Illinois General Assembly - Illinois Compiled Statutes

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810 ILCS 5/1-103

(810 ILCS 5/1-103) (from Ch. 26, par. 1-103)

Sec. 1-103.

Construction of Uniform Commercial Code to promote its purposes and policies; applicability of supplemental principles of law.

(a)  The Uniform Commercial Code 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 the Uniform Commercial Code, 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.

(Source: P.A. 95-895, eff. 1-1-09.)