Uniformed Commercial Code
The uniformed commercial code (UCC) is part of a series of guidelines implemented under Contract Laws. Contract laws were created to insure the conditions of agreements between parties within a contract are upheld. Each state participates with the conditions of the UCC code in some form. The rise of businesses and the transactions within established businesses, are the primary focus of the UCC code. The elements of the UCC code ensures that parties who have encountered bad business transactions can recover from gains lost. Uniformed Commercial codes are implemented to this to streamline business transactions, making sure contracts drawn are clear and concise to the agreement of all parties. The implementation of contract laws prevent individuals from being taken advantaged of by others looking to make a deal without holding their end of the bargain.
Types of Contracts
There are a variety of contract types that exist to include the wide range of business transactions that exist. While each contact usually based off the same elements, the conditions and responsibilities within a contract will vary. This variation is primary reason why different forms of contracts exist. All contracts are considered legit by court law. Whether contracts are issued in oral or written agreement does not change it validity. As long as parties contest to the agreement drawn within a contract they are responsible for keeping up their end of the deal. Some contracts however, are not beneficial to all participating members making them one sided. It is important that a individual pay particular attention to the terms of agreement before they comply. This way they can avoid being stuck in a bad deal. Safer contracts include risks and benefits that are equal for all parties.