceptance of Goods.
2-607. Effect of Acceptance; Notice of Breach; Burden of Establishing Breach After Acceptance; Notice of Claim or Litigation to Person Answerable Over.
2-608. Revocation of Acceptance in Whole or in Part.
2-609. Right to Adequate Assurance of Performance.
2-610. Anticipatory Repudiation.
2-611. Retraction of Anticipatory Repudiation.
2-612. “Installment contract”; Breach.
2-613. Casualty to Identified Goods.
2-614. Substituted Performance.
2-615. Excuse by Failure of Presupposed Conditions.
2-616. Procedure on Notice Claiming Excuse.

PART 7. REMEDIES

2-701. Remedies for Breach of Collateral contracts Not Impaired.
2-702. Seller’s Remedies on Discovery of Buyer’s Insolvency.
2-703. Seller’s Remedies in General.
2-704. Seller’s Right to Identify Goods to the Contract Notwithstanding Breach or to Salvage Unfinished Goods.
2-705. Seller’s Stoppage of Delivery in Transit or Otherwise.
2-706. Seller’s Resale Including Contract for Resale.
2-707. “Person in the Position of a Seller”.
2-708. Seller’s Damages for Non-acceptance or Repudiation.
2-709. Action for the Price.
2-710. Seller’s Incidental Damages.
2-711. Buyer’s Remedies in General; Buyer’s Security Interest in Rejected Goods.
2-712. “Cover”; Buyer’s Procurement of Substitute Goods.
2-713. Buyer’s Damages for Non-delivery or Repudiation.
2-714. Buyer’s Damages for Breach in Regard to Accepted Goods.
2-715. Buyer’s Incidental and Consequential Damages.
2-716. Buyer’s Right to Specific Performance or Replevin.
2-717. Deduction of Damages From the Price.
2-718. Liquidation or Limitation of Damages; Deposits.
2-719. Contractual Modification or Limitation of Remedy.
2-720. Effect of “Cancellation” or “Rescission” on Claims for Antecedent Breach.
2-721. Remedies for Fraud.
2-722. Who Can Sue Third Parties for Injury to Goods.
2-723. Proof of Market Price: Time and Place.
2-724. Admissibility of Market Quotations.
2-725. Statute of Limitations in Contracts for Sale.

 

Uniform Commercial Code-Act 174 of 1962

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DMR

Commercial codes govern business and commercial transactions in USA and ratified most of the States. The objective of the Code has been stated below:-

“AN ACT to enact the uniform commercial code, relating to certain commercial transactions in or regarding personal property and contracts and other documents concerning them, including sales, commercial paper, bank deposits and collections, letters of credit, bulk transfers, warehouse receipts, bills of lading, other documents of title, investment securities, leases, and secured transactions, including certain sales of accounts, chattel paper and contract rights; to provide for public notice to third parties in certain circumstances; to regulate procedure, evidence and damages in certain court actions involving such transactions, contracts or documents; to make uniform the law with respect thereto; to make an appropriation; to provide penalties; and to repeal certain acts and parts of acts”.

Structure of the Law under  UCC

Following transactions have been collected in the code within a specific Article( 1 to 9)

Article – General Provisions

  • Sales (Amended Article 2);
  • Leases (Amended Article 2A);
  • Negotiable Instruments, previously known as Commercial Paper (Revised Article 3);
  • Bank Deposits and Collections (Amended Article 4);
  • Funds Transfers (Article 4A);
  • Letters of Credit (Revised Article 5);
  • Bulk Sales, previously known as Bulk Transfers (Revised Article 6);
  • Documents of Title (Revised Article 7);
  • Investment Securities (Revised Article 8); and
  • Secured Transactions (Revised Article 9).

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