70A-1a-103 - Construction of this title to promote its purposes and policies -- Applicability of supplemental principles of law. - Utah Statutes

70A-1a-103. Construction of this title to promote its purposes and policies --Applicability of supplemental principles of law.
(1) This title must be liberally construed and applied to promote its underlying purposesand policies, which are:
(a) to simplify, clarify, and modernize the law governing commercial transactions;
(b) to permit the continued expansion of commercial practices through custom, usage,and agreement of the parties; and
(c) to make uniform the law among the various jurisdictions.
(2) Unless displaced by the particular provisions of this title, the principles of law andequity, including the law merchant and the law relative to capacity to contract, principal andagent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy, and othervalidating or invalidating cause supplement its provisions.

Enacted by Chapter 272, 2007 General Session