Discuss from your perspective the advantages and disadvantages of the Uniform Commercial Code.

Expert Solution

Uniform commercial code

The uniform commercial code (UCC) is act covering laws related to majors aspects of commercial transactions. It encompasses both legal and contractual requirements involved in the commercial transactions. It is related to sale of goods, banking services, etc. but it does not include real property and estates, domestic and employment issues, etc.

Advantages:

It creates uniformity by harmonizing and coordinating statutes of different states related to commercial transactions.
It has become easy for all to understand the process of undertaking transactions and thus the scope of business expansion has increased.
UCC has made the Intrastate transactions easy as everywhere there is application of the same act.
As most of transactions requires agreement in writing, the chances of disputes reduces.
Due to application of standardised and uniform commercial laws and statutes, the cost related the process of undertaking overseas commercial transactions has reduced significantly.

Disadvantages

It is argued that it is not as effective as FAR (Federal Acquisition Regulation)
The lack of uniformity is sensed as the law varies from state to state.
It is tough task of businesses to understand variations.

ekkarill92 answered 1 month ago

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