(a) This title shall be liberally construed and applied to promote its underlying purposes and policies, which are:
To simplify, clarify, and modernize the law governing commercial transactions;
To permit the continued expansion of commercial practices through custom, usage,and agreement of the parties; and
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, or other validating or invalidating cause shall supplement its provisions.
Source: L. 2006: Entire article R&RE, p. 457, § 1, effective September 1.
Editor's note: This section is similar to former §§ 4-1-102 (1) and (2) and 4-1-103 as they existed prior to 2006.