When Parties Are Merchants, the UCC Requires _____________

question 18

Multiple Choice

When parties are merchants, the UCC requires _____________.

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

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Definitions:

Revenue Raising License

A type of license that generates income for the government, often through fees charged for the license.

Contract Law

This branch of law deals with the formation, interpretation, and enforcement of contracts between parties.

Licensing Statute

A law that requires individuals or entities to obtain permission through a license to engage in certain professions or activities.

Criminal Agreement

A mutual understanding or arrangement between two or more parties to commit an illegal act or to achieve a legal end through illegal actions.