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UCC world history.com - routine commercial paper The law...

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Events Encyclopedia Localities Companies Surnames Shop Uniform Commercial Code U NIFORM C OMMERCIAL C ODE IN THE NEWS The  Uniform Commercial Code  is one of the  Uniform Act s that attempts to harmonise the law of the fifty  U.S. state s in the  United States of America . It treats the law of  sale s and commercial transactions in the  United States. This was the first of the Uniform Acts to be proposed, and is the longest and most elaborate  such act. It is a joint project of the  National Conference of Commissioners on Uniform State Laws  (NCCUSL)  and the  American Law Institute  (ALI), and is colloquially known as the  UCC . The overriding philosophy of the Uniform Commecial Code is to allow people to make the contracts they  want, but to fill in any missing provisions where the agreements they make are silent. The law also seeks to  impose uniformity and streamlining of routine transactions like the processing of checks, notes, and other 
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Unformatted text preview: routine commercial paper. The law frequently distinguishes between merchant s, who customarily deal in a commodity and are presumed to know well the business they are in; and consumer s, who are not. It also seeks to discourage the use of legal formalities in making business contracts, in order to allow business to move forward without the intervention of lawyer s or the preparation of elaborate documents. This last is perhaps the most questionable part of its underlying philosophy; it has been argued that legal formalities discourage litigation by requiring some kind of ritual that provides a clear dividing line that tells people when they have made a final deal they could be sued over. http://www.worldhistory.com/wiki/U/Uniform-Commercial-Code.htm...
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