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This entry was published on 2014-12-26
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SECTION 1-103
Construction of Uniform Commercial Code to Promote its Purposes and Policies; Applicability of Supplemental Principles of Law
Uniform Commercial Code (UCC) CHAPTER 38, ARTICLE 1, PART 1
Section 1--103. Construction of Uniform Commercial Code to Promote its

Purposes and Policies; Applicability of Supplemental

Principles of Law.

(a) This act must be liberally construed and applied to promote its
underlying purposes and policies, which are:

(1) to simplify, clarify, and modernize the law governing commercial
transactions;

(2) to permit the continued expansion of commercial practices through
custom, usage, and agreement of the parties; and

(3) to make uniform the law among the various jurisdictions.

(b) Unless displaced by the particular provisions of this act, the
principles of law and equity, including the law merchant and the law
relative to capacity to contract, principal and agent, estoppel, fraud,
misrepresentation, duress, coercion, mistake, bankruptcy, and other
validating or invalidating cause supplement its provisions.