The Uniform Commercial Code Controls

question 50

Multiple Choice

The Uniform Commercial Code controls:

• A) contracts for the sale of goods.
• B) contracts involving interstate commerce.
• C) contracts involving banks.
• D) contracts for the sale of real property.
• E) None of the above

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Definitions:

Bank

A financial institution licensed to receive deposits and make loans, and may offer various other financial services, such as wealth management, currency exchange, and safe deposit boxes.

Denial

The refusal to admit the truth or reality of something, often as a defense mechanism.

Perfection

The series of legal steps a secured party takes to protect its right in collateral from other creditors that want to have their debts returned through the same collateral.

Possession

The act of having or holding property in one's control; this can range from ownership of land to possession of items or goods.