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The official 2007 edition of the UCC. The Uniform Commercial Code (UCC), first published in 1952, is one of a number of uniform acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through UCC adoption by all 50 states, the District of Columbia, and the Territories of the United States.
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The Uniform Commercial Code (UCC) currently consists of the following articles: . Art. 1, General Provisions; Art. 2, Sales; Art. 2A, Leases; Art. 3, Negotiable ...
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A UCC-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a United States legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt).
It is one of the best-recognized and frequently cited legal treatises [1] in all of American jurisprudence. Every first-year law student in the United States is exposed to it, and it is a frequently cited non-binding authority in all of U.S. common law in the areas of contracts and commercial transactions. [2]
[4] This UCC section recognizes that the "parties themselves know best what they have meant by their words of agreement and their action under that agreement is the best indication of what that meaning was." [5] It is well established that a written contract may be modified by the parties' post-agreement "course of performance." [6]
In the United States, the perfect tender rule refers to the legal right for a buyer of goods to insist upon "perfect tender" by the seller. [1] The rule appears in the Uniform Commercial Code (UCC) § 2-601. [2] The UCC was designed "to simplify, clarify, modernize, and make uniform the law of commercial transactions." [3]