Uniform Commercial Code - Law Dictionary Search Results
Home Dictionary Name: uniform commercial code Page: 2commercial 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 ...
holder
holder 1 : a person that holds: as a : owner [the of a patent] often used in combination [a stockholder] b : one that holds or occupies the property of another by agreement and esp. under a lease 2 a : a person who under the Uniform Commercial Code is in possession of a negotiable instrument that names and is made payable to the possessor or that is payable to bearer b : a person under the U.C.C. in possession of goods named in a document of title if the goods are deliverable to bearer or to the order of the possessor 3 in the civil law of Louisiana : an individual (as a trustee or debtor) or legal or commercial entity that under the Civil Code's provisions for disposition of unclaimed property is in possession of property belonging to another ...
good faith
good faith [translation of Latin bona fides] : honesty, fairness, and lawfulness of purpose : absence of any intent to defraud, act maliciously, or take unfair advantage [filed the suit in good faith] [negotiating in good faith] see also good faith exception, good faith purchaser compare bad faith NOTE: The meaning of good faith, though always based on honesty, may vary depending on the specific context in which it is used. A person is said to buy in good faith when he or she holds an honest belief in his or her right or title to the property and has no knowledge or reason to know of any defect in the title. In section 1-201 of the Uniform Commercial Code good faith is defined generally as “honesty in fact in the conduct or transaction concerned.” Article 2 of the U.C.C. says “good faith in the case of a merchant means honesty in fact and the observance of reasonable commercial standards of fair dealing in the trade.” Similarly, Article 3 on negotiable inst...
Law merchant
Law merchant [lex mercatoria, Lat.], that part of the law of England which governs mercantile transactions. It is founded upon the general custom of merchants of all nations, which, though different from the general rules of the Common Law, has been gradually engrafted into it and made to form part of it. See Introduction to Smith's Merc. Law.Law merchant, means a system of customary law that developed in Europe during the Middle Ages and regulated the dealings of mariners and merchants in all the commercial countries of the world until the 17th century. Many of the law merchant's principles came to be incorporated into the common law, which in turn formed the basis of the Uniform Commercial Code. Also termed commercial law: lex mercatoria, Black's Law Dictionary, 7th Edn., p. 893....
impracticability
impracticability 1 : the state of being impracticable 2 : a doctrine in contract law: relief from obligations under a contract may be granted when performance has been rendered excessively difficult, expensive, or harmful by an unforeseen contingency ;also : a defense to breach of contract on the ground that it has been rendered impracticable called also commercial impracticability impracticability of performance compare frustration impossibility of performance at impossibility NOTE: Under section 2-615 of the Uniform Commercial Code, the impracticability must arise “by the occurrence of contingency the non-occurrence of which was a basic assumption on which the contract was made” or by compliance with the law. 3 : excessive difficulty in carrying out a procedure (as joinder) ...
recognized market
recognized market : a market in which a secured party sells collateral upon a debtor's default, which does not rely on competitive bidding or haggling, and in which prices are stated publicly and presumed to be commercially reasonable NOTE: Under the Uniform Commercial Code, a creditor is not required to notify a debtor of the sale of collateral in a recognized market. ...
inventory
inventory pl: -ries 1 : an itemized list of current assets: as a : a written list or catalog of the property of an individual, organization, or estate or succession that is made by a fiduciary under oath and that usually describes and assigns a value to the items or classes of property b : aggregate value assigned to an inventory 2 : goods or materials held on hand: as a under the Bankruptcy Code : materials including personal property leased or furnished, held for sale or lease, or to be furnished under a contract for service, raw materials, work in process, or materials used or consumed in a business or held for sale or lease b under section 9-109 of the Uniform Commercial Code : goods that are held by a person who holds them for sale or lease or to be furnished under contracts of service or if he or she has so furnished them or that are raw materials, works in process, or materials used or consumed in a business ...
lot
lot 1 : a portion of land ;specif : a measured parcel of contiguous land having fixed boundaries and recorded (as on a plat) with the appropriate authority or office (as a registry of deeds) 2 : a single article, a number of units of an article, or a parcel of articles offered as one item (as in an auction sale) ;specif : a parcel or single article under the Uniform Commercial Code which is the subject matter of a separate sale, lease, or delivery whether or not it is sufficient to perform the contract see also odd lot, round lot ...
merchant
merchant : a person who trades in goods esp. of a certain kind and possesses expertise in the area of the goods and the practices of trading in them or who employs others with such expertise [a warranty that the goods shall be merchantable is implied in a contract for their sale if the seller is a with respect to goods of that kind "Uniform Commercial Code"] ...
nonconformity
nonconformity pl: -ties 1 : failure to conform to or comply with something (as contract requirements) [acceptance of goods occurs when the buyer…will take or retain them in spite of their "Uniform Commercial Code"] 2 : a particular aspect in which something is nonconforming [cannot revoke an acceptance he made with knowledge of a "J. J. White and R. S. Summers"] ...
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