(1) The rule that statutes in derogation of the common law are to be strictly construed shall have no application to KRS 362.150 to 362.360.
(2) The law of estoppel shall apply under KRS 362.150 to 362.360.
(3) The law of agency shall apply under KRS 362.150 to 362.360.
(4) KRS 362.150 to 362.360 shall be so interpreted and construed as to effect its general purpose to make uniform the law of those states which enact it.
(5) KRS 362.150 to 362.360 shall not be construed so as to impair the obligations of any contract existing when they go into effect, nor to affect any action or proceedings begun or right accrued before they take effect.