Title 4 — Business and Commercial Law
88 chapters · 1,044 sections in this title.
Ark. Code Ann. § 4-1-101 Short titles
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(a) This subtitle may be cited as the Uniform Commercial Code. (b) This chapter may be cited as Uniform Commercial Code — General Provisions.
Ark. Code Ann. § 4-1-102 Scope of subtitle
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This chapter applies to a transaction to the extent that it is governed by another chapter of this subtitle.
Ark. Code Ann. § 4-1-103 Construction of subtitle to promote its purposes and policies — Applicability of supplemental principles of law
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(1) This subtitle shall 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, us…
Ark. Code Ann. § 4-1-104 Construction against implicit repeal
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This subtitle being a general act intended as a unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided.
Ark. Code Ann. § 4-1-105 Severability
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If any provision or clause of this subtitle or its application thereof to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of the subtitle which can be given effect without the invalid provision or application, and to th…
Ark. Code Ann. § 4-1-106 Use of singular and plural — Gender
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(1) In this subtitle, unless the statutory context otherwise requires:(1) Words in the singular number include the plural, and those in the plural include the singular; and(2) Words of any gender also refer to any other gender. (1) Words in the singular number include the plural,…
Ark. Code Ann. § 4-1-107 Section captions
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Section captions are part of this subtitle.
Ark. Code Ann. § 4-1-108 Relation to Electronic Signatures in Global and National Commerce Act
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This subtitle modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001 et seq., except that nothing in this subtitle modifies, limits, or supersedes 15 U.S.C. § 7001(c) or authorizes electronic delivery of any of the…
Ark. Code Ann. § 4-1-109 [Transferred.]
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A.C.A. § 4-1-109Current through all legislation of the 2025 Regular Session.Arkansas Code of 1987 Annotated Official EditionCopyright © 2026 by the State of Arkansas All rights reserved
Ark. Code Ann. § 4-1-201 General definitions. [Effective until September 1, 2026.]
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(a) Unless the context otherwise requires, words or phrases defined in this section, or in the additional definitions contained in other chapters of this subtitle that apply to particular chapters or parts thereof, have the meanings stated. (b) Subject to definitions contained in…
Ark. Code Ann. § 4-1-202 Notice — Knowledge
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(a) Subject to subsection (f), a person has “notice” of a fact if the person:(1) has actual knowledge of it;(2) has received a notice or notification of it; or(3) from all the facts and circumstances known to the person at the time in question, has reason to know that it exists. …
Ark. Code Ann. § 4-1-203 Lease distinguished from security interest
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(a) Whether a transaction in the form of a lease creates a lease or security interest is determined by the facts of each case. (b) A transaction in the form of a lease creates a security interest if the consideration that the lessee is to pay the lessor for the right to possessio…
Ark. Code Ann. § 4-1-204 Value. [Effective until September 1, 2026.]
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(1) Except as otherwise provided in Chapters 3, 4, and 5, a person gives value for rights if the person acquires them:(1) in return for a binding commitment to extend credit or for the extension of immediately available credit, whether or not drawn upon and whether or not a charg…
Ark. Code Ann. § 4-1-205 Reasonable time — Seasonableness
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(a) Whether a time for taking an action required by this subtitle is reasonable depends on the nature, purpose, and circumstances of the action. (b) An action is taken seasonably if it is taken at or within the time agreed or, if no time is agreed, at or within a reasonable time.…
Ark. Code Ann. § 4-1-206 Presumptions
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Whenever this subtitle creates a “presumption” with respect to a fact, or provides that a fact is “presumed,” the trier of fact must find the existence of the fact unless and until evidence is introduced that supports a finding of its nonexistence.
Ark. Code Ann. § 4-1-301 Territorial application of the subtitle — Parties' power to choose applicable law. [Effective until September 1, 2026.]
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(1) Except as provided in this section, when a transaction bears a reasonable relation to this state and also to another state or nation, the parties may agree that the law either of this state or of such other state or nation shall govern their rights and duties. Failing such ag…
Ark. Code Ann. § 4-1-302 Variation by agreement
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(a) Except as otherwise provided in subsection (b) or elsewhere in this subtitle, the effect of provisions of this subtitle may be varied by agreement. (b) The obligations of good faith, diligence, reasonableness, and care prescribed by this subtitle may not be disclaimed by agre…
Ark. Code Ann. § 4-1-303 Course of performance — Course of dealing — Usage of trade
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(a) A “course of performance” is a sequence of conduct between the parties to a particular transaction that exists if:(1) the agreement of the parties with respect to the transaction involves repeated occasions for performance by a party; and(2) the other party, with knowledge of…
Ark. Code Ann. § 4-1-304 Obligation of good faith
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Every contract or duty within this subtitle imposes an obligation of good faith in its performance and enforcement.
Ark. Code Ann. § 4-1-305 Remedies to be liberally administered
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(a) The remedies provided by this subtitle must 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 specificall…
Ark. Code Ann. § 4-1-306 Waiver or renunciation of claim or right after breach. [Effective until September 1, 2026.]
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A claim or right arising out of an alleged breach may be discharged in whole or in part without consideration by agreement of the aggrieved party in an authenticated record.
Ark. Code Ann. § 4-1-307 Prima facie evidence by third-party documents
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A document in due form purporting to be a bill of lading, policy or certificate of insurance, official weigher's or inspector's certificate, consular invoice, or any other document authorized or required by the contract to be issued by a third party is prima facie evidence of its…
Ark. Code Ann. § 4-1-308 Performance or acceptance under reservation of rights
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(a) A party that with explicit reservation of rights performs or promises performance or assents to performance in a manner demanded or offered by the other party does not thereby prejudice the rights reserved. Such words as “without prejudice,” “under protest,” or the like are s…
Ark. Code Ann. § 4-1-309 Option to accelerate at will
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A term providing that one party or that party's successor in interest may accelerate payment or performance or require collateral or additional collateral “at will” or when the party “deems itself insecure,” or words of similar import, means that the party has power to do so only…
Ark. Code Ann. § 4-1-310 Subordinated obligations
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An obligation may be issued as subordinated to performance of another obligation of the person obligated, or a creditor may subordinate its right to performance of an obligation by agreement with either the person obligated or another creditor of the person obligated. Subordinati…
Ark. Code Ann. § 4-2-101 Short title
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This chapter shall be known and may be cited as Uniform Commercial Code — Sales.
Ark. Code Ann. § 4-2-102 Scope — Certain security and other transactions excluded from chapter. [Effective until September 1, 2026]
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(1) Unless the context otherwise requires, and except as provided in subsection (3), this chapter applies to transactions in goods and, in the case of a hybrid transaction, it applies to the extent provided in subsection (2). (2) In a hybrid transaction:(a) If the sale-of-goods a…
Ark. Code Ann. § 4-2-103 Definitions and index of definitions
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(1) In this chapter unless the context otherwise requires:(a) “Buyer” means a person who buys or contracts to buy goods.(b) [Reserved.](c) “Receipt” of goods means taking physical possession of them.(d) “Seller” means a person who sells or contracts to sell goods. (a) “Buyer” mea…
Ark. Code Ann. § 4-2-104 Definitions — “Merchant” — “Between merchants” — “Financing agency”
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(1) “Merchant” means a person who deals in goods of the kind or otherwise by his occupation holds himself out as having knowledge or skill peculiar to the practices or goods involved in the transaction or to whom such knowledge or skill may be attributed by his employment of an a…
Ark. Code Ann. § 4-2-105 Definitions — Transferability — “Goods” — “Future” goods — “Lot” — “Commercial unit”
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(1) “Goods” means all things (including specially manufactured goods) which are moveable at the time of identification to the contract for sale other than the money in which the price is to be paid, investment securities (Chapter 8 of this title) and things in action. “Goods” als…
Ark. Code Ann. § 4-2-106 Definitions — “Contract” — “Agreement” — “Contract for sale” — “Sale” — “Present sale” — “Conforming” to contract — “Termination” — “Cancellation”. [Effective until September 1, 2026.]
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(1) In this chapter unless the context otherwise requires “contract” and “agreement” are limited to those relating to the present or future sale of goods. “Contract for sale” includes both a present sale of goods and a contract to sell goods at a future time. A “sale” consists in…
Ark. Code Ann. § 4-2-107 Goods to be severed from realty — Recording
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(1) A contract for the sale of minerals or the like (including oil and gas) or a structure or its materials to be removed from realty is a contract for the sale of goods within this chapter if they are to be severed by the seller but until severance a purported present sale there…
Ark. Code Ann. § 4-2-201 Formal requirements — Statute of frauds. [Effective until September 1, 2026.]
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(1) Except as otherwise provided in this section a contract for the sale of goods for the price of five hundred dollars ($500) or more is not enforceable by way of action or defense unless there is some writing sufficient to indicate that a contract for sale has been made between…
Ark. Code Ann. § 4-2-202 Final written expression — Parol or extrinsic evidence. [Effective until September 1, 2026.]
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(a) Terms with respect to which the confirmatory memoranda of the parties agree or which are otherwise set forth in a writing intended by the parties as a final expression of their agreement with respect to such terms as are included therein may not be contradicted by evidence of…
Ark. Code Ann. § 4-2-203 Seals inoperative. [Effective until September 1, 2026.]
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The affixing of a seal to a writing evidencing a contract for sale or an offer to buy or sell goods does not constitute the writing a sealed instrument and the law with respect to sealed instruments does not apply to such a contract or offer.
Ark. Code Ann. § 4-2-204 Formation in general
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(1) A contract for sale of goods may be made in any manner sufficient to show agreement, including conduct by both parties which recognizes the existence of such a contract. (2) An agreement sufficient to constitute a contract for sale may be found even though the moment of its m…
Ark. Code Ann. § 4-2-205 Firm offers. [Effective until September 1, 2026.]
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An offer by a merchant to buy or sell goods in a signed writing which by its terms gives assurance that it will be held open is not revocable, for lack of consideration, during the time stated or if no time is stated for a reasonable time, but in no event may such period of irrev…
Ark. Code Ann. § 4-2-206 Offer and acceptance in formation of contract
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(1) Unless otherwise unambiguously indicated by the language or circumstances(a) an offer to make a contract shall be construed as inviting acceptance in any manner and by any medium reasonable in the circumstances;(b) an order or other offer to buy goods for prompt or current sh…
Ark. Code Ann. § 4-2-207 Additional terms in acceptance or confirmation
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(1) A definite and seasonable expression of acceptance or a written confirmation which is sent within a reasonable time operates as an acceptance even though it states terms additional to or different from those offered or agreed upon, unless acceptance is expressly made conditio…
Ark. Code Ann. § 4-2-208 [Repealed.]
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A.C.A. § 4-2-208Current through all legislation of the 2025 Regular Session.Arkansas Code of 1987 Annotated Official EditionCopyright © 2026 by the State of Arkansas All rights reserved
Ark. Code Ann. § 4-2-209 Modification, rescission, and waiver. [Effective until September 1, 2026.]
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(1) An agreement modifying a contract within this chapter needs no consideration to be binding. (2) A signed agreement which excludes modification or rescission except by a signed writing cannot be otherwise modified or rescinded, but except as between merchants such a requiremen…
Ark. Code Ann. § 4-2-210 Delegation of performance — Assignment of rights
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(1) A party may perform his duty through a delegate unless otherwise agreed or unless the other party has a substantial interest in having his original promisor perform or control the acts required by the contract. No delegation of performance relieves the party delegating of any…
Ark. Code Ann. § 4-2-301 General obligation of parties
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The obligation of the seller is to transfer and deliver and that of the buyer is to accept and pay in accordance with the contract.
Ark. Code Ann. § 4-2-302 Unconscionable contract or clause
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(1) If the court as a matter of law finds the contract or any clause of the contract to have been unconscionable at the time it was made the court may refuse to enforce the contract, or it may enforce the remainder of the contract without the unconscionable clause, or it may so l…
Ark. Code Ann. § 4-2-303 Allocation or division of risks
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Where this chapter allocates a risk or a burden as between the parties “unless otherwise agreed”, the agreement may not only shift the allocation but may also divide the risk or burden.
Ark. Code Ann. § 4-2-304 Price payable in money, goods, realty, or otherwise
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(1) The price can be made payable in money or otherwise. If it is payable in whole or in part in goods each party is a seller of the goods which he is to transfer. (2) Even though all or part of the price is payable in an interest in realty the transfer of the goods and the selle…
Ark. Code Ann. § 4-2-305 Open price term
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(1) The parties if they so intend can conclude a contract for sale even though the price is not settled. In such a case the price is a reasonable price at the time for delivery if(a) nothing is said as to price; or(b) the price is left to be agreed by the parties and they fail to…
Ark. Code Ann. § 4-2-306 Output, requirements, and exclusive dealings
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(1) A term which measures the quantity by the output of the seller or the requirements of the buyer means such actual output or requirements as may occur in good faith, except that no quantity unreasonably disproportionate to any stated estimate or in the absence of a stated esti…
Ark. Code Ann. § 4-2-307 Delivery in single lot or several lots
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Unless otherwise agreed all goods called for by a contract for sale must be tendered in a single delivery and payment is due only on such tender but where the circumstances give either party the right to make or demand delivery in lots the price if it can be apportioned may be de…
Ark. Code Ann. § 4-2-308 Absence of specified place for delivery
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(a) Unless otherwise agreed(a) the place for delivery of goods is the seller's place of business or if he has none his residence; but(b) in a contract for sale of identified goods which to the knowledge of the parties at the time of contracting are in some other place, that place…