§490:1-103  Construction of chapter to
promote its purposes and policies; applicability of supplemental principles of
law.  (a)  This chapter shall 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 chapter, 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 shall supplement its provisions. [L
2004, c 162, pt of §1]