UCC vs Common law
Common Law and UCC or Uniform Commercial Code are laws that pertain to the United Stats of America. The UCC was mainly published to harmonize the law in all the 50 states in the US. One can come across many differences between these two laws.
Common Law mainly deals with real estate, service, insurance, intangible assets and employment contracts. On the other hand, UCC is mainly concerned with sale of goods and securities.
In the Common Law, if any change is made it would lead to rejection or counter offer of the offer. In UCC, minor changes do not have any impact and the original offer does not get cancelled.
When the Common Law does not allow revoking of the option contracts, the offers made by a firm is irrevocable if the deal is made in writing in UCC. While the contracts in common Law can be modified only with additional consideration, it can be modified without any additional consideration in UCC.
In the terms also, there is difference between Common Law and UCC. In Common Law, the terms include quantity, price, performance time, nature of work and identity of offer. On the other hand, the quantity is the main focus of the term in UCC.
When the Statute of Limitation is four to six years in Common Law, it is four years in UCC.
The contract in Common Law is discharged only because of impossibility like insanity/death of parties concerned or destruction of subject matter. On the contrary, the contract is discharged as per UCC only because of impracticability.
When privity of contract is required to sue as per the Common Law, it is not required as per the UCC. Moreover, the Common Law does not allow punitive damages in case of fraud. As per the UCC, a bona fide purchaser gets good title in case of any fraud.
Summary
1. In the Common Law, if any change is made it would lead to rejection or counter offer of the offer. In UCC, minor changes do not have any impact and the original offer does not get cancelled.
2. In Common Law, the terms include quantity, price, performance time, nature of work and identity of offer. On the other hand, the quantity is the main focus of the term in UCC.
3. When the Common Law does not allow revoking of the option contracts, the offers made by a firm is irrevocable if the deal is made in writing in UCC.
4. When the Statute of Limitation is four to six years in Common Law, it is four years in UCC.
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Thank You
Flo
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