When a court resolves a particular dispute, the record of this decision is case law, which may be used as authority in a future case.In future disputes, litigants may argue that their case is similar to a prior case and that the prior case law should be followed. Covers letters of credit issued by banks, usually used by business people to guarantee payment of obligations. Concerns the "bulk transfer" of all of a business’ inventory.
The parties are almost always allowed to "contract out of the UCC." If the merchants do discuss and agree to terms different from the UCC, then the parties’ own terms will apply.Most state legislatures also add a state comment describing how the new Uniform Commercial Code changed the law in that state. This would promote interstate commerce, create more comfort and security for interstate business transactions, increase competition and lower costs.