MGT 401 Lecture 13: MGT 401 Chapter 13

• School: University at Buffalo
• Department: Management and Policy
• Course: MGT 401
• Professor: Willliam Savino

Document Summary

Uniform commercial code (ucc): the code is the single most important source of law for people engaged in commerce and controls the vast majority of contracts made every day in every state. In the middle of the twentieth century, contract law required a reinvention. Two problems had become apparent in the united states: old contract law principles often did not reflect modern business practices, laws had become different from one state to another. Contract law included, the national government has had little to say and has allowed the states to act individually. The ucc was created as an attempt to solve these two problems. It was a proposal written by legal scholars and not law drafted by members of congress or state legislatures. Over time, lawmakers in all 50 states were persuaded to adopt many parts of the ucc. Good: moveable physical object except for money and securities (like stock certificates).