Michigan Laws 440.1103 – Construction of act
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 440.1103
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Contract: A legal written agreement that becomes binding when signed.
- Fraud: Intentional deception resulting in injury to another.
(1) This act must be liberally construed and applied to promote the following underlying purposes and policies:
(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.
(c) To make uniform the law among the various jurisdictions.
(2) Unless displaced by the particular provisions of this act, 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.