What is the U.C.C.?
The U.C.C. stands for the Uniform Commercial Code. The laws concerning commercial and private transactions for the sale and leasing of goods developed out of the common law of both England and the United States. The majority of the law developed after the 1800`s. At the end of the nineteenth century, England codified the common law principles into the Sale of Goods Act. The United States codified the laws into the Uniform Sales Act. The volume of commercial and private sales dramatically increased during the twentieth century. As a result of the rapid growth, the Uniform Sales Act became outdated. In response, the Commissioners on Uniform State Laws created what is now known as Article 2 of the Uniform Commercial Code (U.C.C.). With the exception of Louisiana, Article 2 has been adopted by every State in the United States.
Additional Uniform Commercial Code FAQs
- What is Article 2 of the U.C.C.?
- Does Article 2 treat merchants the same as non-merchants?
- Are there fundamental principles that Article 2 always applies to?
- Does a contract have to be in writing in order to be enforceable?
State specific Uniform Commercial Code FAQs
Business Law Sub-categories