Uniform Commercial Code, section 1-302 Research Paper

Uniform Commercial Code, section 1-302 - Research Paper Example This is because of the aspect that owing to the prevalence of stern laws and regulations, companies and individuals in the commercial business domain has not been able to work freely and ensure trade and business in the best possible manner. Furthermore, owing to the prevalence of diverse range of rules and regulations regarding business in various states of the US, there was an extreme lack of uniformity and balance in legal structure, which has one way or the other had hindered effective performance of the business units and traders (SBA, â€Å"Uniform Commercial Code†). In order to ensure efficacy and less complexity in the commercial business domain, the government of the nations has emerged with the proposal of formulating a common law and codes of regulations that can be used uniformly in every state of the US, especially in the domain of commercial business. The codes were first published in the year 1952 and where subject to severe criticism in the initial phases owing to some of its policies (Legal Information Institute, â€Å" § 3-312. Lost, Destroyed, Or Stolen Cashiers Check, Tellers Check, Or Certified Check.†). These set of codes were primarily developed with the intention to harmonize the legal structure of the US with regard to sales of goods and services in more than 50 states of the US. It helped in regulating and governing the commercial business sector of the country in the most efficient manner through developing flexible and simple policies that can be adopted commonly by all the states that are associated with commercia l business. The most vital objective of these set of codes is that it govern each and every transaction of the business units within the commercial trading, so that efficient results can be obtained in the eventual stages. With the presence of UCC in the scene, different states within the US have been able to work with utmost efficacy during intra-state business as that the