Which Terms Will Be Implied in a Contract Under the UCC

question 15

Essay

Which terms will be implied in a contract under the UCC if they are omitted in the express contract? Why does the UCC so freely imply these omitted terms? What are the risks of such a liberal policy of implying omitted terms?

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Definitions:

Code

A system of laws or regulations, typically organized in a comprehensive and systematic manner.

Maker

In the context of negotiable instruments, the individual or entity that creates and signs the promissory note, committing to pay the specified sum.

Note

A legal document that represents a type of debt or an obligation to pay an amount of money at a future date.

Cashier's Check

A check issued by a bank, drawn on its own funds rather than the account of a private individual, offering a high level of guarantee of payment.