1301.02 Purposes - rules of construction - variation by agreement - UCC 1-102. - Ohio Statutes

1301.02 Purposes - rules of construction - variation by agreement - UCC 1-102.

(A) Chapters 1301., 1302., 1303., 1304, 1305., 1307., 1308., 1309., and 1310. of the Revised Code shall be liberally construed and applied to promote their underlying purposes and policies.

(B) Underlying purposes and policies of those chapters are the following:

(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;

(3) To make uniform the law among the various jurisdictions.

(C) The effect of the provisions of Chapters 1301., 1302., 1303., 1304., 1305., 1307., 1308., 1309., and 1310. of the Revised Code may be varied by agreement, except as otherwise provided in those chapters and except that the obligations of good faith, diligence, reasonableness, and care prescribed by those chapters may not be disclaimed by agreement, but the parties by agreement may determine the standards by which the performance of those obligations is to be measured if the standards are not manifestly unreasonable.

(D) The presence in certain provisions of those chapters of the words “unless otherwise agreed” or words of similar import does not imply that the effect of other provisions may not be varied by agreement under division (C) of this section.

Effective Date: 08-15-1996