The ________ Is a Model Act Passed in 1949 That

question 50

Multiple Choice

The ________ is a model act passed in 1949 that includes comprehensive laws that cover most aspects of commercial transactions.

• A)Gramm-Leach Bliley Act
• B)Sarbanes-Oxley Act
• C)Uniform Sales Act
• D)Uniform Commercial Code

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Definitions:

Bearer Instrument

A negotiable financial instrument that is not registered in anyone's name and can be transferred from one person to another by possession.

Two-party Instrument

A financial document or contract that involves two parties directly, typically involving a payer and a payee.

Three-party Instrument

A financial document involving three parties, typically referring to negotiable instruments where there is a drawer, drawee, and payee.

Relative Permanence

Pertains to the duration or stability of something compared with others, often indicating that it is more lasting or fixed but not permanent.