The Uniform Commercial Code and the Ongoing Quest for an Efficient and Fair Commercial Law
Abstrak
Abstract The Uniform Commercial Code has had a profound influence on the development of commercial law over the past seventy years. But viewed from a contemporary perspective, its legacy is decidedly mixed. Article 2 on sales, despite its innovations when first introduced, is now hopelessly obsolete and does not respond to the very different contracting practices facing commercial parties today. The specialized statutes dealing with commercial paper and secured debt—Articles 3, 4, and 9—are still widely useful and have been frequently revised but these revisions were promoted and successfully promulgated by the very parties most affected by the regulation, raising the fear of distributional unfairness toward third party interests. Thus, the quest for a commercial law that is both efficient as between the transacting parties and fair in its treatment of affected third parties must continue.
Penulis (1)
Robert E. Scott
Akses Cepat
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- 2023
- Bahasa
- en
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- DOI
- 10.1093/oso/9780197685341.003.0014
- Akses
- Open Access ✓