History

• The Uniform Commercial Code, initially published in 1952, has been enacted in one form or another in each of the 50 states in the U.S.
  
  

Function

• The primary function of the Uniform Commercial Code is to develop similar laws in all of the U.S. states pertaining to commercial transactions. Because so many commercial transactions cross state lines, uniform laws render these dealings easier.
  
  

Effects

• The effect of the Uniform Commercial Code has been to make consummating business transactions easier and more predictable.
  
  

Misconceptions

• The most common misconception is that the Uniform Commercial Code applies to all business transactions. In fact, the Code applies only to the sale of goods (automobiles, for example) with a value of over $500.
  
  

Warning

• Complying with the specific provisions of the Uniform Commercial Code is complicated in many cases. An individual or business dealing with commercial or business transactions involving the sales of goods should retain an attorney to assist with Code issues.