LEGL 226 Chapter Notes - Chapter 21: Uniform Commercial Code, Unconscionability, Oral Contract
Document Summary
Law merchant- a merchant made set of rules that were formed to enforce the sale and exchange of goods, promises, and payment. At the time the only formal merchant rules covered land contracts. Uniform commercial code (ucc)- developed to ensure businesses would be governed by a modern, efficient and nationwide set of rules to make transactions more convenient. (some disputes that still apply to older common merchant law are still in place). Goods- refers to all things that are moveable, except for money and securities (like stock certificates). Code s purpose to simplify, clarify, and modernize the law governing commercial transactions. Permit the continued expansion of commercial practices through custom, usage and agreement of the parties. To make uniform the law among the various jurisdictions. Scope of article 2: applies to the sale of goods. Mixed contracts- for the sale of a good and a service.
