47-1103. Construction to promote purposes and policies; applicability of supplemental principles of law
A. This title must be liberally construed and applied to promote its underlying purposes and policies, which are:
1. To simplify, clarify and modernize the law governing commercial transactions;
2. To permit the continued expansion of commercial practices through custom, usage and agreement of the parties; and
3. To make uniform the law among the various jurisdictions.
B. Unless displaced by the particular provisions of this title, the principles of law and equity, including the law merchant and the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy and other validating or invalidating cause supplement its provisions.
Section: Previous 47-1101 47-1102 47-1103 47-1104 47-1105 47-1106 47-1107 47-1108 47-1201 47-1202 47-1203 47-1204 47-1205 47-1206 47-1301 NextLast modified: October 13, 2016