When Used in a Professional or Technical Sense, the Law

question 65

Multiple Choice

When used in a professional or technical sense, the law of supply and demand refers to

• A)some vague influences on economic affairs.
• B)the fact that prices go up when commodities are scarce.
• C)the market forces that show how prices and quantities are determined.
• D)the controls that regulate the amount of scarce goods that each consumer can purchase.

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Definitions:

Revised Article 3

Part of the Uniform Commercial Code that governs negotiable instruments, such as checks and promissory notes, incorporating updates to reflect modern practices.

UCC

The Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States, intended to standardize and simplify the law across state lines.

Authorized Agent

An individual or entity that has been given the legal authority to act on behalf of another person or entity in business transactions or other matters.

Warranties On Presentment

Guarantees made concerning the validity, authenticity, and condition of a negotiable instrument when it is presented for payment or acceptance.