2006 Ohio Revised Code - 1301.03. (UCC 1-103) Supplementary general principles of law applicable.

§ 1301.03. (UCC 1-103) Supplementary general principles of law applicable.
 

Unless displaced by the particular provisions of Chapters 1301., 1302., 1303., 1304., 1305., 1307., 1308., 1309., and 1310. of the Revised Code, the principals 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, or other validating or invalidating cause shall supplement their provisions. 
 

HISTORY: 129 v S 5 (Eff 7-1-62); 144 v H 693 (Eff 11-6-92); 146 v S 155. Eff 8-15-96.
 

Not analogous to former RC § 1301.03 (RS § 3171; 95 v 169; GC § 8106; Bureau of Code Revision, 10-1-53), repealed 129 v S 5, § 2, eff 7-1-62.

 

Official Comment

1. While this section indicates the continued applicability to commercial contracts of all supplemental bodies of law except insofar as they are explicitly displaced by this Act, the principle has been stated in more detail and the phrasing enlarged to make it clear that the "validating", as well as the "invalidating" causes referred to in the prior uniform statutory provisions, are included here. "Validating" as used here in conjunction with "invalidating" is not intended as a narrow word confined to original validation but extends to cover any factor which at any time or in any manner renders or helps to render valid any right or transaction. 

2. The general law of capacity is continued by express mention to make clear that section 2 of the old Uniform Sales Act (omitted in this Act as stating no matter not contained in the general law) is also consolidated in the present section. Hence, where a statute limits the capacity of a non-complying corporation to sue, this is equally applicable to contracts of sale to which such corporation is a party. 

3. The listing given in this section is merely illustrative; no listing could be exhaustive. Nor is the fact that in some sections particular circumstances have led to express reference to other fields of law intended at any time to suggest the negation of the general application of the principles of this section. 


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