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General Laws

[ Text of section effective until July 1, 2013. For text effective July 1, 2013, see below.]

  Section 1-103. Unless displaced by the particular provisions of this chapter, 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, or other validating or invalidating cause shall supplement its provisions.

Chapter 106: Section 1-103. Construction Of This Chapter To Promote Its Purposes And Policies; Applicability Of Supplemental Principles Of Law

[ Text of section as recodified by 2013, 30, Sec. 2 effective July 1, 2013 applicable as provided by 2013, 30, Sec. 116. For text effective until July 1, 2013, see above.]

  Section 1-103. (a) This chapter 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 this chapter, 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.

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