Uniform And Code Of The Uniform Commercial Code

1191 Words Nov 2nd, 2015 5 Pages
This article is cited as Uniform Commercial Code-General Provisions. This article applies to a transaction to the extent that it is governed by another article of the Uniform Commercial Code.
The Uniform Commercial Code must be liberally interpreted and applied to promote its underlying purposes and policies, which are:
(1) to simplify, clarify, and modernize the law governing commercial transactions;
(2) to permit the continued expansion of commercial practices through custom, usage, and agreement of the parties; and
(3) to make uniform the law among the various jurisdictions.
Unless displaced by the particular provisions of the Uniform Commercial Code, the principles of law and equity, including the law merchant and the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy, and other validating or invalidating cause supplement its provisions.
If any provision or clause of the Uniform Commercial Code or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of the Uniform Commercial Code which can be given effect without the invalid provision or application, and to this end the provisions of the Uniform Commercial Code are severable.
In the Uniform Commercial Code, unless the statutory context otherwise requires:
(1) words in the singular number include the plural, and those in the plural include the singular; and
(2)…
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