2010 Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 1 - Uniform Commercial Code
Chapter 1 - General Provisions
Part 1 - Short Title, Construction, Application, and Subject Matter of the Subtitle
§ 4-1-103 - Construction of subtitle to promote its purposes and policies -- Applicability of supplemental principles of law.

4-1-103. Construction of subtitle to promote its purposes and policies -- Applicability of supplemental principles of law.

(1) This subtitle shall be liberally construed and applied to promote its underlying purposes and 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 subtitle, 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.