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Abstract

From the heated rhetoric of both proponents and opponents of UCITA, one would think that UCITA represented a radical change from current law. From the standpoint of this practitioner, however, UCITA represents more of an evolutionary than a revolutionary change in the law. In at least three critical areas, the enforceability of "paperless contracts," dispute resolution, and "self-help" remedies, UCITA is arguably consistent with current law or at least the trend of current law. Indeed, the main inconsistency between UCITA and current law is that current law is at times inconsistent. From the standpoint of most businesses, certainty is preferable to uncertainty. Therefore, a rule of law that is consistently bad may well be preferable to a rule that -- while theoretically good -- is applied so inconsistently that the rights and obligations of the parties are in doubt. In any event, this paper compares current law with the changes resulting from UCITA for the purpose of assessing just how significant a change UCITA really represents.

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