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I. [§ 3.1.1] IntroductionA. [§ 3.1.2] Scope of ChapterB. [§ 3.1.3] Sources of Wisconsin LawC. [§ 3.1.4] Definition of a Contract; Agreement
Contrasted
II. [§ 3.1.5] Principles of Contract: Freedom of Contractand Choice of Law
A. [§ 3.1.6] Freedom of ContractB. [§ 3.1.7] Choice of Law
III. [§ 3.1.8] Types of ContractsA. [§ 3.1.9] Express ContractsB. [§ 3.1.10] Implied ContractsC. [§ 3.1.11] Electronic Transactions—The Uniform
Electronic Transactions Act (UETA)
IV. [§ 3.1.12] Formation of the AgreementA. [§ 3.1.13] Manifestation of AssentB. [§ 3.1.14] The Offer
1. [§ 3.1.15] Elements2. [§ 3.1.16] Duration of the Offeree’s Power of
AcceptanceC. [§ 3.1.17] Acceptance
1. [§ 3.1.18] In General2. [§ 3.1.19] Acceptance with Varying Terms3. [§ 3.1.20] Methods of Acceptance4. [§ 3.1.21] Communication of Acceptance5. [§ 3.1.22] Silence as a Means of Acceptance
D. [§ 3.1.23] Consideration1. [§ 3.1.24] Contracts with Consideration2. [§ 3.1.25] Modification of the Contract
a. [§ 3.1.75] In Generalb. [§ 3.1.76] Statute of Limitationc. [§ 3.1.77] Liquidated Damagesd. [§ 3.1.78] Economic Loss Doctrinee. [§ 3.1.79] Mitigation of Damages
I. [§ 3.3.1] General ConstructionA. [§ 3.3.2] Scope of Chapter; Code by AnalogyB. [§ 3.3.3] Source of Wisconsin LawC. [§ 3.3.4] Supplemental PrinciplesD. [§ 3.3.5] Choice of LawE. [§ 3.3.6] Important Definitions
6. [§ 3.3.34] Cumulation and Conflict of Warranty7. [§ 3.3.35] Privity and Third-Party Beneficiaries8. [§ 3.3.36] Economic Loss Doctrine; Strict Tort
D. [§ 3.3.37] Shipping Contracts; Destination Contracts;Shipping Terms
E. [§ 3.3.38] ConsignmentsF. [§ 3.3.39] Auctions
IV. [§ 3.3.40] Title; Voidable Title; Creditors’ Rights andGood Faith Purchasers
A. [§ 3.3.41] Title; Voidable Title; Good Faith PurchaserB. [§ 3.3.42] Fraudulent Retention; Buyer’s Right to
Recover
V. [§ 3.3.43] PerformanceA. [§ 3.3.44] IdentificationB. [§ 3.3.45] Seller’s Tender of the GoodsC. [§ 3.3.46] Seller’s ShipmentD. [§ 3.3.47] PaymentE. [§ 3.3.48] Risk of Loss
VI. [§ 3.3.49] Breach, Repudiation, and ExcuseA. [§ 3.3.50] Buyer’s Right to InspectB. [§ 3.3.51] Preserving Evidence of Goods in DisputeC. [§ 3.3.52] Perfect Tender RuleD. [§ 3.3.53] Installment ContractsE. [§ 3.3.54] Rightful RejectionF. [§ 3.3.55] Buyer’s Obligation to ParticularizeG. [§ 3.3.56] Seller’s Right to CureH. [§ 3.3.57] Buyer’s Duty to Rejected or Revoked GoodsI. [§ 3.3.58] Acceptance of the Goods
1. [§ 3.3.59] In General2. [§ 3.3.60] Effect of Acceptance3. [§ 3.3.61] Revocation of Acceptance
J. [§ 3.3.62] Right to Adequate AssurancesK. [§ 3.3.63] Anticipatory RepudiationL. [§ 3.3.64] Excuse
1. [§ 3.3.65] Casualty to Identified Goods2. [§ 3.3.66] Failure of Presupposed Conditions3. [§ 3.3.67] Substituted Performance
VII. [§ 3.3.68] Seller’s RemediesA. [§ 3.3.69] In GeneralB. [§ 3.3.70] On Buyer’s InsolvencyC. [§ 3.3.71] Unfinished GoodsD. [§ 3.3.72] Right to Stop in TransitE. [§ 3.3.73] ResaleF. [§ 3.3.74] Hypothetical ResaleG. [§ 3.3.75] Lost ProfitsH. [§ 3.3.76] Action for the Price I. [§ 3.3.77] Incidental Damages
VIII. [§ 3.3.78] Buyer’s DamagesA. [§ 3.3.79] In GeneralB. [§ 3.3.80] Buyer’s Right to the GoodsC. [§ 3.3.81] CoverD. [§ 3.3.82] Hypothetical CoverE. [§ 3.3.83] Damages for Goods AcceptedF. [§ 3.3.84] Incidental and Consequential DamagesG. [§ 3.3.85] Specific Performance and Replevin
IX. [§ 3.3.86] Miscellaneous Remedy IssuesA. [§ 3.3.87] Liquidated Damages and DepositsB. [§ 3.3.88] Contractual Modification or Limitation of
RemediesC. [§ 3.3.89] Remedies for FraudD. [§ 3.3.90] Statute of Limitation
X. [§ 3.3.91] Liquor Licensing A. [§ 3.3.92] State Power to ControlB. [§ 3.3.93] Definition of Alcoholic BeveragesC. [§ 3.3.94] Licenses D. [§ 3.3.95] PermitsE. [§ 3.3.96] Licensing Requirements and RestrictionsF. [§ 3.3.97] FeesG. [§ 3.3.98] Revocations, Suspensions, and Refusals to
Issue or RenewH. [§ 3.3.99] Liability for Furnishing Alcoholic Beverages
XIII. [§ 3.4.27] Death or Incompetence of a Customer
CHAPTER 5INTRODUCTION TO LETTERS OF CREDITby Andrew J. Wronski
I. [§ 3.5.1] Scope of Chapter
II. [§ 3.5.2] Governing Law, Customs, and PrinciplesA. [§ 3.5.3] In GeneralB. [§ 3.5.4] Article 5 of the Uniform Commercial CodeC. [§ 3.5.5] The International Chamber of Commerce
1. [§ 3.5.6] UCP 500 and the ISP982. [§ 3.5.7] Relation of UCP 500 and ISP98 to
Article 5
III. [§ 3.5.8] What is a Letter of Credit?A. [§ 3.5.9] In GeneralB. [§ 3.5.10] The Parties to a Letter of Credit TransactionC. [§ 3.5.11] Technical Requirements for a Letter of
CreditD. [§ 3.5.12] The “Independence Principle” and Primary
Nature of the Issuer’s ObligationE. [§ 3.5.13] Expiration and RevocationF. [§ 3.5.14] Types of Letters of Credit
1. [§ 3.5.15] In General2. [§ 3.5.16] Commercial vs. Standby Letters of
Credit3. [§ 3.5.17] Documentary vs. Clean Letters of
Credit
IV. [§ 3.5.18] Rights and Obligations Created by a Letter ofCredit Transaction
A. [§ 3.5.19] The Applicant-Beneficiary RelationshipB. [§ 3.5.20] The Applicant-Issuer Relationship
1. [§ 3.5.21] In General2. [§ 3.5.22] Duties of the Applicant to the Issuer
3. [§ 3.5.23] Duties of the Issuer to the Applicanta. [§ 3.5.24] In Generalb. [§ 3.5.25] Wrongful Dishonorc. [§ 3.5.26] Wrongful Honord. [§ 3.5.27] Limitations on the Issuer’s
Duty—Good Faith and the Rule ofStrict Compliance
(1) [§ 3.5.28] In General(2) [§ 3.5.29] Good Faith(3) [§ 3.5.30] Observance of Banking
“Usage” and Standards(4) [§ 3.5.31] Limited Review of
Documentary Presentationfor Facial Compliance withLetter of Credit
(5) [§ 3.5.32] The “Strict Compliance”Standard
C. [§ 3.5.33] The Issuer-Beneficiary Relationship
V. [§ 3.5.34] Dealing with Claims of Forgery or FraudA. [§ 3.5.35] In GeneralA. [§ 3.5.36] Old Article 5B. [§ 3.5.37] Revised Article 5
VI. [§ 3.5.38] Letters of Credit in Bankruptcy CourtA. [§ 3.5.39] In GeneralB. [§ 3.5.40] The Automatic StayC. [§ 3.5.41] Injunctive Relief Under Section 105 of the
Bankruptcy CodeD. [§ 3.5.42] Preference Issues Under Section 547 of the
III. [§ 3.6.6] Procedures Required for ComplianceA. [§ 3.6.7] Preparation and Maintenance of List of
Transferor’s Creditors, and Schedule ofProperty
B. [§ 3.6.8] Required Notices to Creditors1. [§ 3.6.9] In General2. [§ 3.6.10] General Notice Requirements3. [§ 3.6.11] Auction Notice Requirements
IV. [§ 3.6.12] Statute of Limitation
CHAPTER 7DOCUMENTS OF TITLE AND UCC ARTICLE 7by David I. Cisar
I. [§ 3.7.1] IntroductionA. [§ 3.7.2] Scope of Chapter and OverviewB. [§ 3.7.3] Other Governing Law
II. [§ 3.7.4] Definitions and Important ConceptsA. [§ 3.7.5] Definition of Documents of TitleB. [§ 3.7.6] Definition of Bill of LadingC. [§ 3.7.7] Definition of Warehouse ReceiptD. [§ 3.7.8] Definition of Delivery OrderE. [§ 3.7.9] Negotiable and Nonnegotiable DocumentsF. [§ 3.7.10] Definition of BaileeG. [§ 3.7.11] Definition of IssuerH. [§ 3.7.12] Definition of Consignor and Consignee
I. [§ 3.7.13] Definition of Freight ForwarderJ. [§ 3.7.14] Definition of Warehouse Keeper
III. [§ 3.7.15] Warehouse ReceiptsA. [§ 3.7.16] Warehouse Receipts GenerallyB. [§ 3.7.17] Form of Warehouse ReceiptsC. [§ 3.7.18] Issuer’s Liability for Nonreceipt and
MisdescriptionD. [§ 3.7.19] Warehouse Keeper’s Standard of Care;
Limitation of LiabilityE. [§ 3.7.20] Rights of Buyer in the Ordinary CourseF. [§ 3.7.21] Termination of Storage by Warehouse
KeeperG. [§ 3.7.22] Warehouse Keepers Obligation to Keep
Goods Separate Unless FungibleH. [§ 3.7.23] Altered ReceiptsI. [§ 3.7.24] Warehouse LienJ. [§ 3.7.25] Enforcement of a Warehouse Keeper’s Lien
IV. [§ 3.7.26] Bills of LadingA. [§ 3.7.27] Bills of Lading Generally; Liability for
Nonreceipt or MisdescriptionB. [§ 3.7.28] Form of Bills of LadingC. [§ 3.7.29] Diversion of GoodsD. [§ 3.7.30] Carrier’s LienE. [§ 3.7.31] Enforcement of Carrier LienF. [§ 3.7.32] Duty of Carrier’s Care; Limitation of
Liability
V. [§ 3.7.33] General Obligations of Documents of TitleA. [§ 3.7.34] Irregularities in Issue of Receipt or Bill or
Conduct of IssuerB. [§ 3.7.35] Duplicate Warehouse Receipts or Bills of
LadingC. [§ 3.7.36] Obligation of Warehouse Keeper or Carrier
for Delivery of the GoodsD. [§ 3.7.37] No Liability for Good Faith Delivery
VI. [§ 3.7.38] Negotiation and Transfer of Documents ofTitle
A. [§ 3.7.39] Form of NegotiationB. [§ 3.7.40] Rights Acquired by Due Negotiation
C. [§ 3.7.41] Exceptions to Title to Goods Transferred byNegotiation
D. [§ 3.7.42] Rights Acquired in Absence of DueNegotiation
E. [§ 3.7.43] Endorser Not a Guarantor for Other PartiesF. [§ 3.7.44] Right to Compel EndorsementG. [§ 3.7.45] Warranties on NegotiationH. [§ 3.7.46] Warranties of Collecting Bank as to
Documents
VII. [§ 3.7.47] Miscellaneous ProvisionsA. [§ 3.7.48] Lost and Missing DocumentsB. [§ 3.7.49] Attachment of Goods Covered by a
3. [§ 3.8.16] Rights of Creditors of Lessor andLessee
4. [§ 3.8.17] Special Creditor Rights
V. [§ 3.8.18] WarrantiesA. [§ 3.8.19] Express WarrantiesB. [§ 3.8.20] Warranties Against Interference and
InfringementC. [§ 3.8.21] Implied Warranties
1. [§ 3.8.22] In General2. [§ 3.8.23] Merchantability3. [§ 3.8.24] Fitness for a Particular Purpose
VI. [§ 3.8.25] Consumer Leases
VII. [§ 3.8.26] Finance LeasesA. [§ 3.8.27] In GeneralB. [§ 3.8.28] Hell or High Water Clauses
VIII. [§ 3.8.29] Performance IssuesA. [§ 3.8.30] “Insecurity”B. [§ 3.8.31] Anticipatory RepudiationC. [§ 3.8.32] “Substituted” and “Excused” Performance
1. [§ 3.8.33] In General2. [§ 3.8.34] Substituted Performance3. [§ 3.8.35] Excused Performance4. [§ 3.8.36] Other Obligations
a. [§ 3.8.37] In Generalb. [§ 3.8.38] Use and Maintenancec. [§ 3.8.39] Movement and Location of Goodsd. [§ 3.8.40] Quiet Enjoyment
IX. [§ 3.8.41] Risk of Loss; Casualty to Goods; InsuranceA. [§ 3.8.42] Risk of LossB. [§ 3.8.43] Casualty to Identified GoodsC. [§ 3.8.44] Insurance
X. [§ 3.8.45] Default and RemediesA. [§ 3.8.46] In GeneralB. [§ 3.8.47] Rights and Remedies in GeneralC. [§ 3.8.48] Consequential DamagesD. [§ 3.8.49] Liquidated Damages
E. [§ 3.8.50] Cancellation and Termination1. [§ 3.8.51] In General2. [§ 3.8.52] Cancellation3. [§ 3.8.53] Termination4. [§ 3.8.54] Rescission
XI. [§ 3.8.55] Lessor’s Default and Lessee’s RemediesA. [§ 3.8.56] Default by LessorB. [§ 3.8.57] Lessee’s Remedies (General)C. [§ 3.8.58] AcceptanceD. [§ 3.8.59] Lessee’s Remedies (Specific Remedies)
1. [§ 3.8.60] Rejection2. [§ 3.8.61] Rejection Under an Installment Lease
E. [§ 3.8.62] Revocation of AcceptanceF. [§ 3.8.63] Cure by LessorG. [§ 3.8.64] Security Interest of Lessee in Rejected
GoodsH. [§ 3.8.65] Lessee’s Duties as to Rejected GoodsI. [§ 3.8.66] Cover and DamagesJ. [§ 3.8.67] Lessee’s Notice Obligation for Claim by
Third Party
XII. [§ 3.8.68] Lessee’s Default and Lessor’s RemediesA. [§ 3.8.69] Default Definition in the LeaseB. [§ 3.8.70] Statutory Definition of Lessee DefaultC. [§ 3.8.71] Lessor’s RemediesD. [§ 3.8.72] Lessor’s Right to PossessionE. [§ 3.8.73] Lessor’s Right to Dispose of GoodsF. [§ 3.8.74] Re-Leasing by LessorG. [§ 3.8.75] Lessor’s Damages Without New LeaseH. [§ 3.8.76] Action for RentI. [§ 3.8.77] Incidental DamagesJ. [§ 3.8.78] General Remedies Issues
1. [§ 3.8.79] Market Rent Damages2. [§ 3.8.80] Statute of Limitation3. [§ 3.8.81] Claims Against Third Parties
Appendices8A Consumer Lease Provisions Within Chapter 4118B Finance Lease Provisions Within Chapter 411
CHAPTER 9SECURED TRANSACTIONSby Jamila S. Covington
I. [§ 3.9.1] Scope of Chapter
II. [§ 3.9.2] Transition Period
III. [§ 3.9.3] Creation of a Security InterestA. [§ 3.9.4] In GeneralB. [§ 3.9.5] AttachmentC. [§ 3.9.6] Value and Rights in the CollateralD. [§ 3.9.7] Security Agreement
IV. [§ 3.9.8] PerfectionA. [§ 3.9.9] Perfection of a Security Interest by Filing
Financing StatementsB. [§ 3.9.10] Perfection of a Security Interest by
Possession or Control C. [§ 3.9.11] Automatic Perfection of a Security InterestD. [§ 3.9.12] Security Interests Perfected Under or Subject
to State or Federal Laws
V. [§ 3.9.13] Financing StatementsA. [§ 3.9.14] Financing Statement–Components
1. [§ 3.9.15] Sufficiency of Financing Statement,Generally
2. [§ 3.9.16] Debtor’s Name3. [§ 3.9.17] Describing the Collateral4. [§ 3.9.18] Special Rules for Fixtures as
VI. [§ 3.9.32] Priority IssuesA. [§ 3.9.33] General Priority RulesB. [§ 3.9.34] Control-Based ExceptionsC. [§ 3.9.35] Purchase-Money Security InterestsD. [§ 3.9.36] PMSIs in GoodsE. [§ 3.9.37] PMSIs in InventoryF. [§ 3.9.38] Priority Rules for Future Advances
VII. [§ 3.9.39] Rights of Third PartiesA. [§ 3.9.40] Buyers in the Ordinary CourseB. [§ 3.9.41] Transferees of CollateralC. [§ 3.9.42] Licensees and LesseesD. [§ 3.9.43] Statutory Liens
VIII. [§ 3.9.44] Fixtures
IX. [§ 3.9.45] Accessions and Commingled Goods
X. [§ 3.9.46] Priority Subordination
XI. [§ 3.9.47] Issues with Specific Types of Collateral
XII. [§ 3.9.48] Perfection and Priority of InvestmentProperty
A. [§ 3.9.49] General RulesB. [§ 3.9.50] ControlC. [§ 3.9.51] Control for Certificated and Uncertificated
Securities and Security EntitlementsD. [§ 3.9.52] Priority
XVII. [§ 3.9.57] Changes in Secured Party or DebtorInformation
A. [§ 3.9.58] Name and Location Changes of the DebtorB. [§ 3.9.59] Secured Party Assignments
XVIII. [§ 3.9.60] DefaultA. [§ 3.9.61] Enforcement After DefaultB. [§ 3.9.62] WaiverC. [§ 3.9.63] Disposition of CollateralD. [§ 3.9.64] Fixtures
XIX. [§ 3.9.65] Collection and Enforcement of RightsA. [§ 3.9.66] In GeneralB. [§ 3.9.67] Applying the Proceeds of Collection
XX. [§ 3.9.68] Repossession
XXI. [§ 3.9.69] Disposing of the CollateralA. [§ 3.9.70] In GeneralB. [§ 3.9.71] Notices Needed for Disposing of the
CollateralC. [§ 3.9.72] Notices of Disposition for Nonconsumer
Goods TransactionsD. [§ 3.9.73] Notices of Disposition for Consumer Goods
TransactionsE. [§ 3.9.74] SurplusesF. [§ 3.9.75] Transfer Statements
XXII. [§ 3.9.76] Strict Foreclosure
XXIII. [§ 3.9.77] Mandatory Disposition of Consumer Goods
XXIV. [§ 3.9.78] Obligations of the Secured PartyA. [§ 3.9.79] Taking Reasonable Care of the CollateralB. [§ 3.9.80] Providing InformationC. [§ 3.9.81] Filing Termination Statements
III. [§ 3.10.35] Court Jurisdiction over Internet TransactionsA. [§ 3.10.36] In GeneralB. [§ 3.10.37] United States
1. [§ 3.10.38] Personal Jurisdiction2. [§ 3.10.39] Exercise of Jurisdiction in Wisconsin3. [§ 3.10.40] General Jurisdiction4. [§ 3.10.41] Specific Jurisdiction5. [§ 3.10.42] Jurisdiction Under Federal Copyright
LawC. [§ 3.10.43] International
IV. [§ 3.10.44] Enforceability of Online ContractsA. [§ 3.10.45] Clickwrap ContractsB. [§ 3.10.46] Browsewrap AgreementsC. [§ 3.10.47] Uniform Electronic Transactions ActD. [§ 3.10.48] Electronic Signatures in Global and
National Commerce ActE. [§ 3.10.49] Uniform Computer Information
Transactions Act
V. [§ 3.10.50] Intellectual PropertyA. [§ 3.10.51] Trademark Infringement
1. [§ 3.10.52] In General2. [§ 3.10.53] Metatags3. [§ 3.10.54] Linking4. [§ 3.10.55] Deep Linking5. [§ 3.10.56] Pointing6. [§ 3.10.57] URL Post-Domain Paths7. [§ 3.10.58] Trademark Dilution8. [§ 3.10.59] Overseas Application of the Lanham
3. [§ 3.11.39] U.S. Foreign Corrupt Practices Actand Similar Laws
a. [§ 3.11.40] Introductionb. [§ 3.11.41] Sales Representative Actionsc. [§ 3.11.42] Exceptions to the FCPAd. [§ 3.11.43] Affirmative Defensese. [§ 3.11.44] Compliance with the FCPA
IV. [§ 3.11.45] Scenario Three—Export Sales Through anEmployee in a Foreign Country
A. [§ 3.11.46] U.S. Tax Issues1. [§ 3.11.47] IC-DISC2. [§ 3.11.48] Direct Foreign Tax Credits
B. [§ 3.11.49] U.S. Business Issues1. [§ 3.11.50] U.S. Export Laws2. [§ 3.11.51] Termination Notice under Sales
Representative Statute of ExportDestination
3. [§ 3.11.52] Export Destination Employment Laws
V. [§ 3.11.53] Scenario Four—Export Sales Through aDistribution Subsidiary in a Foreign Country
A. [§ 3.11.54] U.S. Tax Issues1. [§ 3.11.55] IC-DISC2. [§ 3.11.56] Indirect Foreign Tax Credits
a. [§ 3.11.57] Generallyb. [§ 3.11.58] Mechanics of the Indirect Creditc. [§ 3.11.59] Section 78 Gross-Upd. [§ 3.11.60] Credits for a Tax in Lieu of an
Income Taxe. [§ 3.11.61] Limitations on the Foreign Tax
Credit f. [§ 3.11.62] Transfer Pricingg. [§ 3.11.63] Best Method Ruleh. [§ 3.11.64] Tangible Propertyi. [§ 3.11.65] Intangible Propertyj. [§ 3.11.66] Loansk. [§ 3.11.67] Servicesl. [§ 3.11.68] Transfer Pricing Penalties
B. [§ 3.11.69] U.S. Business Issues1. [§ 3.11.70] Export Destination’s
Distributor/Franchise Statutes2. [§ 3.11.71] U.S. Export Laws3. [§ 3.11.72] Terms and Conditions of Sales
a. [§ 3.11.73] In Generalb. [§ 3.11.74] INCOTERMSc. [§ 3.11.75] How does WisCo use
INCOTERMS?d. [§ 3.11.76] United Nations Convention on
Contracts for the International Saleof Goods (CISG)
VI. [§ 3.11.77] Scenario Five—Foreign Sales of Productsfrom a Manufacturing Subsidiary in aForeign Country
A. [§ 3.11.78] U.S. Tax Issues1. [§ 3.11.79] Indirect Foreign Tax Credits2. [§ 3.11.80] Transfer Pricing
B. [§ 3.11.81] U.S. Business Issues1. [§ 3.11.82] Intellectual Property Protection
a. [§ 3.11.83] Patentsb. [§ 3.11.84] Trademarksc. [§ 3.11.85] Copyrights
VII. [§ 3.11.86] Scenario Six—Domestic Sales of ProductsPurchased from a Manufacturing Subsidiaryin a Foreign Country
A. [§ 3.11.87] U.S. Tax Issues1. [§ 3.11.88] Indirect Foreign Tax Credits2. [§ 3.11.89] Transfer Pricing
B. [§ 3.11.90] U.S. Business Issues1. [§ 3.11.91] U.S. Import Laws
a. [§ 3.11.92] In Generalb. [§ 3.11.93] Classificationc. [§ 3.11.94] Reasonable Care Checklistd. [§ 3.11.95] Valuatione. [§ 3.11.96] Transactions Between Related