Maryland Code, COMMERCIAL LAW 1-305
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Terms Used In Maryland Code, COMMERCIAL LAW 1-305
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
(a) The remedies provided by the Maryland Uniform Commercial Code shall be liberally administered to the end that the aggrieved party may be put in as good a position as if the other party had fully performed, but neither consequential or special damages nor penal damages may be had except as specifically provided in the Maryland Uniform Commercial Code or by other rule of law.
(b) Any right or obligation declared by the Maryland Uniform Commercial Code is enforceable by action unless the provision declaring the right or obligation specifies a different and limited effect.