With Regard to Article 6 of the Uniform Commercial Code

question 6

Multiple Choice

With regard to Article 6 of the Uniform Commercial Code, which of the following is accurate?

• A) The National Conference of Commissioners on Uniform State Laws and the American Law Institute jointly issued a recommendation stating "that changes in the business and legal contexts in which sales are conducted have made regulation of bulk sales necessary."
• B) Nearly all of the states have repealed Article 6 of the UCC.
• C) Article 6.1 is a revision of Article 6.
• D) Article 6 needed revision because the original version did not offer protection to creditors involved in bulk sales.

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Definitions:

Income Distribution

Income distribution refers to the way in which total income is shared among the members of a society.

Pareto Optimal

A distribution condition in which making any person's situation better is impossible without causing harm to someone else.

Private Goods Consumption

Involves the use of goods that are excludable and rivalrous, meaning their consumption by one individual prevents another from consuming the same good.

Pareto Optimal

A condition where the distribution of resources cannot be changed without negatively impacting at least one person.