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Abstract: According to The Uniform Law Commission, it is the Uniform Commercial Code (UCC) that provides consistency and uniformity of law as "a comprehensive set of laws governing all commercial transactions in the United States." Adopted by each state individually, the UCC recognizes that "Uniformity of law is essential...for the interstate transaction of business [since] businesses can enter into contracts with confidence that the terms will be enforced in the same way by the courts of every jurisdiction." As private law, the UCC is applicable only "to voluntary commercial transactions between private parties. For example, the UCC governs sales and leases of goods at both the wholesale and retail level, payments and funds transfers, loans where personal property (as opposed to real estate) are used for collateral, shipping and warehousing, and transactions involving investment securities." Your authors teach the UCC and are aware of the need for an introductory overview and update to reflect the recent changes and definitions. Because many of the textbooks now in use have not been updated to reflect the 2022 Amendments, we believe this law journal article is of considerable value.
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