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Uniform Commercial Code Pros And Cons

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The Uniform Commercial Code (UCC) is a set of laws that provide legal rules and regulations governing commercial or business dealings and transactions. It regulates the transfer or sale of personal property. The UCC does not address dealings in real property. It standardizes business laws in the U.S. and seeks uniformity amongst the states (n.d., 2016). The code is divided into nine articles, each containing provisions that relate to a specific area of commercial law. The UCC deals with sales, leases, negotiable instruments, bank deposits, funds transfers, letters of credit, bulk transfers and bulk sales, warehouse receipts, bills of lading and other documents of title, investment securities, and secured transactions (n.d., 2016).
The UCC was developed to tackle two growing problems in U.S. business, the unsurmountable legal and contractual requirements of doing business and the differences between state laws (n.d., 2016). It applies to sale of goods, to real estate transactions, commercial paper secured transactions, warehouse receipts and documents of title. The UCC applies to businesses that uses these items. It is what drives the language of (Fuller, 2016). The UCC protects buyers and sellers equally. For buyers, it provides reassurance the quality of goods and a right to sue if the goods do not meet the standards. For …show more content…

The UCC also eliminated some ambiguities and differences in state laws. The code requires that contracts for sale or purchase of goods worth $500 should be in writing to be enforceable (n.d., 2016). Business conducted in different states must comply with the laws of the different states. Even though the basic nature of all the commercial undertakings in the states are the same, there are organizational differences in the undertakings based on the local customs of each state (n.d.,

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