Know All about UCC In Contract Law

Question: Describe about the UCC in Contract Law. Answer: What is the UCC and when does it apply? UCC can be defined as the uniform commercial code, which is a large body of regulations governing and administering the business transactions. Usually Uniform commercial code deals in those transactions, which are related, to personal property but not to real property. The code was initially published in the year 1952 (Speidel Schott, 2013). Universal Commercial Code is applicable to supplemental bodies of law. Universal commercial code was drafted as the background of the prevailing bodies of law, which generally consists of common law and equity. However, UCC cannot be used to complement the provisions of Universal commercial code. If there is no statutory provisions provided under law it allows the common law and equity principles to act as supplement to UCC. What warranties are provided by the UCC? Warranties provided by UCC are as follows Express Warranties: Express warranties are affirmative statements by a seller to a purchaser in relation to the goods sold. Express warranties are usually taken in the form of advertisements or certificates (Speidel Schott, 2013). However, it must also be noted that express warranties can also be in the form of oral and written format. Implied warranties: These are those warranties, which automatically exist in the goods when it is sold to a buyer without the need of any specified affirmations. However, implied warranties consists of two forms which are as follows Implied warranty of merchantability: Article two of the Implied Warranty of merchantability states the general standards where goods are merchantable. Disclaiming Implied Warranties: Under the disclaiming implied warranties sellers can exclude or modify the implied warranties. However, in order to do so the sellers usually provide the exclusion record in a printable form of document. Uniform Fraudulent Conveyances Act and Fair Debt Collection Practices Act are the laws that offer legal aid to debtors and creditors. As such, they ensure fair trading practices in the domestic market and international market. These laws play a pivotal role in the maintenance of fairness and transparency during the trading of goods and services. Reference list: Ayres, I. (2012).Studies in Contract Law. Foundation Press. Speidel, R. E., Schott, L. A. (2013). Impact of electronic contracting on contract formation under revised UCC Article 2, Sales.C878 ALI-ABA,335.