N.Y. Uniform Commercial Code Law § 1-103: Construction of Uniform Commercial Code to Promote its Purposes and Policies; Applicability of Supplemental Principles of Law

Section 1--103. Construction of Uniform Commercial Code to Promote its

Purposes and Policies; Applicability of Supplemental

Principles of Law.

(a) This act must be liberally construed and applied to promote its

underlying purposes and policies, which are:

(1) to simplify, clarify, and modernize the law governing commercial

transactions;

(2) to permit the continued expansion of commercial practices through

custom, usage, and agreement of the parties; and

(3) to make uniform the law among the various jurisdictions.

(b) Unless displaced by the particular provisions of this act, the

principles of law and equity, including the law merchant and the law

relative to capacity to contract, principal and agent, estoppel, fraud,

misrepresentation, duress, coercion, mistake, bankruptcy, and other

validating or invalidating cause supplement its provisions.