The Uniform Commercial Code (UCC) is one of the most comprehensive codified bodies of law in our country. It is the reason we can conduct business dealings throughout the US and anticipate how our business relationships will be treated regardless of which state court applies the law. The UCC was last updated in 2001 but has been around since the 1940s. It covers specified business transactions such as sale or lease of goods (over $500), negotiable instruments like checks and drafts, bank deposits and fund transfers, letters of credit, bills of lading and several other secured transactions as well as banking and investment vehicles.
What Business Aspects May Be Affected?
When the UCC applies all aspects of the business deal may be affected such as contract formation, breach, modification, terms and conditions, repeal, and signatory requirements. The Uniform Commercial Code may vary greatly from other contract laws that apply in non UCC business dealings making it imperative to know what body of law applies for any business transaction. Questions about the UCC? Contact Frisella Law Firm today.
