Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Marty, who owns 500 acres of land in east Texas, has just discovered oil under his property. He calls OilBeMine, who wants to buy all

Marty, who owns 500 acres of land in east Texas, has just discovered oil under his property. He calls OilBeMine, who wants to buy all of the oil from Marty's property. Marty is thrilled about the money he will make from selling the oil and he signs a contract allowing OilBeMine to set up a drilling station on his property. Thinking he can get more money off his land, Marty cuts down all of his trees with a chainsaw and then sells them to PaperCo to be made into paper. Meanwhile, Marty's neighbor offers to buy Marty's wheat crop after it is harvested in the Fall, and Marty agrees.

A. Is Marty's contract with OilBeMine likely covered by the UCC? Please be sure that your answer states the applicable rule and provide an analysis of the facts to the rule.

B. Is Marty's contract for PaperCo to purchase his trees covered by the UCC? Please be sure that your answer states the applicable rule and provide an analysis of the facts to the rule.

C. Is Marty's contract for Winslow to purchase his wheat crop covered by the UCC? Please be sure that your answer states the applicable rule and provide an analysis of the facts to the rule.

Step by Step Solution

3.42 Rating (155 Votes )

There are 3 Steps involved in it

Step: 1

The correct answer is Option C No because Marty has sold OilEx the right to come onto his property ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Concepts In Federal Taxation

Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher

19th Edition

978-0324379556, 324379552, 978-1111579876

More Books

Students also viewed these Finance questions

Question

please do energy balance . C4H10(g)+13/2O2(g)4CO3(g)+5H2O(v)

Answered: 1 week ago

Question

Victim/Persecutor/Rescuer positions?

Answered: 1 week ago