Uniform Commercial Code
Categories: Regulations
In the Old West, prospectors would spit in their palms, shake hands, and trade claims. The vikings would probably just bash in your head and take what they wanted. Different situations had different codes for governing commerce...many of them not written down.
Our system is a little more involved. Thus, we have the unified commercial code. It consists of the standardized laws governing commerce. It includes rules about business, lending, and contracts.
The UCC came into being during the 1950s and has become standard in most of the U.S. states (not Louisiana...but hey, with gumbo that good, who needs a uniform commercial code?). It consists of nine articles which outline various aspects of commercial transactions.
