Which of the Following Is True Regarding the Creation of the Uniform

question 58

Multiple Choice

Which of the following is true regarding the creation of the Uniform Commercial Code?

• A) The Uniform Commercial Code was created by the National Conference of Commissioners on Uniform State Laws, the American Law Institute, and the U.S. Commercial Consortium.
• B) The Uniform Commercial Code was created by the U.S. Commercial Consortium and the National Conference of Commissioners on Uniform State Laws, but not the American Law Institute.
• C) The Uniform Commercial Code was created by the National Conference of Commissioners on Uniform State Laws and the American Law Institute, but not the U.S. Commercial Consortium.
• D) The Uniform Commercial Code was created by a federal congressional committee.
• E) The Uniform Commercial Code was created by state legislative representatives from all 50 states.

---

Definitions:

Selling Car

The process or act of transferring ownership of a vehicle from one person to another in exchange for money or other compensation.

Consumer Leasing Act

is a federal law in the United States that regulates personal property leases that exceed four months and are used primarily for personal, family, or household purposes, to ensure consumers are informed about the terms and costs.

Balloon Payment

A large final payment on a mortgage that has relatively low fixed payments during the life of the mortgage.

Lease Automobile

A contractual agreement where one party (lessee) pays to use a vehicle owned by another party (lessor) for a predetermined time period.