Which of the Following Statements Is True About the Uniform

question 41

Multiple Choice

Which of the following statements is true about the Uniform Commercial Code (UCC) ?

• A) The main purpose of the UCC was to enable private parties to enter into commercial transactions regulated by tariffs and government restrictions.
• B) The most obvious purpose of the UCC was to establish a uniform law to govern commercial transactions that often take place within the state.
• C) The drafters were successful in achieving complete uniformity.
• D) The UCC is adopted by all states except Louisiana, which has adopted only part of the code.

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Definitions:

Coase Theorem

An economic theorem which states that if property rights exist, only a few transactions cost, and externalities can be traded, then the allocation of resources will be efficient and invariant of who owns the rights.

Impediments To Bargaining

Factors that obstruct or hinder the negotiation process between parties, potentially leading to inefficiencies or failure to reach an agreement.

Liability Rules

Legal principles that define the obligations of parties to compensate for damages or losses they have caused.

Compensate

To make amends or give an equivalent to someone for loss, damage, or suffering experienced.