New Jersey Revised Statutes § 12a:1-103 - Construction Of The Uniform Commercial Code To Promote Its Purposes And Policies; Applicability Of Supplemental Principles Of Law.

12A:1-103. Construction of the Uniform Commercial Code to promote its purposes and policies; applicability of supplemental principles of law.

12A:1-103. Construction of the Uniform Commercial Code to Promote Its Purposes and Policies; Applicability of Supplemental Principles of Law.

a.The Uniform Commercial Code shall 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 the Uniform Commercial Code, 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.

L.2013, c.65, s.1.


Section: Previous  12a-1-101  12a-1-102  12a-1-103  12a-1-104  12a-1-105  12a-1-106  12a-1-107  12a-1-108  12a-1-201  12a-1-202  12a-1-203  12a-1-204  12a-1-205  12a-1-206  12a-1-301  Next

Last modified: October 11, 2016