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Summary. The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States. It is not a federal law, but a uniformly adopted state law. Uniformity of law is essential in this area for the interstate transaction of business.
What contracts are covered by the UCC?
Contract law is governed by the common law and the Uniform Commercial Code UCC. Common law governs contractual transactions with real estate, services, insurance, intangible assets and employment. UCC governs contractual transactions with goods and tangible objects (such as a purchase of a car).
What does the Uniform Commercial Code not cover?
Currently, every U.S. state and the District of Columbia have individually adopted at least part of the UCC. Each jurisdiction may make its own modifications or organize it differently.
What transactions are covered under UCC?
The Uniform Commercial Code (UCC) contains rules applying to many types of commercial contracts, including those related to: the sale of goods. the lease of goods. the use of negotiable instruments. banking transactions. letters of credit. documents of title for goods. investment securities, and. secured transactions.
What states use the Uniform Commercial Code?
Because the UCC has been universally adopted, businesses can enter into contracts with confidence that the terms will be enforced in the same way by the courts of every American jurisdiction. The resulting certainty of business relationships allows businesses to grow and the American economy to thrive. Uniform Commercial Code uniformlaws.org acts ucc uniformlaws.org acts ucc
The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States. It is not a federal law, but a uniformly adopted state law. Uniformity of law is essential in this area for the interstate transaction of business.
What contracts does the Uniform Commercial Code not cover?
Uniform Commercial Code Article 2 covers the sale of goods, excluding real estate and service contracts. Article 2a covers leases of personal property.
Related links
Uniform Commercial Code - New York State Department of State
New York States Uniform Commercial Code (UCC) guides the sale of commercial business transactions, including the sale of goods between parties.
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