Also known as: UCC · U.C.C. · Uniform Commercial Code
Written by attorneys · grounded in primary & secondary sources — see below
A uniform act regulating consumer credit transactions by imposing disclosure requirements, rate ceilings, and remedies for violations.
Select any source to read its text and confirm it supports the definition.
Umar Usmani orally promises to pay Uma Underwood a commission if she induces a seller to transfer land to Usmani's company. When the deal closes, Usmani refuses payment. The court holds the promise outside the Statute of Frauds because it does not create an interest in land.
Upland Industries holds a negotiable note secured by a home mortgage but loses the instrument. Upland must satisfy the lost-instrument requirements before commencing foreclosure against the homeowner.
Ulf Ulfsson and Ultra Precision enter an oral credit agreement. After breach, Ulfsson signs a memo reciting the terms. The court enforces the agreement because the memorandum satisfies the writing requirement even though it was created after formation.
Ursula Ureña buys equipment on credit from Ulysses Maritime. Trade usage in the industry supplies a quantity term omitted from the writing. The court admits the usage evidence to interpret the contract.
Ulrike Ulrich challenges a private creditor's collection practice as violating due process. The court finds no state action because the creditor acted under its own initiative rather than state compulsion.
Usman Uddin contracts to repay a consumer loan but performance becomes impossible after an unforeseen event. The court excuses the obligation because the supervening event destroyed the contract's foundation without fault of either party.
U3C is the standard abbreviation for the Uniform Consumer Credit Code, a model statute governing consumer credit transactions.
Supporting sources
Whether a writing is required depends on the facts and any applicable Statute of Frauds rules incorporated by state law.
Enforcement is governed by the law applicable to the instrument, including any lost-instrument requirements.
…to the public good as to compel an adjudication of its invalidity. See 57 Yale L. J., supra , at pp. 1400-1404; proposed Uniform Commercial Code , 1958 Official Text , § 2-302. The trial court sent the case to the jury against Chrysler on the theory that the evidence would support a finding of breach of an implied warranty of…