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The official 2007 edition of the UCC. The Uniform Commercial Code (UCC), first published in 1952, is one of a number of uniform acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through UCC adoption by all 50 states, the District of Columbia, and the Territories of the United States.
The UCC was designed "to simplify, clarify, modernize, and make uniform the law of commercial transactions." [3] In a contract for the sale of goods, if the goods ...
A merchant is defined elsewhere in the UCC as a party that regularly "deals in goods of the kind" or otherwise gives an impression of knowledge or skill regarding the subject matter of the transaction.
In the United States, an exception is the merchant firm offer rule set out in Uniform Commercial Code - § 2-205, which states that an offer is firm and irrevocable if it is an offer to buy or sell goods made by a merchant and it is in writing and signed by the offeror. [2] Such an offer is irrevocable even in the absence of consideration. If ...
In the United States, the requirement for an implied warranty of merchantability is found in UCC § 2-314. [8] The warranty applies to merchants, as defined by UCC § 2-104(1), [9] as opposed to casual sellers. As prescribed by UCC § 2-314(2), [8] goods are merchantable if they meet the following conditions:
The following table identifies which articles in the UCC each U.S. jurisdiction has currently adopted. However, it does not make any distinctions for the various official revisions to the UCC, the selection of official alternative language offered in the UCC, or unofficial changes made to the UCC by some jurisdictions.
A merchant category code — or an MCC — is a four-digit number used by credit card companies to classify businesses for payments, taxation and rewards purposes.
For example, in the United States, the Uniform Commercial Code allows merchants (e.g., those who deal in the type of goods at issue) to create firm offers for up to three months without consideration, through a signed writing.