Uniform Commercial Code

Uniform Commercial Code

Introduction

Every state in the US has the power to enact their laws. Although, federal laws apply equally to all states, state law applies only to matters occurring in that jurisdiction of the State. Overall, this system works well. However, there are matters in which uniformity among state laws is desirable. Commercial transactions, which often occur in more than one State, are an area where uniformity among state laws is desirable. Therefore, each State has enacted a version of the Uniform Commercial Code (UCC), so that there is substantial uniformity among state laws.

The 1959 code of Uniform Commercial was originally composed of 746 articles divided into five books. Respectively governing trade in general (Book I), goodwill (Book II), the bill of exchange, promissory notes and checks (Book III), bankruptcy (Book IV) and, finally, commercial contracts (Book V). The plan code, can be seen clearly, does not follow a clear guideline. What is likely to confirm the assertion is that a commercial code cannot have a rational plan? It is never a meeting of special laws made in any order.

The drafters of the Code emphasize the incompleteness of their work. At the same time, they recognize the pragmatism. The key, they say, is to have a law to be applied regardless of its source. To this end, the historical considerations have meant that French commercial law has had on the framers of the Commercial Code, a decisive influence. It certainly has not been their only source of inspiration. Lebanese law, to inspired solutions, for the general theory of society and in the creditors now repealed. German law is responsible for the regulation of limited liability companies. Private international law has, in turn, largely inspired by the regulation of the bill of exchange of the promissory note and check.

As one of the first codifications of independence, the Commercial Code is paradoxically has no prestige. It has neither the boldness of the personal status code or code clarity of property rights and even less originality Code of Obligations and Contracts work. This is certainly not a masterpiece on coding. On the other hand, by the richness and diversity of its sources, the avant-garde trend of some of its solutions, it is as a technically and fundamentally superior work to the commercial code to the texts, sometimes excessively long and overloaded with technical details, which is not without hindering the creative work of jurisprudence. Such a situation makes inevitable the use of other laws to supplement the Code or to govern particular situations (Mark, 2001).

Article 2

Article 2 of the Uniform Commercial Code deals with transactions involves the sale of goods. It is important to note that this article only covers the sale of goods. In addition, the sale of real estate is not covered under Article 2, but it is covered under Article 9 of the Uniform Commercial Code.

The Uniform Commercial Code impact on Online Business

For the international level, the United Nations Commission on International Trade Law (UNCITRAL) has completed ...