Uniform Commercial Code - Article 1- Impact
Автор: uccmadeeasy
Загружено: 2015-10-28
Просмотров: 2248
Описание: Article 1 is, in my opinion, the most important Article of the Uniform Commercial Code. First, from a sheer volume standpoint, the provisions of Article 1 apply to all transactions whose substantive content is governed by the UCC. Policy considerations which are vital in understanding the interpretation of Code sections are laid out in Article 1, as are definitions which permeate the UCC. Among the most important are 'contract' and agreement' both of which apply throughout the substantive provisions of the Code. Article 1 mandates the courts to 'liberally construe and apply' the Uniform Commercial Code in furtherance of the Code policies stated. Further, Article 1 provides that all bodies of law not displaced by the provisions of the UCC will supplement its provisions, which in and of itself can have enormous impact. Article 1 also creates an overall obligation of good faith for all contracts and duties throughout the Uniform Commercial Code. Drafting provisions and the choice of law provision of Article 1 are also discussed.
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