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    Uniform Commercial Code (UCC): Purpose, Transaction, Tenancy

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    What is the purpose of the Uniform Commercial Code (UCC)?
    What types of transactions are covered by the UCC?
    What problems was the UCC designed to address?
    How would interstate transactions be different without the UCC? Provide an example.

    Distinguish between a joint tenancy and a tenancy in common with regards to real property. What are the differences in the owners' rights and obligations between the types of ownership?

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    Uniform Commercial Code:

    The Uniform Commercial Code (UCC), first published in 1952, is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America.

    The main purpose of Uniform Commercial code or UCC is to smoother the business transaction between states. It contains 11 articles (1, 2, 2A, 3, 4, 4A, 5, 6, 7, 8, 9) which addresses commercial issue like sale of goods, letter of credit, negotiable instrument, investments etc. UCC was designed so that two states can transfer goods in a standardized setting where there is no need to refer to a lawyer in case of dispute. Its goal is to attain uniformity with respect to business laws across states, but also allowing states to be flexible in meeting local situation.

    For example, goods may be manufactured in one state, stored in ...

    Solution Summary

    Solution clearly explains the purpose of Uniform Commercial Code (UCC) and types of transactions covered by UCC, problems addressed by UCC.

    Also explains how interstate transactions would be different without UCC with example.

    It also distinguishes between joint tenancy and tenancy in common with regards to real property and differences in Owner's rights and obligations between types of ownership.