When Parties Are Merchants,UCC Requires ______ in Addition to Honesty

question 55

Multiple Choice

When parties are merchants,UCC requires ______ in addition to honesty in fact.

• A) honesty in equity
• B) honesty in law
• C) reasonable commercial standards of fair dealing
• D) honesty in equity and also reasonable commercial standards of fair dealing
• E) honesty in equity and honesty in law

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Definitions:

Proprietary Income

Income generated from owned properties or businesses, exclusive to the owner or proprietor.

Excise Tax

A tax charged on specific goods or commodities produced or sold within a country and often included in the price of the product.

Tax Revenue

The income a government collects from taxes, used to fund public services and infrastructure.

Excise Tax

A targeted tax imposed on the sale of specific goods and services, such as alcohol, tobacco, and fuel.