The Uniform Commercial Code (UCC)
The Uniform Commercial Code (UCC), a comprehensive code addressing most aspects of commercial law, is generally viewed as one of the most important developments in American law. (Duke University School of Law, 2011). The UCC is a model code, so it does not have legal effect in a jurisdiction unless UCC provisions are enacted by the individual legislatures as statutes. Currently, the UCC (in whole or in part) has been enacted, with some local variation, in all 50 states, the District of Columbia, and the Virgin Islands. (Duke University School of Law, 2011).
The UCC covers several different types of transactions. It handles simple contracts between merchants (Article 2), Secured Transactions (Article 9), payment systems and negotiable instruments …show more content…
Business people and legislators recognized that some measures needed to be taken to ease interstate business transactions and curb the trend toward exhaustively detailed contracts. They subsequently voiced support for the implementation of a set of standardized laws that would serve as the legal cornerstone for all exchanges of goods and services. These laws the Uniform Commercial Code could then be referred to when discrepancies in state laws arose, and freed companies from painstakingly including every conceivable business detail in all of their contractual agreements. Uniform Commercial Code (UCC) - Development of the uniform commercial code. (References for business, 2011). The problems it was designed to address are too numerous to name. But in general it was set up so that individuals and corporations would only have to learn one set of laws instead of having to learn 50 different sets of laws.
Because the Uniform Commercial Code has contributed significantly to the establishing of uniform laws governing commercial transactions from one state to the next, interstate commerce is more effectively and efficiently undertaken. Prior to the UCC, interstate commerce--which constitutes the bulk of commerce in the United States--was bogged down many times because of the necessity of dealing with different legal requirements in individual states as products, components or materials traveled from one jurisdiction to
The UCC covers several different types of transactions. It handles simple contracts between merchants (Article 2), Secured Transactions (Article 9), payment systems and negotiable instruments …show more content…
Business people and legislators recognized that some measures needed to be taken to ease interstate business transactions and curb the trend toward exhaustively detailed contracts. They subsequently voiced support for the implementation of a set of standardized laws that would serve as the legal cornerstone for all exchanges of goods and services. These laws the Uniform Commercial Code could then be referred to when discrepancies in state laws arose, and freed companies from painstakingly including every conceivable business detail in all of their contractual agreements. Uniform Commercial Code (UCC) - Development of the uniform commercial code. (References for business, 2011). The problems it was designed to address are too numerous to name. But in general it was set up so that individuals and corporations would only have to learn one set of laws instead of having to learn 50 different sets of laws.
Because the Uniform Commercial Code has contributed significantly to the establishing of uniform laws governing commercial transactions from one state to the next, interstate commerce is more effectively and efficiently undertaken. Prior to the UCC, interstate commerce--which constitutes the bulk of commerce in the United States--was bogged down many times because of the necessity of dealing with different legal requirements in individual states as products, components or materials traveled from one jurisdiction to