554.1103 Construction of this chapter to promote its purposes and policies — applicability of supplemental principles of law. 1. This chapter must be liberally construed and applied to promote its underlying purposes and policies, which are: a. to simplify, clarify, and modernize the law governing commercial transactions;b. to permit the continued expansion of commercial practices through custom, usage, and agreement of the parties; and c. to make uniform the law among the various jurisdictions.2. 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 andagent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy, and othervalidating or invalidating cause supplement its provisions. [S13, §3060-a196, 3138-a56, -b50; C24, 27, 31, 35, 39, §8295, 9657, 9716, 9931, 10002; C46, §487.52, 541.197, 542.56, 554.2, 554.74; C50, 54, 58, 62, §487.52, 493A.18, 541.197, 542.56,554.2, 554.74; C66, 71, 73, 75, 77, 79, 81, §554.1103] 2007 Acts, ch 41, §3 Sat Dec 23 01:49:04 2023 Iowa Code 2024, Section 554.1103 (24, 0)
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