Revised Article 3 of the Uniform Commercial Code (UCC) Provides

question 46

True/False

Revised Article 3 of the Uniform Commercial Code (UCC) provides that in the event of a breach of a transfer warranty, a beneficiary of the transfer warranties who took the instrument in good faith may recover from the warrantor an amount equal to three times the loss suffered as a result of the breach (i.e., treble damages).

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Definitions:

Statute of Frauds

A legal principle that requires certain types of contracts to be written and signed to be enforceable.

Fixed Duration

A term or period of time that is set and unchangeable, often found in contracts or agreements specifying the length of commitment.

Employment Contract

A legally binding agreement between an employer and an employee that outlines the terms and conditions of employment.

Fourfold Test

A test for employment based upon ownership of tools, control, chance of profit, and risk of loss.