What is the Uniform Commercial Code Article 2?
Uniform Commercial Code Article 2 governs the sale of goods. It was part of the original Uniform Commercial Code approved in 1951. Article 2 represented a revision and modernization of the Uniform Sales Act, which was originally approved by the National Conference of Commissioners on Uniform State Laws in 1906.
What does the Uniform Commercial Code say?
The Uniform Commercial Code (UCC) is a set of business laws that regulate financial contracts and transactions employed across states. The UCC code consists of nine separate articles, each of which covers separate aspects of banking and loans.
What does the Uniform Commercial Code Article 2 and 2A cover?
Article 2 of the UCC deals with the sale of goods. Sale and goods have defined meanings. Article 2A of the UCC deals with the leasing of goods.
What contracts are covered by Article 2 of the UCC?
Article 2 of the U.C.C. deals with transactions involving the sale of goods. Article two only covers the sale of goods. This is important to keep in mind.
Does UCC Article 2 apply to consumers?
Article 2 of the UCC deals only with transaction of goods. It does not apply to any transaction intended to operate only as a security transaction. However, the Article does not impair or repeal any statute regulating sales to consumers, farmers or other specified classes of buyers.
What are commercial codes?
A commercial code is a set of laws designed to regulate commerce. Commercial codes can facilitate commerce by providing protocols for resolving common challenges and disputes. In the U.S., a Uniform Commercial Code (UCC) has been adopted in all 50 states.
Does UCC Article 2 apply to non merchants?
What is this? UCC Article 2 applies to the sale of goods between merchants or between a merchant and a non-merchant. As such, merchants are required to follow certain standards of conduct when engaging in a business or commercial contract. Transactions between non-merchants are not covered by Article 2 UCC.