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November 13, 2024 Clear | 35°F
The 193rd General Court of the Commonwealth of Massachusetts
  1. General Laws
  2. Part I ADMINISTRATION OF THE GOVERNMENT
  3. Title XV REGULATION OF TRADE
  4. Chapter 106 UNIFORM COMMERCIAL CODE
  5. Article 1 GENERAL PROVISIONS
  6. Section 1-103 Construction Of This Chapter To Promote Its Purposes And Policies; Applicability Of Supplemental Principles Of Law

Section 1-103

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

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.