47-1103. Construction to promote 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.