Uniform Commerical Code (UCC) Essay
The UCC refers to the Uniform Commercial Code which originally created in year 1952 by the National Conference of Commissioners on Uniform State Laws and the American Law Institute, which are two national nongovernmental legal organizations (Steingold, 2013). These two private entities recommend that the 50 state governments adopt the UCC; however, it does not become law unless it’s enacted by the state. The UCC is a “comprehensive statutory scheme which includes laws that cover aspects of commercial transactions” (Cheeseman, 2012, p. 161). The UCC divided into nine main articles; general provisions; sales and leases, negotiable instruments, bank deposits and collections, funds transfer, letters of credit, bulk …show more content…
Given what's known about the law of contact verse Uniform Commercial Code, it’s believed that the reason that the 50 states and territories have enacted some versions of UCC is because it addresses most aspects of commercial laws and aspects of uniformity. In addition, the UCC rules applies directly or indirectly to so many transactions concerning business offers goods and/or services (including software) or products that most state more than likely feel it to be a good idea to comply because it brings uniformity. The UCC provides links directly to the state statues and once the state legislature adopts and enacts UCC it then becomes a state statute law and coded.
Benefits & detriments of the UCC replacement
One significant benefit to UCC replacing the traditional law of contracts is that there is no development of contract forms. By adopting the UCC, other benefits are; interstate