Course Description:

711 COMMERCIAL PAPER (3 hours): Review of the most important concepts of sales of goods and personal property; the law of negotiable instruments and commercial paper, including bank relations and electronic fund transfers; introduction to documentary sales and letters of credit; bulk transfers. Emphasis on the Uniform Commercial Code. Prerequisites: 600, 601.

Required:

2. Selected Commercial Statutes, 2000 Edition (West Publishing Co., 2000) (the "UCC").

Optional (but strongly recommended):

Lary Lawrence, An Introduction to Payment Systems (Aspen Law & Business, 1997) ("Lawrence").

James J. White & Robert S. Summers, Uniform Commercial Code, 4^th ed. (West Publishing Co., 1995) and most recent pocket part.

8. Documents of Title; Letters of Credit

Uniform Commercial Code Articles covered: Articles 3, 4, and 4A (optional: Articles 5 and 7).

Assignments: Class assignments will be made, in class, in the preceding week. Students are responsible for reading the Text pages assigned, the UCC sections and comments as assigned by the Text, and for answering the problems and questions assigned in the Text, prior to class.

Attendance and Unpreparedness: Class attendance is required by the rules of the American Bar Association and by the law school. Students are directed to familiarize themselves with Policy IV-F of the Law School Policy Manual on class attendance.

The professor reserves the right to adjust final grades for the course downwards for class attendance and unpreparedness as follows: The student's final grade may be lowered by one Increment for each class absence (excused or unexcused; includes absences due to illness or work or other reasons) in excess of three (3). Each instance of unpreparedness in class counts as one absence. "Increments" are defined as follows: A, A-, B+, B, B-, C+, C, C-, D, E. Example: For example, a student who receives an A- grade on the final exam and has two absences and two instances of unpreparedness, or has four absences and no instances of unpreparedness, or has no absences and four instances of unpreparedness, may receive a B+ grade in the course (lowered by one Increment).

Basis for and Computation of Grade: Grades will be based on the student's grade on the final examination. No papers, quizzes, or midterm examinations will be given or required. However, grades may be lowered, as described above.

Office Hours: Until further notice, Prof. Daicoff will have office hours during the afternoons and immediately after class. Of course, other times including evenings and weekends are always available by appointment. Students are encouraged to use the professor’s voice mail and e-mail as well.