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.
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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.