Uniform Commercial Code - Law Dictionary Search Results
Home Dictionary Name: uniform commercial codeuniform commercial code
uniform commercial code A uniform law, adopted by some states, designed to simplify and modernize the consumer credit and usury laws, to further consumer understanding of the terms of credit transactions and to protect consumers against unfair practices. Source: FindLaw ...
commercial unit
commercial unit : an item or group of items defined under section 2-105 of the Uniform Commercial Code as being viewed in commerce as a single whole that would be diminished in value if divided NOTE: Under U.C.C. section 2-606, when a part of a commercial unit is accepted by a buyer, the entire commercial unit is deemed to be accepted. ...
commercially reasonable
commercially reasonable : fair, done in good faith, and corresponding to commonly accepted commercial practices [a secured party after default may sell…the collateral in its then condition or following any commercially reasonable preparation "Uniform Commercial Code"] ...
uniform act
uniform act : an act (as the Uniform Commercial Code) sponsored by the National Conference of Commissioners on Uniform State Laws that is intended to be enacted by each individual state with or without changes ...
commercial law
commercial law : the legal rules and principles bearing on commercial transactions and business organizations see also Uniform Commercial Code in the Important Laws section ...
good
good bet·ter best 1 : commercially sound or reliable [a risk] 2 a : valid or effectual under the law b : free of defects 3 a : characterized by honesty and fairness b : conforming to a standard of virtue [shall hold their offices during behavior "U.S. Constitution art. III"] ;also : characterized by or relating to good behavior n 1 : advancement of prosperity and well-being [for the of the community] 2 : an item of tangible movable personal property having value but usually excluding money, securities, and negotiable instruments usually used in pl. : as a pl : all things under section 2-105 of the Uniform Commercial Code that are movable at the time of identification to the contract for sale other than the money that is to be paid, investment securities, and choses in action b pl : all things under section 9-104 of the Uniform Commercial Code that are movable at the time that a security interest in them attaches or that are fixtures but excluding money, documents,...
cancel
cancel -celed or: -celled -cel·ing or: -cel·ling 1 : to destroy the force, validity, or effectiveness of: as a : to render (one's will or a provision in one's will) ineffective by purposely making marks through or otherwise marring the text of compare revoke NOTE: The text of the will or of the will's provision need not be rendered illegible in order for a court to find that there was an intent to cancel it. b : to make (a negotiable instrument) unenforceable esp. by purposely marking through or otherwise marring the words or signature of NOTE: As stated in section 3-604 of the Uniform Commercial Code, a party that is entitled to enforce a negotiable instrument may cancel the instrument, whether or not for consideration, and discharge the obligation of the other party to pay. c : to mark (a check) to indicate that payment has been made by the bank NOTE: A check is no longer negotiable once it has been cancelled. d : to withdraw an agreement to honor (a letter of cr...
cover
cover 1 : insure [this policy s other family drivers] 2 : to give protection against or compensation or indemnification for [doesn't flood damage] vi : to obtain cover [where the seller anticipatorily repudiates a contract and the buyer does not "Cosden Oil & Chemical Co. v. Karl O. Helm AG, 736 F.2d 1064 (1984)"] n : purchase of goods in substitution for those originally contracted for when the seller fails to fulfill the contract [the buyer is always free to choose between and damages for nondelivery "Uniform Commercial Code"] ;also : the substituted goods NOTE: Under the Uniform Commercial Code, when a seller does not perform on a contract, the buyer has the option of covering, with the seller paying the difference between the cost of the cover and the original contract price, or seeking damages for nonperformance. Reselling is the seller's comparable remedy when a buyer does not perform under a contract. ...
financing statement
financing statement : a statement that contains information about a security interest in collateral used to secure a debt and that is filed to provide notice to other creditors of the security interest see also perfect Uniform Commercial Code in the Important Laws section compare financial statement NOTE: Under Article 9 of the Uniform Commercial Code, a financing statement must 1) give the names of the debtor and the secured party, 2) be signed by the debtor, 3) give the address of the secured party, 4) give the address of the debtor, and 5) indicate the items of collateral. ...
lease
lease [Anglo-French les, from lesser to grant by lease, from Old French laisser to let go, from Latin laxare to loosen, from laxus slack] 1 a : a contract by which an owner of property conveys exclusive possession, control, use, or enjoyment of it for a specified rent and a specified term after which the property reverts to the owner ;also : the act of such conveyance or the term for which it is made see also sublease compare easement, license security interest at interest, tenancy NOTE: Article 2A of the Uniform Commercial Code, which governs leases where adopted, defines lease as “a transfer of the right to possession and use of goods for a term in return for consideration.” build·ing lease : ground lease in this entry consumer lease : a lease made by a lessor regularly engaged in the selling or leasing of a product to a lessee who is leasing the product primarily for his or her personal or household use finance lease : a lease in which the lessor acquires g...
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