In order for our economic system to function, companies and individuals must have protections that ensure when a transaction is agreed upon, that it is satisfactorily completed. After all, how else could business be conducted if all parties were not obligated to adhere to their agreements? Still, there are those who chose not to honor their commitments.
Fortunately, business disputes resulting from such actions are typically covered by the Uniform Commercial Code. The UCC contains rules for most forms of commercial transactions, including the following:
- Fund transfers.
- Documents of title.
- Investment securities.
- Letters of credit.
The UCC is considered an extremely important aspect of the law in America. It was and is written by commercial law experts. The component elements of the code are known as articles. Articles are then broken down into numbered parts. When an expert wishes to submit a new part to an article of the code, their work is vetted by the Uniform Law Commission, which acts collaboratively with the American Law Institute.
The UCC has been adopted, either fully or to some degree, by all 50 states as well as Puerto Rico, the Virgin Islands and the District of Columbia. There can be local variances of the code. And it is possible for UCC litigation to take place in both state and federal courts.
If you believe that someone has caused you to suffer an economic loss by not properly following through on a commercial transaction, you may wish to discuss the matter with a Florida business litigation attorney. The attorney could assess the situation to determine if the other party acted in violation of any UCC rules. The attorney could also represent your interests in seeking reparations for your loss.