MGMT 348 Commercial Law Exam 1:
Chps. 20, 21, 22, 23, 25, 26 Questions
With 100% Verified Answers
Goal of UCC -
correct answer ✅to simplify and streamline commercial
transactions
who created the UCC? -
correct answer ✅The National Conference of Commissioners on
Uniform State Laws (NCCUSL)
UCC views -
correct answer ✅the entire commercial transaction for the sale of
and payment for goods
has to be commercial transactions, if not, it does not fall under UCC
UCC Article 1 -
correct answer ✅obligation to perform in good faith (UCC 1-304)
UCC Article 2 -
correct answer ✅Provides rules governing all aspects of a contract
for the sale or lease of goods that is formed and executed
,MGMT 348 Commercial Law Exam 1:
Chps. 20, 21, 22, 23, 25, 26 Questions
With 100% Verified Answers
UCC Article 3 -
correct answer ✅negotiable instruments
the transaction may involve a payment by check, electronic fund
transfer, or other means
UCC Article 4 -
correct answer ✅bank deposits and collections
UCC Article 4a -
correct answer ✅on fund transfer
UCC Article 5 -
correct answer ✅letters of credit
UCC Article 7 -
correct answer ✅documents of title
like warehouse receipts, bill of lading
, MGMT 348 Commercial Law Exam 1:
Chps. 20, 21, 22, 23, 25, 26 Questions
With 100% Verified Answers
UCC Article 9 -
correct answer ✅Secured Transactions
may involve a demand by the seller or lender for some form of
security for the remaining balance owed.
UCC Article 2a -
correct answer ✅covers lease contracts
Sales contracts -
correct answer ✅A contract for the sale of goods under which the
ownership of goods is transferred from a seller to a buyer for a
price.
Common law rules -
correct answer ✅all contracts that do not deal with the sale of
goods
like real estate, services, or intangible property like stocks and
bonds
Chps. 20, 21, 22, 23, 25, 26 Questions
With 100% Verified Answers
Goal of UCC -
correct answer ✅to simplify and streamline commercial
transactions
who created the UCC? -
correct answer ✅The National Conference of Commissioners on
Uniform State Laws (NCCUSL)
UCC views -
correct answer ✅the entire commercial transaction for the sale of
and payment for goods
has to be commercial transactions, if not, it does not fall under UCC
UCC Article 1 -
correct answer ✅obligation to perform in good faith (UCC 1-304)
UCC Article 2 -
correct answer ✅Provides rules governing all aspects of a contract
for the sale or lease of goods that is formed and executed
,MGMT 348 Commercial Law Exam 1:
Chps. 20, 21, 22, 23, 25, 26 Questions
With 100% Verified Answers
UCC Article 3 -
correct answer ✅negotiable instruments
the transaction may involve a payment by check, electronic fund
transfer, or other means
UCC Article 4 -
correct answer ✅bank deposits and collections
UCC Article 4a -
correct answer ✅on fund transfer
UCC Article 5 -
correct answer ✅letters of credit
UCC Article 7 -
correct answer ✅documents of title
like warehouse receipts, bill of lading
, MGMT 348 Commercial Law Exam 1:
Chps. 20, 21, 22, 23, 25, 26 Questions
With 100% Verified Answers
UCC Article 9 -
correct answer ✅Secured Transactions
may involve a demand by the seller or lender for some form of
security for the remaining balance owed.
UCC Article 2a -
correct answer ✅covers lease contracts
Sales contracts -
correct answer ✅A contract for the sale of goods under which the
ownership of goods is transferred from a seller to a buyer for a
price.
Common law rules -
correct answer ✅all contracts that do not deal with the sale of
goods
like real estate, services, or intangible property like stocks and
bonds
