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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- Fall '11