Which Is Not a Requirement for a Merchant's Confirmation Memorandum

question 116

Multiple Choice

Which is not a requirement for a merchant's confirmation memorandum?

• A)Evidenced by a record
• B)Signed by both parties
• C)Underlying oral agreement
• D)None of the above

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Definitions:

UCC

The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States.

Secured Transactions

involve agreements in which the borrower provides the lender a security interest in personal property as collateral for a loan.

Personal Property

Any property that is not real property, including movable objects, vehicles, furniture, and intellectual property.

Security Agreement

A legal document that provides a lender a security interest in a specific asset or property pledged as collateral for a loan.