UCC Vs. Common Law

Difference Between UCC And  Common Law

Both UCC (uniform commercial code) and Common Law are laws applicable to the US. The UCC originated to complement the laws in all the 50 US states. These laws have many differences.

The main concerns of common law are insurance, vague assets, real estate, employment contracts and service. However the sale of securities and goods are the main lookout for Uniform Commercial Code.

According to the common law if there are any alterations done, then it means rejection of the offer or a counter offer. However in Uniform Commercial Code the actual offer stays unaltered and trivial changes are of no importance.

If there is an offer made by an organization according to the Common Law there will not be any cancellation of the optional contracts unlike the Uniform Commercial Code in case of which the offers can be cancelled. Also while the contracts in case of Uniform Commercial Code can be altered without an additional deliberation, the contracts in case of Common Law can be tailored only with an additional deliberation.

As far as the terms of these laws are concerned there are differences as well. In case of Common Law the terms are time of characteristics of offer, performance, type of work, quantity, and price. However in case of Uniform Commercial Code the main lookout is quality.

In case of Common Law the Statute of Limitation is four to six years. However in case of Uniform Commercial Code the Statute of Limitation is four years.

According to Common Law a contract is cancelled in cases like madness/demise of associated parties or damage/ ruin of the subject matter.

While according to the Common Law in case of privities in a contract, a legal suit is possible, there is no such necessity in case of Uniform Commercial Code. In case of fraud there is no scope of penal damages according to the Common Law. However according to Uniform Commercial Code a genuine buyer get the positive title in case of a fraud.

Summary

  1. According to the common law if there are any alterations done, then it means rejection of the offer or a counter offer. However in Uniform Commercial Code the actual offer stays unaltered and trivial changes are of no importance.
  2. In case of Common Law the terms are time of characteristics of offer, performance, type of work, quantity, and price. However in case of Uniform Commercial Code’s terms the main lookout is quality.
  3. If there is an offer made by an organization according to the Common Law there will not be any cancellation of the optional contracts unlike the Uniform Commercial Code in case of which the offers can be cancelled.
  4. In case of Common Law the Statute of Limitation is four to six years. However in case of Uniform Commercial Code the Statute of Limitation is four years.

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