Construction of uniform commercial code to promote its purposes and policies; applicability of supplemental principles of law.
(a) This title 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 this title, 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.
[ 2012 c 214 s 103; 1965 ex.s. c 157 s 1-103. Cf. former RCW sections: (i) RCW 22.04.570; 1913 c 99 s 56; RRS s 3642. (ii) RCW 23.80.180; 1939 c 100 s 18; RRS s 3803-118; formerly RCW 23.20.190. (iii) RCW 62.01.196; 1955 c 35 s 196; RRS s 3586. (iv) RCW 63.04.030; 1925 ex.s. c 142 s 2; RRS s 5836-2. (v) RCW 81.32.511; 1961 c 14 s 81.32.511; prior: 1915 c 159 s 51; RRS s 3697; formerly RCW 81.32.600.]
NOTES:
Application—Savings—2012 c 214: See notes following RCW 62A.1-101.
Application of common law: RCW 4.04.010.