Discussion Question 2
What is the purpose of the Uniform Commercial Code (UCC)? What types of transactions are covered by the UCC? What problems was the UCC designed to address? How would interstate transactions be different without the UCC? Provide an example.
The Uniform Commercial Code (UCC) covers the majority of areas of commercial transactions. The code specifies practices that ensure that both customers and sellers are treated equitably and fairly. These practices, specified in articles of the code, are designed to give clear and easy to apply rules such that the risk of the loss of goods is held by the party most able to bear the risk or have insurance against it. Sale or Lease of Goods are covered by the UCC. It is stated that for contracts of goods sold costing $500 must have written proof to be enforced. In addition, according to Legal Environment (2010), “If