What Is the Uniform Commercial Code?
Not all commercial or business-to-business transactions go smoothly. When a transaction involves goods or products, as opposed to services, the Uniform Commercial Code (UCC) applies and controls the transaction.
The UCC specifies the rules that govern disputes for business and commercial transactions involving goods. Almost every state has adopted a version of the UCC. Although the statute’s title includes the word “uniform,” the UCC is not always uniform. Courts in different states have interpreted the same or similar provisions differently.
The UCC’s purposes are to ensure that business and commercial activities are generally consistent across the nation and to streamline and clarify commercial laws. The UCC applies to sales of goods or products, certain leases, negotiable instruments, bank deposits, money transfers, credit letters, and title documents. It also covers certain written agreements, such as what constitutes an offer or acceptance of a contract, when does a party default, when does a party breach a contact, and what remedies are available for non-performance.
Practically, the UCC often provides for specific remedies when contract disputes arise. For example, a dispute might involve what products were sold and what value said products have.
If you are having a commercial or business dispute involving goods or products, there are legal remedies under the UCC. For more information, contact Nashville Attorney Perry A. Craft.