UCC Article 2 and How It Applies to You
Every day, there are hundreds of thousands of Uniform Commercial Code Article 2 transactions, but few companies consider Article 2 beyond the purchase of simple consumer goods, like automobiles, clothing, and electronics. But Article 2 reaches transactions beyond those for simple consumer goods, encompassing transactions that routinely implicate millions of dollars. It’s not until companies are in the throes of a dispute, pursuing or defending against claims, do they realize the importance of Article 2.
This article provides a non-industry-specific introductory guide to understanding the importance of Article 2 of the UCC from a commercial disputes perspective by reviewing why an understanding of UCC Article 2 matters, when UCC Article 2 applies, contract formation under the UCC, contractual interpretation under UCC Article 2, and two key provisions applicable to most UCC disputes—warranties and remedies.
Read the entire article here.
This information is provided by Vinson & Elkins LLP for educational and informational purposes only and is not intended, nor should it be construed, as legal advice.