Compare the "Clear and Present Danger" Test and the "Grave

question 101

Essay

Compare the "clear and present danger" test and the "grave and probable danger" test. Explain how they are different.

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Definitions:

Merchant

An individual or company engaged in the trade of goods, services, or commodities for profit.

UCC

The Uniform Commercial Code; a comprehensive set of laws governing all commercial transactions in the United States, intended to standardize the law across the states.

Physical Delivery

Refers to the actual transfer of the underlying asset rather than a cash settlement in futures and options trading.

Sale On Approval

A conditional sale that is to become final only in case the buyer, after a trial, approves or is satisfied with the article sold.