BUL 4310 Chapter Notes - Chapter 1: Uniform Commercial Code, Private Law, Public Law
10 Mar 2021
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Document Summary
Law concerns the relations between individuals that affect the social and economic order. A process that began in 1948, america created a model law called the uniform commercial code which was adopted by all 50 american state legislatures and all 3 territories of us. Even though we are a common-law system, common law is found at the state level not federal, there is no federal common law. Every state has its own court system and do not follow the cases of other states as they are not required to do so. We can go anywhere in the us and do commercial deals and have the same laws apply, which do not happen in most common-law systems. The common law is different than the uniform commercial code. Common law is based law while commercial code is enacted by state legislatures. Classification of law: substantive law is 98% of what law school education is.
