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Can you summarize ORRS Chapter 71?
Commercial Transactions - Chapters 71-84 > General Provisions for Uniform Commercial Code
Short Summary
The provided legal document content consists of various provisions and definitions related to the Uniform Commercial Code (UCC). It covers general provisions, definitions, notice and knowledge in legal transactions, distinction between lease and security interest, giving value for rights, reasonableness of time for taking action, presumption of facts, territorial applicability and choice of law, variation of provisions through agreement, course of performance, course of dealing, and usage of trade, obligation of good faith, remedies, discharge of claims, authentication of documents, reservation of rights, power to accelerate payment or performance, and subordination of obligations. These documents apply to parties engaged in commercial transactions governed by the UCC. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Parties engaged in commercial transactions governed by the Uniform Commercial Code.
What does it govern?
Uniform Commercial Code, including general provisions, definitions, notice and knowledge in legal transactions, distinction between lease and security interest, giving value for rights, reasonableness of time for taking action, presumption of facts, territorial applicability and choice of law, variation of provisions through agreement, course of performance, course of dealing, and usage of trade, obligation of good faith, remedies, discharge of claims, authentication of documents, reservation of rights, power to accelerate payment or performance, and subordination of obligations.
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Oregon