BUS 205 Lecture Notes - Lecture 42: Uniform Commercial Code, Oral Contract
Document Summary
As trade increased after wwii, the need for a uniform, modernized business law grew. In 1952, the draft of the uniform commercial code was published. Ucc was created to solve two problems: facilitate commercial transactions. Old contract law principles did not reflect modern business practices: standardize commercial transactions. Laws had become different from one state to another. *"uniform law" means that it is state legislation---probably on exam. Ucc does not apply to real estate, investment securities (stocks and bonds), or cash. If the ucc does not apply, then the common law of contract applies. One party transfers title to the other in exchange for money. Ucc will govern if the predominant purpose is the sale of goods. Common law will control if the predominant purpose is providing services. A "mixed sales" occurs when a sale involves both a service and a good in the same transaction.
